UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K/A
Amendment
No. 1
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 1, 2022
TAKUNG
ART CO., LTD
(Exact
name of Registrant as specified in its charter)
Delaware |
|
001-38036 |
|
26-4731758 |
(State
or other jurisdiction
of
Incorporation) |
|
(Commission
File
No.) |
|
(IRS
Employer
Identification
No.) |
Office
Q 11th Floor, Kings Wing Plaza 2
No.
1 Kwan Street, Sha Tin, New Territories, Hong Kong
(Address
of Principal Executive Offices)
Registrant’s
telephone number: +8613020144962
Room
709 Tower 2, Admiralty Centre,
18
Harcourt Road, Admiralty, Hong Kong
(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 (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:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
|
TKAT |
|
NYSE American |
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. ☐
Explanatory
Note
On
November 7, 2022, Takung Art Co., Ltd., a Delaware Corporation (the “Company”), filed a Current Report on Form 8-K
(the “Original 8-K”) with the U.S. Securities and Exchange Commission (the “SEC”) to report under
“Item 1.01 Entry into a Material Definitive Agreement”, the entry into a Share Purchase Agreement (“Disposition SPA”)
by and among the Company, Hong Kong Takung Art Company Limited (“Hong Kong Takung”), Hong Kong MQ Group Limited (“Hong
Kong MQ”, together with Hong Kong Takung, the “Targets”), the Company’s wholly owned subsidiaries, and Fecundity
Capital Investment Co., Ltd. (the “Purchaser”). This Current Report on Form 8-K/A (this “8-K/A”) is being
filed as an amendment to the Original 8-K for the sole purposes of amending the clerical error in the purchase price for the sale of
the shares of the Targets under the Disposition SPA from $1,000,000 to $1,500,000 and furnishing the Amendment to the Share Purchase
Agreement as an exhibit. Except as otherwise specified in this 8-K/A, the Original 8-K shall remain unchanged in all material respects.
Capitalized terms used but not otherwise defined herein have the respective meanings ascribed to them in the Original 8-K.
SHAREHOLDERS
OF TAKUNG ART CO., LTD. (“TKAT”) AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, TKAT’S PRELIMINARY
PROXY STATEMENT AND DEFINITIVE PROXY STATEMENT TO BE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”),
IN CONNECTION WITH TKAT’S SOLICITATION OF PROXIES FOR THE ANNUAL MEETING BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION.
SUCH PERSONS CAN ALSO READ TKAT’S ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021 FOR A DESCRIPTION OF THE
SECURITY HOLDINGS OF TKAT’S OFFICERS AND DIRECTORS AND THEIR RESPECTIVE INTERESTS AS SECURITY HOLDERS IN THE SUCCESSFUL CONSUMMATION
OF THE TRANSACTIONS DESCRIBED HEREIN. TKAT’S DEFINITIVE PROXY STATEMENT WILL BE DELIVERED TO SHAREHOLDERS OF TKAT AS OF A RECORD
DATE TO BE ESTABLISHED FOR VOTING ON THE TRANSACTIONS DESCRIBED IN THIS REPORT. SHAREHOLDERS WILL ALSO BE ABLE TO OBTAIN A FREE COPY
OF THE PROXY STATEMENT, AS WELL AS OTHER FILINGS CONTAINING INFORMATION ABOUT TKAT, WITHOUT CHARGE, AT THE SEC’S WEBSITE (WWW.SEC.GOV)
OR BY CALLING 1-800-SEC-0330. COPIES OF THE PROXY STATEMENT AND OTHER FILINGS WITH THE SEC CAN ALSO BE OBTAINED, WITHOUT CHARGE, BY DIRECTING
A REQUEST TO TKAT AT 1000 N WEST STREET, SUITE 1200, WILMINGTON, DE 19801.
PARTICIPANTS
IN THE SOLICITATION
TKAT
AND ITS DIRECTORS AND EXECUTIVE OFFICERS AND OTHER PERSONS MAY BE DEEMED TO BE PARTICIPANTS IN THE SOLICITATIONS OF PROXIES FROM TKAT’S
SHAREHOLDERS IN RESPECT OF THE PROPOSED BUSINESS COMBINATION. INFORMATION REGARDING TKAT’S DIRECTORS AND EXECUTIVE OFFICERS IS
AVAILABLE IN ITS ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021. ADDITIONAL INFORMATION REGARDING THE PARTICIPANTS
IN THE PROXY SOLICITATION AND A DESCRIPTION OF THEIR DIRECT AND INDIRECT INTERESTS WILL BE CONTAINED IN THE PROXY STATEMENT RELATING
TO THE TRANSACTION WITH NFT LIMITED (“NFT”) WHEN IT BECOMES AVAILABLE AND WHICH CAN BE OBTAINED FREE OF CHARGE FROM THE SOURCES
INDICATED ABOVE.
DISCLAIMER
THIS
REPORT AND THE EXHIBITS HERETO ARE NOT A PROXY STATEMENT OR SOLICITATION OF A PROXY, CONSENT OR AUTHORIZATION WITH RESPECT TO ANY SECURITIES
OR IN RESPECT OF THE PROPOSED BUSINESS COMBINATION AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THE
SECURITIES OF TKAT OR NFT, NOR SHALL THERE BE ANY SALE OF ANY SUCH SECURITIES IN ANY STATE OR JURISDICTION IN WHICH SUCH OFFER, SOLICITATION,
OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF SUCH STATE OR JURISDICTION.
FORWARD
LOOKING STATEMENTS
THIS
REPORT AND THE EXHIBITS HERETO INCLUDE “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF THE SAFE HARBOR PROVISIONS OF THE
U.S. PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED,
AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. ANY ACTUAL RESULTS MAY DIFFER FROM EXPECTATIONS, ESTIMATES AND PROJECTIONS
PRESENTED OR IMPLIED AND, CONSEQUENTLY, YOU SHOULD NOT RELY ON THESE FORWARD-LOOKING STATEMENTS AS PREDICTIONS OF FUTURE EVENTS. WORDS
SUCH AS “EXPECT,” “ESTIMATE,” “PROJECT,” “BUDGET,” “FORECAST,” “ANTICIPATE,”
“INTEND,” “PLAN,” “MAY,” “WILL,” “COULD,” “SHOULD,” “BELIEVES,”
“PREDICTS,” “POTENTIAL,” “CONTINUE,” AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY SUCH FORWARD-LOOKING
STATEMENTS. THESE FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION, TKAT’S EXPECTATIONS WITH RESPECT TO FUTURE PERFORMANCE,
ANTICIPATED FINANCIAL IMPACTS OF THE PROPOSED BUSINESS COMBINATION; APPROVAL OF THE BUSINESS COMBINATION TRANSACTIONS BY SECURITY HOLDERS;
THE SATISFACTION OF THE CLOSING CONDITIONS TO SUCH TRANSACTIONS; AND THE TIMING OF THE COMPLETION OF SUCH TRANSACTIONS.
SUCH
FORWARD-LOOKING STATEMENTS RELATE TO FUTURE EVENTS OR FUTURE PERFORMANCE, BUT REFLECT THE PARTIES’ CURRENT BELIEFS, BASED ON INFORMATION
CURRENTLY AVAILABLE. MOST OF THESE FACTORS ARE OUTSIDE THE PARTIES’ CONTROL AND ARE DIFFICULT TO PREDICT. A NUMBER OF FACTORS COULD
CAUSE ACTUAL EVENTS, PERFORMANCE OR RESULTS TO DIFFER MATERIALLY FROM THE EVENTS, PERFORMANCE AND RESULTS DISCUSSED IN THE FORWARD-LOOKING
STATEMENTS. FACTORS THAT MAY CAUSE SUCH DIFFERENCES INCLUDE, AMONG OTHER THINGS: THE POSSIBILITY THAT THE BUSINESS COMBINATION DOES NOT
CLOSE OR THAT THE CLOSING MAY BE DELAYED BECAUSE CONDITIONS TO THE CLOSING MAY NOT BE SATISFIED, INCLUDING THE RECEIPT OF THE REQUISITE
SHAREHOLDER AND OTHER APPROVALS, THE PERFORMANCES OF TKAT AND NFT, AND THE ABILITY OF TKAT OR, AFTER THE CLOSING OF THE TRANSACTIONS,
THE COMBINED COMPANY, TO CONTINUE TO MEET THE NYSE MKT’S LISTING STANDARDS; THE REACTION OF TKAT’s CUSTOMERS,
PROVIDERS, LICENSORS, COLLABORATORS, SERVICES PROVIDERS OR SUPPLIERS TO THE BUSINESS COMBINATION; UNEXPECTED COSTS, LIABILITIES
OR DELAYS IN THE BUSINESS COMBINATION TRANSACTION; THE OUTCOME OF ANY LEGAL PROCEEDINGS RELATED TO THE TRANSACTION; THE OCCURRENCE OF
ANY EVENT, CHANGE OR OTHER CIRCUMSTANCES THAT COULD GIVE RISE TO THE TERMINATION OF THE BUSINESS COMBINATION TRANSACTION AGREEMENT; AND
GENERAL ECONOMIC CONDITIONS.
THE
FOREGOING LIST OF FACTORS IS NOT EXCLUSIVE. ADDITIONAL INFORMATION CONCERNING THESE AND OTHER RISK FACTORS ARE CONTAINED IN TKAT’S
MOST RECENT FILINGS WITH THE SEC. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS CONCERNING TKAT AND NFT, THE BUSINESS COMBINATION
TRANSACTIONS DESCRIBED HEREIN OR OTHER MATTERS AND ATTRIBUTABLE TO TKAT, NFT, TKAT’S SHAREHOLDERS OR ANY PERSON ACTING ON BEHALF
OF ANY OF THEM ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THE CAUTIONARY STATEMENTS ABOVE. READERS ARE CAUTIONED NOT TO PLACE UNDUE
RELIANCE UPON ANY FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE MADE. NEITHER TKAT, NFT, NOR TKAT’S SHAREHOLDERS
UNDERTAKE OR ACCEPT ANY OBLIGATION OR UNDERTAKING TO RELEASE PUBLICLY ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT
ANY CHANGE IN THEIR EXPECTATIONS OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED.
Item
1.01 Entry into a Material Definitive Agreement.
Item
1.01 of the Original 8-K is hereby amended and restated as follows:
Disposition
Agreement
On
November 1, 2022, Takung Art Co., Ltd. (the “Company”), Hong Kong Takung Art Company Limited (“Hong Kong
Takung”) and Hong Kong MQ Group Limited (“Hong Kong MQ”, together with Hong Kong Takung, the “Targets”),
the Company’s wholly owned subsidiaries, and Fecundity Capital Investment Co., Ltd. (the “Purchaser”), entered
into a certain share purchase agreement (the “Disposition SPA”). Pursuant to the Disposition SPA, the Purchaser agreed
to purchase the Targets in exchange for cash consideration of $1,500,000 (the “Purchase Price”). Upon the closing
of the transaction (the “Disposition”) contemplated by the Disposition SPA, the Purchaser will become the sole shareholder
of OneSmart BVI and as a result, assume all assets and liabilities of all the subsidiaries and VIE entities owned or controlled by OneSmart
BVI. The Company believes that the Disposition will not have a significant, material impact on the Company’s consolidated financial
statements. A copy of the Disposition SPA is attached hereto as Exhibit 10.1
The
closing of the Disposition is subject to certain closing conditions including the payment of the Purchase Price, the receipt of a fairness
opinion from Access Partner Consultancy & Appraisals and the approval of the Company’s shareholders.
The
Disposition was approved by the board of directors (the “Board”) of the Company.
Below
is the Company’s structure chart before the completion of the Disposition.
Below
will be the Company’s structure chart after the completion of the Disposition.
Merger
Agreement
On
November 1, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with NFT Limited
(“NFT”), a Cayman Islands exempt company and a wholly owned subsidiary of the Company. Pursuant to the Merger
Agreement, among other things, the Company will merge with and into NFT, with NFT continuing as the surviving entity (the “Redomicile”).
The Redomicile will become effective at such time on the closing date as the certificate of merger is duly filed with the Secretary of
State of the State of Delaware or at such other time specified in the Certificate of Merger (the “Effective Time”).
From
and after the Effective Time, each share of the Company’s stock, either common stock or preferred stock issued and outstanding
prior to the Effective Time (excluding certain excluding shares and dissenting shares, if any) will be automatically converted into Class
A Ordinary Shares of NFT on pro rata basis. Each share of NFT stock held immediately prior to the Effective Time by the Company will
be automatically cancelled and no payment will be made with respect thereto.
The
closing of the Redomicile is subject to the satisfaction or waiver of customary conditions by the respective parties, including the approval
of the Merger Agreement and the contemplated transactions by the Company’s shareholders.
The
Redomicile was approved by the Board of the Company.
Item
9.01. |
Financial
Statements and Exhibits. |
Exhibit
No. |
|
Description |
10.1 |
|
Share
Purchase Agreement by and among the Company, Fecundity Capital Investment Co., Ltd., Hong Kong Takung Art Company Limited, Hong Kong
MQ Group Limited and Takung Art Co., Ltd., dated November 1, 2022 (incorporated by reference to Exhibit 10.1 of the Company’s
Current Report on Form 8-K filed with the Securities and Exchange Commission on November 7, 2022) |
10.2 |
|
Agreement
and Plan of Merger by and between Takung Art Co., Ltd. and NFT Limited, dated November 1, 2022 (incorporated by reference to Exhibit
10.2 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 7, 2022) |
10.3 |
|
Amendment
to the Share Purchase Agreement by and among the Company, Fecundity Capital Investment Co., Ltd., Hong Kong Takung Art Company Limited,
Hong Kong MQ Group Limited and Takung Art Co., Ltd., dated December 9, 2022 |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
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.
Date:
December 9, 2022
|
Takung
Art Co., Ltd |
|
|
|
/s/ Kuangtao
Wang |
|
Name: |
Kuangtao Wang |
|
Title: |
Co-Chief Executive Officer |
6
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