DATASEA INC. (OTCMKTS:DTSS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
On November 24, 2020, the Board of Directors (the “Board”) of Datasea, Inc. (the “Company”) appointed Vincent T. Lowry to serve on the Board and the Board’s Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. From December 2015 to August 2017, Mr. Lowry served as the Senior Vice President of Oppenheimer Funds, and from August 2017 to present, he has served of the Chief Executive Officer of Global Beta Advisors, an investment advisory firm. Mr. Lowry holds an undergraduate and an MBA degree from St. Joseph’s University. There is no arrangement or understanding between Mr. Lowry and any other persons to which he was appointed as discussed above. Nor are there any family relationships between Mr. Lowry and any executive officers and directors. Further, there are no transactions involving the Company and such persons which transaction would be reportable to Item 404(a) of Regulation S-K promulgated under the Securities Act of 1933, as amended. Mr. Lowry will participate in the Company’s standard compensation program for non-employee directors.
Following the Annual Meeting of the Company’s shareholders held on November 16, 2020, the Board confirmed the Company’s executive officers in their current respective offices and appoints the following individuals to the Board’s standing committees:
On November 19, 2020, the Company was informed by the staff of the Nasdaq Stock Market that, following the Company’s holding its Annual Meeting in November 2020, the Company regained compliance with continued listing requirements on The Nasdaq Capital Market set forth in Listing Rules 5620, and this matter is now closed.
The Company has come to learn that Douglas M. Osrow, a Board nominee at the recent Annual Shareholder Meeting held on November 16, 2020, communicated his decision not to stand for election at such meeting shortly before the meeting via email, but such email communication was not read until after the meeting. In light of the foregoing, the Company\’s Board determined to nominate and appoint Vincent T. Lowry to the vacancy as disclosed in Item 5.02 of this 8-K.
About DATASEA INC. (OTCMKTS:DTSS)
Datasea Inc. is an early-stage company, which is engaged in the business of providing Internet security products, new media advertising, micro-marketing and data analysis services in the People’s Republic of China. Through its end-consumer marketing platform, the Company seeks to offer marketing solutions to businesses. The Company’s products and services can be delineated into five categories: Internet Security Equipment, New Media Advertising Service, Micro Marketing Service, Internet Service Provider (ISP) Connecting Service and Big Data Processing Service. The Company offers Internet security equipment. The Company has developed over three types of indoor equipment designed for facilities of different sizes and one type of outdoor equipment primarily for use by local branches of the Ministry of Public Security of People’s Republic of China. The Company has developed an electronic platform, Xin Platform. The Company had not generated any revenue.