secwatch.observer — SEC 8-K summary
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Issuer:     VIVIC CORP. (VIVC)
CIK:        0001703073
Form:       8-K
Filed at:   2023-07-18T23:59:59+00:00
Accession:  0001493152-23-024812
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1703073/000149315223024812/0001493152-23-024812-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1703073/000149315223024812/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-024812

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