Form 8-K SavMobi Technology Inc. For: Nov 26
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
November 26, 2021
SavMobi Technology, Inc.
(Exact Name of Registrant as Specified in its Charter)
Room 502, Unit 1, Building 108, Red Star Sea Phase 3, Dalian Development Zone,
Dalian, Liaoning, China
(Address of principal office)
(Registrant’s telephone number, including area code)
(Former Name or former address if changed from last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
|☐||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|☐||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|☐||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|☐||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.02 Termination of a Material Definitive Agreement
As previously reported in a Form 8-K filed on August 10, 2021, SavMobi Technology, Inc., a Nevada corporation (“SVMB” or the “Company”) entered into a Sale and Purchase Agreement (the “Agreement”) on the same date with Mr. ZHAO Xindong and Mr. GUO Hengchang (the “Sellers”), who are 33% shareholder and 67% shareholder of Dalian Yuanmeng Media Co., Ltd, a company registered under the laws of People’s Republic of China (“Yuanmeng”), respectively.
Effective November 26, 2021, as permitted by the terms of the Agreement, the Agreement was terminated by mutual written consent of SVMB and Sellers. The Agreement was terminated because Sellers cannot obtain the consents required from or made with the Governmental Authority in order to consummate the transactions. The Company did not pay any consideration and no common stock were issued. No termination penalties were payable by either party.
Following the termination of the Agreement, there shall be no liability on the part of any Party or any of their respective representatives, and all rights and obligations of each Party shall cease.
Item 9.01 Financial Statements and Exhibits
|99.1||Written consent, dated as of November 26, 2021, by and among SavMobi Technology, Inc., Mr. ZHAO Xindong, and Mr. GUO Hengchang|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
November 29, 2021
|SavMobi Technology, Inc.|
|/s/ Ma Hongyu|
|Title:||Chief Executive Officer|
BY AND AMONG
SAVMOBI TECHNOLOGY, INC.
Mr. ZHAO XINDONG
Mr. GUO HENGCHANG
WHEREAS, Savmobi Technology, Inc, Mr. ZHAO Xindong and Mr. GUO Hengchang entered into SALE AND PURCHASE AGREEMENT (the “Agreement”) dated on August 10, 2021;
WHEREAS, Savmobi Technology, Inc, Mr. ZHAO Xindong and Mr. GUO Hengchang have mutually agreed to terminate the Agreement set forth in Section 7.1(a) of Article VII;
NOW, THEREFORE, Savmobi Technology, Inc, Mr. ZHAO Xindong and Mr. GUO Hengchang mutually agree to terminate the Agreement as of November 26, 2021 and, as a result of such termination, the Parties hereby acknowledge and agree that their respective rights and obligations under the Agreement are hereby terminated as of November 26, 2021 and that both Parties shall have no further liability to each other under the Agreement or with respect to the Agreement. Upon the Effective Date, all rights and obligations of Savmobi Technology, Inc, Mr. ZHAO Xindong and Mr. GUO Hengchang under the Agreement shall terminate.
Dated: November 26, 2021
Mutually Agreed by:
|Savmobi Technology, Inc.|
|By:||/s/ MA HONGYU||By:||/s/ GUO Hengchang|
|Designated Signing Authority||Mr. GUO Hengchang|
|Chief Executive Officer|
|By:||/s/ ZHAO Xindong|
|Mr. ZHAO Xindong|
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