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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): October
15, 2023
DATASEA INC.
(Exact Name of Registrant as Specified in its Charter)
Nevada |
|
001-38767 |
|
45-2019013 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
20th Floor, Tower B, Guorui Plaza
1 Ronghua South Road Technological Development Zone,
Beijing, People’s Republic of China 100176
(Address of Principal Executive Offices)
Registrant’s telephone number, including area
code: (+86) 10-56145240
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:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.001 par value |
|
DTSS |
|
The Nasdaq Stock Market LLC |
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 disclosed in the Current Report
on Form 8-K filed on August 16, 2023, Datasea Inc. (the "Company") entered into a subscription agreement (the "Agreement")
with a non-U.S. investor (the "Investor"). Under the Agreement, the Investor agreed to purchase, an aggregate of 2,962,963 shares
of common stock (the "Shares") at a purchase price of $1.35 per share. The Shares are subject to a mandatory holding period
of 180 days.
Pursuant to the terms of the Agreement,
on August 16, 2023, the Investor made an initial payment of $714,286 to the Company. The Investor was required to pay the remainder amount
of $3,285,714 to the Company by October 15, 2023. This payment was delayed due to adjustments in the Investor's internal funding plan.
On October 15, 2023, the Investor sought an extension from the Company to defer the payment of the outstanding balance of
$3,285,714.29 until March 31, 2024. The Company approved the Investor’s request. The Investor can pay the remaining balance either
in a lump sum or in two installments. The Company retains the discretion to decide whether to continue the execution of the Agreement
at any time before or after March 31, 2024.
Item 9.01. |
Financial Statement and Exhibits. |
(d) 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.
|
DATASEA INC. |
|
|
|
October 19, 2023 |
By: |
/s/ Zhixin Liu |
|
|
Name: |
Zhixin Liu |
|
|
Title: |
Chief Executive Officer |
Exhibit 99.1
Application for Extension of Payment for Remaining
Subscription Amount
Datasea Inc.
Ms, Zhixin Liu
I am Xiaoyun Zhou, with an identity card number: 341203194310172228.
I hereby submit an application regarding the equity subscription agreement between us.
On August 15, 2023, I entered into an equity subscription
agreement with the company, whereby I agreed to purchase a total of 2,962,963 shares of common stock ("Stock") at a purchase
price of $1.35 per share, amounting to a total subscription price of $4,000,000 or an equivalent amount of CNY 28,000,000. On August 16,
2023, I made the initial investment payment of $714,286, which is equivalent to CNY 5,000,000, as per the agreement. The company issued
529,101 shares of common stock corresponding to the $714,286 to a third-party transfer agent, West Coast, on September 25, 2023. These
Shares are subject to a mandatory holding period of 180 days
According to the terms of the equity subscription
agreement, I am required to pay the remaining $3,285,714.29, which is an equivalent of CNY 23,000,000, to the company by October 15, 2023.
Due to the delay in my personal fund allocation, I hereby request an extension for the payment of the outstanding $3,285,714.29, or its
equivalent of CNY 23,000,000, for the subscription amount. I propose adjusting the payment deadline from October 15, 2023, to no later
than March 31, 2024, to complete the payment.
I would like to clarify that the remaining subscription
amount can be paid in full at once or in two installments. I understand that the company has the right to, based on the actual circumstances,
choose to terminate the agreement execution by notifying me via email or in writing if the remaining stock subscription payment is not
made. I am willing to cooperate with such a decision. If the agreement remains in effect, after the payment of the remaining stock subscription
amount, the company can issue all corresponding shares (i.e., 2,433,862 shares) in a lump sum. Alternatively, the company may choose to
issue the corresponding shares proportionally based on the amount paid by me after a partial subscription payment.
Given the above circumstances, I consent to the company
having the principle to decide whether to continue the execution of the equity subscription agreement at any time before or after March
31, 2024. This means that the company has the right to cancel the unfulfilled stock subscription (2,433,862 shares).
We understand that this application may affect your
plans and arrangements, but we hope that you can grant your consent to it. We appreciate your understanding and cooperation.
Applicant: Xiaoyun Zhou (Signature)
October 15, 2023
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DATASEA INC.
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NV
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20th Floor, Tower B, Guorui Plaza
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1 Ronghua South Road Technological Development Zone,
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Beijing
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