IONIX TECHNOLOGY, INC. (OTCMKTS:IINX) Files An 8-K Other Events

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IONIX TECHNOLOGY, INC. (OTCMKTS:IINX) Files An 8-K Other Events

Item 8.01 Other Events.

On April 7, 2017, Ben William Wong (Wong) and Yubao Liu, an
individual (Liu) entered into a Stock Purchase Agreement (the
Agreement) whereby Wong agreed to sell and Liu agreed to purchase
5,000,000 shares of the Companys restricted preferred stock,
representing 100% of the total issued and outstanding preferred
stock (Company Preferred Stock). In consideration for the Company
Preferred Stock, Liu agreed to pay to Wong a total of 5,000,000
Chinese Yuan on or before April 30, 2017 (the Closing). The
Agreement is subject to certain customary conditions to closing.
Additionally, on April 5, 2017, Liu and Shining Glory Investments
Limited, a British Virgin Islands company (Shining Glory), of
which Wong is the sole officer and director, entered into a
purchase agreement whereby Liu acquired 1 ordinary common stock
share (the Shining Glory Share) representing approximately 100%
of Shining Glorys outstanding shares of common stock. In
consideration for the Shining Glory Share, Liu agreed to pay to
Wong a total of $1 USD and Wong agreed to resign as a Director of
Shining Glory. Concurrently, Liu will be appointed as the sole
director of Shining Glory. The Agreement is subject to certain
customary conditions to closing.
Shining Glory is the beneficial owner of 29,846,000 shares of
restricted common stock (Company Common Stock) of Ionix
Technology, Inc. (the Company), representing 30.147% of the
Companys total issued and outstanding common stock, and at
Closing Liu will be the beneficial owner of 5,000,000 shares of
the Companys Preferred Stock, representing 100% of the total
issued and outstanding preferred stock. As the holder of the
Company Preferred Stock, Liu has the right to 100 votes for each
share of Company Preferred Stock. Combining the votes associated
with the Company Common Stock with those associated with the
Company Preferred Stock means that Liu has over 50% voting
control of the Company. As a result, the transaction contemplated
by the Agreement will effectuate an indirect change in control of
the Company should the Closing occur. Further, if the Closing
occurs, Liu, as the sole shareholder, officer and director of
Shining Glory, will have dispositive voting control of the
Company by virtue of Shining Glorys ownership of the Company
Common Stock and Lius ownership of the Company Preferred Stock.
There are no arrangements or understandings among Wong and Liu or
their associates with respect to Company matters that require
shareholders vote, including, but not limited to, the election of
officers or other matters related to the Company.
The foregoing description of the Agreement is qualified by
reference to the complete terms of the agreements, a copy of
which is included herewith as Exhibit 10.1, and incorporated
herein by reference.
Item 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
10.1
Stock Purchase Agreement dated April 7, 2017, by and
between Ben Wong and Mr. Yubao Liu


About IONIX TECHNOLOGY, INC. (OTCMKTS:IINX)

Ionix Technology, Inc., formerly Cambridge Projects Inc., through its subsidiaries Well Best International Investment Limited (Well Best), Xinyu Ionix Technology Company Limited (Xinyu Ionix) and Taizhou Ionix Technology Company Limited (Taizhou Ionix), is engaged in developing, designing, manufacturing and selling lithium batteries for electric vehicles in China. The Company’s products include 18650-2000 milli-ampere-hour (mAh) lithium ion batteries (LIB) for use in lithium cell electronic bicycles, balance cars, scooters, electric vehicles, special vehicles at low speed, energy storage, and other products. Its LIB is a rechargeable electric device within which lithium moves from a negative electrode to a positive electrode during the discharge and back charging. The four main materials used in its LIBs are cathode materials, anode materials, operators and electrolytic solution. Its LIBs are used as the power supply for devices, such as mobile phones, digital cameras and power tools.

IONIX TECHNOLOGY, INC. (OTCMKTS:IINX) Recent Trading Information

IONIX TECHNOLOGY, INC. (OTCMKTS:IINX) closed its last trading session 00.00 at 4.00 with 130 shares trading hands.