Current Report Filing (8-k)
July 08 2020 - 5:07PM
Edgar (US Regulatory)
0001472468
false
NONE
0001472468
2020-07-08
2020-07-08
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
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): July
8, 2020 (June 28, 2020)
XT ENERGY GROUP, INC.
(Exact name of registrant as specified in its charter)
Nevada
|
|
000-54520
|
|
98-0632932
|
(State or other jurisdiction
of incorporation)
|
|
(Commission File Number)
|
|
(I.R.S. Employer
Identification No.)
|
No.1 Fuqiao Village, Henggouqiao Town,
Xianning, Hubei, China 437012
(Address of principal executive offices)
Registrant’s telephone number, including
area code: +1 (929) 228-9298
N/A
(Former name or former address, if
changed since 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:
☐ 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.
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Not Applicable
|
|
Not Applicable
|
|
Not Applicable
|
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 Entry into a Material Definitive Agreement.
On June 28, 2020,
XT Energy Group, Inc. through its variable interest entity, Xianning Xiangtian Energy Holding Group Co., Ltd. (“Xianning
Xiangtian”), entered into two equity transfer agreements with two individuals to sell one hundred percent of the equity
held by Xianning Xiangtian in its subsidiary Hubei Jinli Hydraulic Co., Ltd. (“Hubei Jinli”) to two separate individuals
for an aggregate purchase price of One Hundred Fifty Million Yuan (RMB). Pursuant to the terms of the first equity transfer agreement,
Xianning Xiangtian agreed to sell Sixty Percent (60%) of its equity interests in Hubei Jinli to Zhang Xubin for a purchase price
of Ninety Million Yuan (RMB), payable as follows: Twenty Seven Million Yuan (RMB) payable within Thirty (30) days after the execution
of the equity transfer agreement, Twenty Seven Million Yuan (RMB) payable upon equity interests being transferred to the buyer,
and Thirty Six Million Yuan (RMB) within three months after the execution of the equity transfer agreement. Pursuant to the terms
of the second equity transfer agreement, Xianning Xiangtian agreed to sell Forty Percent (40%) of its equity interests in Hubei
Jinli to Zheng Jian for an aggregate purchase price of Sixty Million Yuan (RMB), payable as follows: Eighteen Million Yuan (RMB)
payable within Thirty (30) days after the execution of the equity transfer agreement, Eighteen Million Yuan (RMB) payable within
Sixty (60) days of the equity interests being transferred to the buyer, and Twenty Four Million Yuan (RMB)within three months
after the execution of the equity transfer agreement.
On June 29, 2020, XT
Energy Group, Inc. through its variable interest entity, Xianning Xiangtian, entered into two equity transfer agreements with two
individuals to sell one hundred percent of the equity held by Xianning Xiangtian in its subsidiary Jingshan Sanhe Xiangtian New
Energy Technology Co., Ltd. (“Jingshan Sanhe”) to two separate individuals for an aggregate purchase price of Thirty
Million Yuan (RMB). Pursuant to the terms of the first equity transfer agreement, Xianning Xiangtian agreed to sell Sixty Percent
(60%) of its equity interests in Jingshan Sanhe to Wang Xue for a purchase price of Eighteen Million Yuan (RMB), payable as follows:
Nine Million Yuan (RMB) payable within Sixty (60) days after the execution of the equity transfer agreement, and Nine Million Yuan
(RMB) payable within three months of the equity interests being transferred to the buyer. Pursuant to the terms of the second equity
transfer agreement, Xianning Xiangtian agreed to sell Forty Percent (40%) of its equity interests in Jingshan Sanhe to Feng Chao
for an aggregate purchase price of Twelve Million Yuan (RMB), payable as follows: Six Million Yuan (RMB) payable within Sixty (60)
days after the execution of the equity transfer agreement, and Six Million Yuan (RMB) payable within three months of equity interests
being transferred to the buyer.
The foregoing descriptions of equity transfer
agreements are only a summary description of the material terms of such agreements and are subject to the terms of such agreement(s).
SIGNATURES
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.
|
XT Energy Group, Inc.
|
|
|
|
Date: July 8, 2020
|
By:
|
/s/ Qiang Ou
|
|
|
Name: Qiang Ou
|
|
|
Title: COO
|
2