Focus Universal amends stock purchase agreement, will repurchase 1.3M shares for $1.965M

FOCUS UNIVERSAL INC.

Amendment increases shares to be repurchased from 400,000 to 1,300,000 from two non-affiliate shareholders.
Total purchase price reduced to $1,965,000 from originally $2,000,000, implying ~$1.51 per share.
Sellers are Steven Lu and Hong Dong; 750,000 shares from Dong, 550,000 from Lu.
Amendment references a settlement and release agreement executed concurrently.

item 1.01 item 9.01

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

FOCUS UNIVERSAL INC. amended Amendment with two private, non-affiliate shareholders (effective 2023-07-14).

Action: amendment
Agreement: equity purchase
Counterparty: two private, non-affiliate shareholders
Effective: 2023-07-14

Exact text from the filing

On July 14, 2023, Focus Universal Inc. (Nasdaq Global: FCUV) (the “Company”) entered into an amendment (the “Amendment”) to that certain stock purchase agreement wherein the Company agreed to purchase 400,000 shares of its common stock from a single private, non-affiliate for a total purchase price of $2,000,000 (the “Stock Purchase Agreement”).

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FOCUS UNIVERSAL INC. filing history →

Source: SEC EDGAR

accession 0001683168-23-004944

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