SECURITIES AND EXCHANGE
REPORT OF FOREIGN
PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
ACT OF 1934
For the month of April
Commission File Number:
URBAN TEA, INC.
(Translation of registrant’s
name into English)
16 Kaifa Avenue
Danyang, Jiangsu, China
Tel: +86 511-8673-3102
(Address of principal
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual
report to security holders.
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document
that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant
is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the
home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press
release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Completion of Disposition of Chemical Business
Prior to November 2018, Urban Tea, Inc. (formerly
Delta Technology Holding Ltd) (the “Company,” “we,” “us,” “our,” and/or “MYT”)
was solely a fine and specialty chemical manufacturer, primarily engaged in manufacturing and selling of organic compound including
para-chlorotoluene (“PCT”), ortho-chlorotoluene (“OCT”), PCT/OCT downstream products, and other by-product
chemicals and distributing fine and specialty chemicals to end application markets including automotive, pharmaceutical, agrochemical,
dye & pigments, aerospace, ceramics, coating-printing, clean energy and food additives (the “Chemical Business”).
Since November 2018, Urban has focused on developing a specialty tea product distribution and retail business through its newly
formed subsidiary, Shanghai Ming Yun Tang Tea Limited (“Shanghai MYT”) which controls Hunan Ming Yun Tang Brand Management
Co., Ltd. (“Hunan MYT”) via a series of contractual agreements. Currently we market a wide range of trendy tea drinks,
light meals, and pastries targeting China’s new urban generation in Hunan province. Our products are focused on not only
their taste but also their aesthetic presentation and health benefits. The tea drinks we are currently offering are developed based
on Anhua black tea, which is famous in the Hunan province. These tea-based beverages include fresh milk tea, fruit tea, milk cap
tea, etc. The light meals offered include selections such as salads, sandwiches, pasta, steak, burritos and other healthy options.
The pastries we are offering include fresh baked bread, fresh baked cakes, frosting cakes, etc.
On February 9, 2019, we entered into that certain
Share Purchase Agreement (“SPA” and the transaction contemplated by the SPA is referred to as the “Disposition”)
with HG Capital Group Limited pursuant to which HG Capital agreed to purchase Elite Ride Limited (“Elite”) in exchange
of cash purchase price of $1,750,000 (the “Consideration”). Elite, via its 100% owned subsidiary Delta Advanced Materials
Limited, a Hong Kong corporation, which, in turn, holds all the equity interests in all the operating subsidiaries. The Disposition
will close upon satisfaction of the closing conditions of the SPA, including but not limited to the approval by the Company’s
shareholders of the SPA and the transactions contemplated thereunder and receipt of a fairness opinion opining on the fairness
of the Disposition to the Company’s shareholders from a financial point of view.
On March 29, 2019, the shareholders of the Company
approved and adopted the SPA and related transactions providing for the disposition by the Company of 100% of the outstanding capital
stock of Elite Ride Limited, the Company’s wholly owned subsidiary and a business company incorporated in the British Virgin
Islands with limited liability, to HG Capital Group Limited, in exchange for $1,750,000.
On April 13, 2019, the Company received the
Consideration, the necessary registration with HG Capital Group Limited received the stock certificate representing all the issued
and outstanding shares of Elite and other closing conditions for the Disposition were completed, including receipt of the fairness
opinion. As such the Disposition completed on such date. Our current business solely consists of the specialty tea product distribution
and retail business as outlined above.
As previously disclosed, on February 20, 2019,
the Company received a notification letter (the “Notification”) from the Nasdaq Listing Qualifications Staff (the “Staff”)
of The NASDAQ Stock Market LLC (“Nasdaq”) notifying the Company that the Company will be granted an extension until
April 15, 2019 to regain compliance with Nasdaq Listing Rule 5550(b) (“Rule”), which required the Company to maintain
either a minimum of $2,500,000 in shareholders’ equity or $35,000,000 market value of listed securities or $500,000 of net
income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal
As of the date of the report, the
Company believes it has regained compliance with the Rule since management believes the stockholders’ equity is
approximately $7.62 million and the market value of listed securities is approximately $51 million. Nasdaq advised us it would
continue to monitor the Company’s ongoing compliance with the stockholders’ equity requirement for ongoing
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.
URBAN TEA, INC.
Date: April 15, 2019
/s/ Long Yi