Current Report Filing (8-k)
December 18 2019 - 08:32AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 16, 2019
(Exact Name of Registrant as Specified
in Charter)
Delaware
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000-51815
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46-5057897
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(State or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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85 Broad Street, 16-079
New York, New York 10004
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(Address of Principal Executive Offices)
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Registrant’s telephone number, including area code:(808) 829-1057
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N/A
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(Former Name of Former Address, if Changed Since Last Report)
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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:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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None
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N/A
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N/A
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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 1.01
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Entry into a Material Definitive Agreement
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On December 16, 2019, Weyland Tech Inc., a Delaware corporation
(the “Company”),
and its wholly-owned subsidiary, Origin8, Inc., a Nevada corporation (the “Purchaser”), entered into an Asset Purchase
Agreement (the “Purchase Agreement”) whereby the Purchaser will acquire substantially all of the assets of Push Holdings,
Inc. (“Push”), a wholly-owned subsidiary of ConversionPoint Technologies, Inc. (“ConversionPoint,” and
together with Push, the “Sellers”), in exchange for a total of 35,714,285 shares of restricted common stock (the “Shares”)
of the Company (the “Transaction”).
Although the parties have entered into the Purchase Agreement, the
parties intend to close the Transaction on or about January 6, 2020, or such other date as shall be mutually agreed upon by the
Company and Sellers (the “Closing”).
At the Closing, the Company will deliver (i) 28,571,428 Shares to
ConversionPoint, while (ii) 7,142,857 Shares will be placed in an independent third-party escrow where such shares will be released
to ConversionPoint once the Sellers achieve certain milestone requirements and subject to offset for indemnification purposes.
The Purchase Agreement contains standard representations, warranties,
covenants, indemnification and other terms customary in similar transactions, and reflects the transaction as previously described
on the Company’s Form 8-K filed with the Securities and Exchange Commission on November 26, 2019 which disclosed the binding
letter of intent executed by and between the parties.
The foregoing summary of the terms of the Purchase Agreement does
not purport to be complete and is qualified in its entirety by reference to the full text of the document, a copy of which is attached
hereto as Exhibit 2.1 to this Current Report on Form 8-K (“Current Report”).
Item 7.01
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Regulation FD Disclosure
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On December 18, 2019, the Company issued a press release announcing
the signing of the definitive Purchase Agreement. A copy of this press release is attached hereto as Exhibit 99.1 and is being
furnished with this Current Report.
The information set forth under Item 7.01 of this Current Report,
including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities
of such section. The information in Item 7.01 of this Current Report, including Exhibit 99.1, shall not be incorporated by reference
into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference
language in any such filing, except as expressly set forth by specific reference in such a filing. This Current Report will not
be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely
by Regulation FD.
Forward Looking Statements
This Current Report contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained
in this Current Report, including statements regarding milestone requirements, the closing of the Transaction, and related plans
are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that
may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. In addition, projections, assumptions and estimates of
the Company’s future performance and the future performance of the markets in which the Company operates are necessarily
subject to a high degree of uncertainty and risk. In some cases, you can identify forward-looking statements by terms such as “may,”
“will,” “would,” “could,” “should,” “expect,” “plan,” “anticipate,”
“intend,” “target,” “project,” “contemplate,” “believe,” “estimate,”
“predict,” “potential” or “continue” or the negative of these terms or other similar expressions.
The forward-looking statements in this Current Report are only predictions. The Company has based these forward-looking statements
largely on its current expectations and projections about future events and financial trends that the Company believes may affect
its financial condition, operating results, business strategy, short-term and long-term business operations and objectives. These
forward-looking statements speak only as of the date of this Current Report and are subject to a number of risks, uncertainties
and assumptions. The events and circumstances reflected in such forward-looking statements may not be achieved or occur and actual
results could differ materially from those projected in the forward-looking statements. Moreover, the Company operates in a very
competitive and rapidly changing environment. New risks and uncertainties may emerge from time to time, and it is not possible
for the Company to predict all risks and uncertainties. Except as required by applicable law, the Company does not plan to publicly
update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed
circumstances or otherwise.
Item 9.01
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Financial Statements and Exhibits
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(d) Exhibits
† Portions of this exhibit have been redacted in
compliance with Regulation S-K Item 601(b)(10).
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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WEYLAND TECH INC.
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Dated: December 18, 2019
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By:
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/s/ Brent Y. Suen
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Brent Y. Suen
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President and Chief Executive Officer
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