Fresh2 Group Limited filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Unregistered Sales of Equity Securities, Financial Statements and Exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Item 1.01. Entry into a Material Definitive Agreement.
As previously reported, on September 22, 2023, Fresh2 Group Limited (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with an institutional investor (the “Investor”) to purchase (i) $400,000 of its convertible notes and warrants to purchase its American Depositary Shares (“ADSs”) in a registered direct offering (the “First Tranche”) and (ii) an additional $1,600,000 of its convertible notes and warrants to purchase its ADSs in a follow-on registered direct offering. The First Tranche closed on September 25, 2023.
Due to certain delays, the Company and the Investor entered into an amendment to the Securities Purchase Agreement, under which the parties agreed to reduce the second tranche to (i) $500,000 of convertible notes, (ii) series C warrants to purchase up to 322,581 ADSs, and (iii) series D warrants to purchase up to 354,610 ADSs (the “Second Tranche”). The parties also agreed that the closing(s) of the remaining amount of the convertible notes, series C warrants, and series D warrants would occur on the date(s) to be mutually agreed upon by us and the Investor in the future. The Second Tranche closed on December 6, 2023.
On March 27, 2024, the Company issued $200,000 of its convertible notes (the “Convertible Note”) to the Investor. On the same date, the Company issued a warrant letter to the Investor, which clarifies that the aggregate exercise price for the ordinary shares of the Company upon the exercise of the warrants issued by the Company in the First Tranche and the Second Tranche shall be calculated as the quotient obtained by dividing (x) the aggregate exercise price of ADSs for such exercise, by (y) twenty (20).
The foregoing description of the Convertible Note and the Warrant Letter does not purport to be complete and is qualified in its entirety by reference to the documents, the form of which are filed as Exhibit 10.1 and 10.2 hereto and are incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation
The disclosure set forth in Item 1.01 above is incorporated herein by reference.
Item 3.02. Unregistered sales of equity securities.
The disclosure set forth in Item 1.01 above is incorporated herein by reference.
Item 9.01. Financial Statement and Exhibits.
(d) Exhibits.
| Exhibit No | Document | |
| 10.1 | Convertible Note, dated March 27, 2024 | |
| 10.2 | Warrant Letter, dated March 27, 2024 | |
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: April 2, 2024 | Fresh2 Group Limited | |
| By: | /s/ Haohan Xu | |
| Name: | Haohan Xu | |
| Title: | Chief Executive Officer | |
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