China Commercial Credit, Inc. (NASDAQ:CCCR) Files An 8-K Regulation FD DisclosureItem 7.01 Regulation FD Disclosure.
On December 21, 2017, China Commercial Credit, Inc.(the “Company”) delivered a notice (“Notice”) to Sorghum Investment Holdings Ltd. (“Sorghum”) notifying Sorghum that certain recent actions of Sorghum constitute a breach of Sorghum’s covenants under the Share Exchange Agreement (“Agreement”) dated August 9, 2017 by and among the Company, Sorghum and shareholders of Sorghum. Specifically, we believe that Sorghum is in breach of Section 6.9 (a) and Section 6.11 (b) of the Agreement, which require Sorghum to use commercially reasonable efforts and to cooperate fully with the other parties to consummate the transactions contemplated by the Agreement and to make its directors, officers and employees available in connection with responding in a timely manner to SEC comments. According to the terms of the Agreement, the Company is entitled to terminate the Agreement if the breach is not cured within twenty (20) days after the Notice is provided to Sorghum. As of the date of this Report, the Company is actively seeking to communicate with Sorghum with regard to the next steps and the Agreement is not terminated. However, there is no assurance that the parties will reach an agreement to proceed with the necessary filings in order to close the transactions contemplated by the Agreement or that the transaction contemplated by the Agreement will close.
Forward-Looking Statements:
Certain statements in this Current Report on Form 8-K contain forward-looking statements regarding, among other things, the Company’s plans, strategies and prospects, both business and financial. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that we will achieve or realize these plans, intentions or expectations. Many of the forward-looking statements contained in this presentation may be identified by the use of forward-looking words such as “believe”, “expect”, “anticipate”, “should”, “planned”, “will”, “may”, “intend”, “estimated”, “aim”, “on track”, “target”, “opportunity”, “tentative”, “positioning”, “designed”, “create”, “predict”, “project”, “seek”, “would”, “could”, “continue”, “ongoing”, “upside”, “increases” and “potential”, among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this presentation are set forth in other reports or documents that we file from time to time with the SEC, and include, but are not limited to:
| ● | the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement; |
| ● | the ability to obtain and/or maintain the listing of Sorghum’s common stock on NASDAQ following the transactions contemplated by the Agreement; |
| ● | changes adversely affecting the business in which the Company is engaged; |
| ● | general economic conditions; |
| ● | the Company’s business strategy and plans; and |
| ● | and the other factors summarized under the section entitled “Risk Factors” in its SEC filings. |
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Current Report. Except to the extent required by applicable laws and regulations, the Company has no obligation to update these forward-looking statements to reflect events or circumstances after the date of this proxy statement or to reflect the occurrence of unanticipated events.
About China Commercial Credit, Inc. (NASDAQ:CCCR)
China Commercial Credit, Inc. is engaged in offering financial services in China. The Company’s operations consist of providing direct loans, loan guarantees and financial leasing services to small-to-medium sized businesses (SMEs), farmers and individuals in the city of Wujiang, Jiangsu Province. Its loan and loan guarantee business is conducted through Wujiang Luxiang Rural Microcredit Co., Ltd. Its financial leasing business is conducted through Pride Financial Leasing (Suzhou) Co. Ltd (PFL). It has over three business lines including, lending, guarantee and financial leasing. For its lending and guarantee services, it provides direct loans and guarantee services, to borrowers located within City of Wujiang, Jiangsu Province of China. In its direct loan business, it provides short-term loans to the borrowers and generates interest income. In its guarantee business, it acts as a guarantor to borrowers applying for short-term direct loans with other lenders and generates fee income.