A Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Upon the closing of the SPA, Messrs. Liu and Huang resigned as officers of the Company and Mr. Chin Kha Foo was appointed President, CEO, CFO and Secretary of the Company. Also, Mr. Ross Rispens, Mr. Manying Chen, Mr. Minhang Wei and Mr. Xinyu Wang resigned as directors as of the Closing. Mr. Foo was elected to the Board and Messrs. Liu and Huang also resigned as directors but as reported in the Company’s Schedule 14f-1 previously filed with the SEC, such appointment of Mr. Foo as a director and the resignations of Mr. Liu and Mr. Huang as directors will not become effective until 10 days following the mailing of the Schedule 14f-1 Information Statement to the Company’s shareholders. The Schedule 14f-1 was mailed to the Company’s shareholders on June 22, 2017.
Therefore, since all the time and notice requirements set forth above have been consummated, the resignations of Messrs. Liu and Huang have become effective and Mr. Foo is now the sole director of the Company and its only officer.
About A & C United Agriculture Developing Inc. (OTCMKTS:ACUG)
A & C United Agriculture Developing, Inc. is a development-stage company. The Company, directly and through its subsidiaries, is focused on selling agricultural seeds in China. The Company is focused on developing its core seed selling business in China. The Company’s markets for its vegetable products are China, Association of Southeast Asian Nations (ASEAN), Southeast Asia and all other global markets. The Company’s vegetable products include broccoli, cabbage, carrots, cauliflower, celery, cucumber, eggplant, lettuce, potato, sweet corn, sweet peppers and tomatoes. The Company collaborates with global seed companies and seed breeders to select, trial and customize the varieties suiting its growers across the world. The Company offers and sells both conventional open pollinated and hybrid seeds. Its varieties of seeds include broccoli, cabbage, carrots, cauliflower, celery, cucumber, eggplant, lettuce, potato, sweet corn, sweet peppers and tomatoes.