Current Report Filing (8-k)
March 10 2022 - 4:36PM
Edgar (US Regulatory)
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2022-03-08
2022-03-08
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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): March 10, 2022 (March 8, 2022)
SINGULARITY
FUTURE TECHNOLOGY LTD.
(Exact
name of Registrant as specified in charter)
Virginia |
|
001-34024 |
|
11-3588546 |
(State
or other jurisdiction
of Incorporation) |
|
(Commission
File No.) |
|
(IRS
Employer
Identification No.) |
98 CUTTER MILL ROAD, SUITE 322,
GREAT
NECK, NY, 11021
(Address
of principal executive offices) (Zip Code)
Registrant's
telephone number, including area code: (718) 888-1814
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 (17CFR230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule14a-12 under the Exchange Act (17CFR240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which
registered |
Common
Stock, no par value |
|
SGLY |
|
NASDAQ Capital
Market |
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.
As
previously reported, on December 19, 2021, Singularity Future Technology Ltd. (formerly,
Sino-Global Shipping America, Ltd.) (the “Company”) issued two Senior Convertible Notes (the “Original Convertible
Notes”) to two non-U.S. investors (the “Investors”) for an aggregate purchase price of $10,000,000.
On
March 8, 2022, the Company issued two Amended and Restated Senior Convertible Notes (the “Amended and Restated Convertible Notes”)
to the Investors to change the principal amount of the Original Convertible Notes to an aggregate purchase price of $5,000,000. At the
Investors’ request, the Company prepaid $5,000,000 in aggregate of the principal amount, without interest, of the Original Convertible
Notes on March 8, 2022.
The terms of the Amended and Restated Convertible Notes are the same as
that of the Original Convertible Notes, except for the reduced principal amount and the waiver of interest for the $5,000,000 payment
made on March 8, 2022. The foregoing description of the Amended and Restated Convertible Notes does not purport to be complete and is
qualified in its entirety by reference to the text of the Amended and Restated Convertible Notes, a form of which is furnished as Exhibit
10.1 hereto and incorporated herein by reference.
Item
2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant.
The
applicable information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.
Item
3.02 Unregistered Sales of Equity Securities
The
applicable information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 3.02. The
Amended and Restated Convertible Notes and underlying shares of Common Stock were not registered under the Securities Act, but qualified
for exemption under Regulation S, Section 4(a)(2) and/or Regulation D of the Securities Act. The securities were exempt from registration
under Regulation S as an offering outside the United States. The securities were further exempt from registration under Section 4(a)(2)
of the Securities Act because the issuance of such securities by the Company did not involve a “public offering,” as defined
in Section 4(a)(2) of the Securities Act, due to the insubstantial number of persons involved in the transaction, size of the offering,
manner of the offering and number of securities offered. The Company did not undertake an offering in which it sold a high number of
securities to a high number of investors. In addition, the Investors had the necessary investment intent as required by Section 4(a)(2)
of the Securities Act since the Investors agreed to, and received, the securities bearing a legend stating that such securities are restricted
pursuant to Rule 144 of the Securities Act. This restriction ensures that these securities would not be immediately redistributed into
the market and therefore not be part of a “public offering.” Based on an analysis of the above factors, the Company has met
the requirements to qualify for exemption under Regulation S and Section 4(a)(2) of the Securities Act.
Item
9.01 Financial Statements and Exhibits.
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.
|
SINGULARITY
FUTURE TECHNOLOGY LTD. |
|
|
|
Date:
March 10, 2022 |
By: |
/s/
Yang Jie |
|
Name: |
Yang
Jie |
|
Title: |
Chief
Executive Officer |
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