WEYLAND TECH INC. (OTCMKTS:WEYL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
As of August 19, 2019, Weyland Tech, Inc., a Delaware corporation (the “Company”), entered into Subscription Agreements of like tenor (each. a “Subscription Agreement”) with a total of 157 purchasers (the “Purchasers”), to which the Purchasers purchased an aggregate of 42,745,675 shares (the “Investor Shares”) of the Company’s common stock, $0.0001 par value per share (“Common Stock”), for an aggregate purchase price of approximately $6,411,851 (the “Offering”).
The Company intends to use the net proceeds from the Offering (after deducting consulting fees and expenses related to the Offering in the aggregate amount of approximately $775,000) for working capital and general corporate purposes.
to the terms of a Consultancy Services Agreement (the “Consulting Agreement”) between the Company and a financial consultant (the “Consultant”), in consideration for consulting services, including the introduction to the Offering of Purchasers who were not U.S.-Persons (as defined in Rule 902(k) of Regulation S as promulgated by the Securities and Exchange Commission (“SEC”) under of the Securities Act of 1933, as amended (the “Securities Act”)), the Consultant was (a) paid a cash fee of $750,000, and (b) received (i) 1,000,000 shares of the Company’s Common Stock (“Consultant Shares”), and (ii) warrants to purchase 2,137,284 shares of the Company’s Common Stock, with a term of five years and an exercise price of $0.30 per share (“Consultant Warrants”).
The foregoing summaries of the form of Subscription Agreement, the Consulting Agreement and the Consultant Warrants do not purport to be complete and are qualified in their entirety by reference to the documents, copies of which will be filed as exhibits to the Company’s next periodic report.
Item. 3.02. Unregistered Sales of Equity Securities.
Reference is made to the disclosure set forth under Item 1.01 above, which disclosure is incorporated herein by reference.
The issuances of the Investor Shares, the Consultant Shares and the Consultant Warrants in connection with the Offering are exempt from registration under Section 4(a)(2) and/or Rule 506(b) of Regulation D and/or Regulation S as promulgated by the SEC under of the Securities Act, as transactions by an issuer not involving any public offering.
About WEYLAND TECH INC. (OTCMKTS:WEYL)
Weyland Tech, Inc., formerly Seratosa, Inc., is specialized in providing e-commerce solutions and services that facilitate multi-channel business-to-consumer (B2C) and business-to-business (B2B) transactions. The Company manages its business through its segment, e-commerce solutions and service provider. The Company’s CreateApp is an M-commerce applications platform. The CreateApp platform is offered in over 10 languages and enables small-medium-sized businesses (SMBs) to create a mobile application without the need of technical knowledge, investment and background in information technology (IT). The Company offers the CreateApp platform in Singapore (www.createappsingapore.com), India (Jaipur) (www.aapkiapp.in) and the United States/Canada (www.createappamericas.com). The Company offers a DIY App builder through a white label platform in European Union (excluding Russia, Turkey, Armenia and Azerbaijan), Malaysia, Hong Kong/South China, Indonesia, North America and Korea.
