TROO TROOPS Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER 

Pursuant to Rule 13a-16 or 15d-16 under the
Securities Exchange Act of 1934

For the month of March 2023

Commission File Number: 001-35016

TROOPS, Inc.

21/F, 8 Fui Yiu Kok Street,

Tsuen Wan, New Territories,

Hong Kong

(Address of principal executive office)

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 x Form 40-F ¨

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): ¨

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): ¨

Legal Proceedings

As previously disclosed on August 22, 2022, on August 9, 2022, certain subsidiaries of TROOPS, Inc. (the “Company”), including First Asia Finance Limited, SGOCO International (HK) Limited, and Suns Tower Limited (the “Subsidiaries”) were included amongst other Defendants and served with a writ of summons in Hong Kong (HCA 938 of 2022) and received injunctions dated August 5, 2022, issued by the High Court of the Hong Kong Special Administrative Region Court of First Instance in connection with the writ of summons. Pursuant to the injunctions, the Company, the Subsidiaries, and Giant Connection Limited, a wholly-owned subsidiary of the Company, cannot remove any of its assets which are within Hong Kong and cannot dispose of or deal with or diminish the value of any of its assets within Hong Kong up to certain amounts. 

On January 26, 2023, the counsel for the Company and the Subsidiaries received a statement of claim under the above proceedings, whereby the plaintiffs’ alleged claims included unlawful means of conspiracy and other claims. The plaintiffs sought relief including damages and equitable compensation, among others.

On August 26, 2022, the Company applied for a discharge of the injunction, and a hearing date has been set for May 4, 2023. The Company is also preparing an application for a security for costs, and as of the date of this report, no hearing date has been set. The Company believes the lawsuit is without merit and intends to defend the case vigorously. As of the date of this report, the Company is unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this case.

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