Item 8.01 Other Events.
On September 24, 2018, Weyland Tech Inc. (the Company or we)
announced that it has made available, to its transfer agent, DTCC and DTC Participants with positions in WEYL, instructions for receiving the spin-off shares of its Weyland AtoZ Pay subsidiary (WAI), which holds a 49% equity ownership interest in PT Weyland Indonesia Perkasa, a limited liability company organized under the laws of the Republic of Indonesia (WIP). WIPs primary business operations includes a digital financial transactions app serving the rapidly growing Indonesia e-commerce and e-payment markets (eWallet).
The Companys shareholders of record as of the close of trading on September 28, 2018, the record date for the spin-off, will receive a pro-rata distribution of one (1) share of common stock of WAI for each five (5) shares of the Companys common stock held as of the record date. Fractional shares of WAI common stock will not be issued in the distribution. The spin-off is expected to be effective as of the end of the day on November 15, 2018, the new distribution date for the spin-off.
As the spin-off will be processed outside of DTCC, the Companys Spin-Off Processing Instructions for DTC Participants provide DTC Participants with instructions for receiving the distribution for their beneficial owners. The instructions provide, in part, that:
In order to obtain the spin-off shares for their clients, each DTC Participant must submit to the Company, no later than October 15, 2015, a beneficial owner list, as of the record date.
The spin-off shares will be issued by the Companys transfer agent in certificate form.
Certificates for each non-objecting beneficial owner (NOBO) will be issued in the name of the NOBO and mailed directly to the NOBO at their account address provided in the beneficial owner list.
Certificates for each objecting beneficial owner (OBO) will be issued in the name of the DTC Participant, for the benefit of the OBO, and mailed directly to the DTC Participant, in accordance with the OBO delivery instructions contained in the DTC Participants Beneficial Owner List Transmittal, for further processing in accordance with their OBOs instructions.
With respect to WEYL shares held in retirement accounts, the Company will issue certificates for the spin-off shares in the name of the respective DTC Participant, as custodian for, and for the benefit of, the particular retirement account (e.g., Participant Name, Custodian FBO John Smith Roth IRA), and such shares will be mailed directly to the DTC Participant, in accordance with the retirement account delivery instructions contained in the DTC Participants Beneficial Owner List Transmittal.
A copy of the press release is filed as Exhibit 99.1 to this report and is incorporated herein by reference.