BAIYU Holdings Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Item 1.01 Entry into a Material Definitive Agreement.
On August 23, 2024, BMYA New Energy Technology Inc. (“BMYA” or the “Supplier”), a corporation organized under the laws of the State of Delaware and a subsidiary of BAIYU Holdings, Inc. (the “Company”), entered into a Contract of Purchase and Sale (the “PSC”) with Feng’s Auto Parts Inc. (the “Purchaser”), a U.S.-based auto parts supplier, for the purchase and sale of electric lithium batteries (the “Products”). Pursuant to the PSC, the Purchaser will purchase 50,000 sets of electric lithium batteries from the Supplier at a unit purchase price of $1,200 per set, amounting to a total purchase price of $60 million. The total consideration of $60 million will be paid in cash, with 35% of the amount to be paid by the Purchaser as a deposit on the signing date of the PSC and the remaining 65% to be paid within two working days after the inspection and acceptance of the Products. The closing of this transaction is expected to occur in or around May 2025.
Pursuant to the PSC, among other things, the delivery place is at the port of Los Angeles, U.S.A. with customs clearance borne by the Purchaser; the quality and acceptance of the batteries are based on American standards, specifically 6V or 12V with a current range of 100Ah to 300Ah; the transfer of ownership and risk occurs upon the completion of the port delivery inspection.
The PSC is filed as Exhibit 10.1 to this Current Report on Form 8-K and such document is incorporated herein by reference. The foregoing disclosure of the PSC is only a brief description of the material terms of the PSC, and does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference to such exhibit.
Item 9.01 Financial Statement and Exhibits
(d) Exhibits
| 10.1 | Contract of Purchase and Sale entered into by and between BMYA New Energy Technology Inc., and Feng’s Auto Parts Inc., dated August 23, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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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.
| BAIYU HOLDINGS, INC. | ||
| Date: August 29, 2024 | By: | /s/ Renmei Ouyang |
| Name: | Renmei Ouyang | |
| Title: | Chief Executive Officer | |
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