Nova LifeStyle acquires AI IT system for $675K; pays with 270K shares

XMax Inc.

Nova Malaysia subsidiary to purchase AI-powered IT system from Web 3.0 Sdn Bhd for $675,000.
Purchase price satisfied by issuing 270,000 shares of NVFY common stock at $2.50 per share.
Shares issued under Regulation S; restricted from resale into US for one year.
IT system covers design, customer services, sales, marketing, and inventory management.

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

XMax Inc. entered into Sale and Purchase Agreement with WEB 3.0 Sdn Bhd valued at $675,000 purchase price paid in 270,000 shares of common stock at $2.5 per share (effective 2023-11-16).

Action: entry
Agreement: asset purchase
Counterparty: WEB 3.0 Sdn Bhd
Value: $675,000 purchase price paid in 270,000 shares of common stock at $2.5 per share
Effective: 2023-11-16

Exact text from the filing

On November 16, 2023, Nova LifeStyle, Inc. (the "Company"), Nova Living (M) Sdn Bhd, a wholly owned subsidiary of the Company ("Nova Malaysia") and WEB 3.0 Sdn Bhd ("Web 3.0"), a company incorporated in Malaysia entered into a Sale and Purchase Agreement (the "Agreement").

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XMax Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-042507

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