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 October 28, 2024, BMYA New Energy Technology Inc. (the “Supplier”), a Delaware corporation and a subsidiary of BAIYU Holdings, Inc., entered into a Supplementary Agreement to the Purchase and Sale Contract (the “Supplementary Agreement”) with Feng’s Auto Parts Inc. (the “Purchaser”), which clarifies certain commercial arrangements between the parties under that certain Contracts of Purchase and Sale entered into by and between the Supplier and the Purchaser, dated August 23, 2024 (the “Existing Agreement”).
The Supplementary Agreement specifies the product standards and testing requirements, and provides that each issued purchase order will serve as the basis for supply and payment. Pursuant to the Supplementary Agreement, the Purchaser is required to place the first batch of purchase orders within 45 days after the electric lithium battery products of the Supplier meet the specified standards. Additionally, the Purchaser shall make a 30% advance payment within 15 days after placing each purchase order with the Supplier, and the remaining balance of each order shall be settled within 15 days of the goods’ arrival at the designated port of the United States, following completion of commodity inspection, customs declaration, and customs clearance.
The Supplementary Agreement further details the inspection procedure, delivery terms, and provisions for ownership and risk transfer. It states that in case of any inconsistency with the Existing Agreement, the provisions of the Supplementary Agreement shall prevail. In addition, it contains confidentiality, severability, termination, and other customary provisions.
The Supplementary Agreement 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 Supplementary Agreement is only a brief description of the material terms of the Supplementary Agreement, 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 | Supplementary Agreement to the Purchase and Sale Contract entered into by and between BMYA New Energy Technology Inc., and Feng’s Auto Parts Inc., dated October 28, 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: October 30, 2024 | By: | /s/ Renmei Ouyang |
| Name: | Renmei Ouyang | |
| Title: | Chief Executive Officer | |
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