Franklin Wireless Corp. filed SEC Form 8-K: Entry into a Material Definitive Agreement
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Section 1 - Registrant’s Business and Operations
Item 1.01 Entry into a Material Definitive Agreement.
On May 14, 2024, the Company entered into an Agreement for Formation of Corporation (the “Agreement”) with MeiG Smart Technology Co., Ltd. (“MeiG”), a leading supplier of cellular modules, IoT terminals and wireless data solutions. Under the terms of the Agreement, the Company and MeiG will form a Nevada corporation to be owned 60% by Franklin and 40% by MeiG. Franklin will contribute $3,000,000 to the new corporation and MeiG will contribute $2,000,000.
Under the terms of the Agreement, the new corporation will have a Board of Directors consisting of three members, with two to be appointed by Franklin and one to be appointed by MeiG.
The new company will engage in worldwide sales, marketing, customer support and operations for telecommunications modules to be provided by MeiG, under such brands or designations as the Board of Directors of the new company will determine.
SIGNATURE
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.
| FRANKLIN WIRELESS CORP. | |
| Date: May 21, 2024 | By: /s/ OC Kim |
| OC Kim, President |
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