Vivic Corp sells Chinese ship repair subsidiary to CEO's son for nominal value

VIVIC CORP.

Sale of Guangdong Weiguan Ship Tech to Yun-Kuang Kung (CEO's son) for 1,000 RMB and indemnification.
Subsidiary had negative net assets >RMB 8.2M; appraiser noted potential liabilities for unpaid capital.
Divestiture part of plan to focus on Taiwan operations and pursue US stock exchange uplisting.
Consideration includes buyer's agreement to indemnify Vivic against all claims related to Weiguan Ship Tech.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VIVIC CORP. entered into Stock Purchase Agreement with Yun-Kuang Kung valued at nominal monetary consideration (effective 2023-07-12).

Action: entry
Agreement: asset purchase
Counterparty: Yun-Kuang Kung
Value: nominal monetary consideration
Effective: 2023-07-12

Exact text from the filing

On July 12, 2023, Vivic Corporation (Hong Kong) Co. Limited (“Vivic Hong Kong”), a wholly-owned subsidiary of Vivic Corp. (the “Company”), entered into a Stock Purchase Agreement with Yun-Kuang Kung (Mr. “Kung”) pursuant to which Mr. Kung acquired all of the shares of our indirectly wholly-owned subsidiary, Guangdong Weiguan Ship Tech Co., Ltd. (“Weiguan Ship Tech”).

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235 material agreements filed in the last 30 days. Browse all material agreements →

VIVIC CORP. filing history →

Source: SEC EDGAR

accession 0001493152-23-024812

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