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    Takung Art Co. Ltd. filed SEC Form 8-K: Leadership Update

    4/18/23 9:00:17 AM ET
    $TKAT
    Other Specialty Stores
    Consumer Discretionary
    Get the next $TKAT alert in real time by email
    0001491487 false 00000 0001491487 2023-04-14 2023-04-14 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

     

     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

     

    FORM 8-K

     

    CURRENT REPORT

     

    Pursuant to Section 13 OR 15(d) of the

    Securities Exchange Act of 1934

     

    Date of Report (Date of earliest event reported): April 14, 2023

     

    TAKUNG ART CO., LTD

    (Exact name of Registrant as specified in its charter)

     

    Delaware   001-38036   26-4731758

    (State or other jurisdiction

    of Incorporation)

     

    (Commission File No.)

     

    (IRS Employer

    Identification No.)

     

    Office Q 11th Floor, Kings Wing Plaza 2

    No. 1 Kwan Street, Sha Tin, New Territories, Hong Kong

    (Address of Principal Executive Offices)

     

    Registrant’s telephone number: +8613020144962

     

    Room 709 Tower 2, Admiralty Centre,

    18 Harcourt Road, Admiralty, Hong Kong

    (Former name or former address, if changed since last report)

     

    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     

    ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     

    ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     

    ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     

    ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

     

    Securities registered pursuant to Section 12(b) of the Act:

     

    Title of each class   Trading Symbol(s)   Name of each exchange on which registered

    Common Stock, par value $0.001 per share

     

    TKAT

     

    NYSE American

     

    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

     

    Emerging growth company ☐

     

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

     

     

     

     

     

     

    Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

     

    Effective April 14, 2023, the board of directors of Takung Art Co., Ltd. (the “Company”) approved the termination of Mr. Kwok Leung Paul Li position as the Company’s Co-Chief Executive Officer (“Co-CEO”) for cause, as defined in the executive employment agreement by and between the Company and the Co-CEO, dated July 20, 2021 (the “Employment Agreement”).

     

    Pursuant to the terms of the Employment Agreement, the Company may terminate the Co-CEO’s employment for cause at any time, without any advance notice or payment in lieu of notice. The Company shall pay to the Co-CEO all compensation prescribed under the Employment Agreement to which the Co-CEO is entitled up through the date of termination, subject to any other rights or remedies of the Company under law, and thereafter all obligations of the Company under the Employment Agreement shall cease.

     

    1

     

     

    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.

     

    Date: April 18, 2023

     

      Takung Art Co., Ltd 
       
      /s/ Kuangtao Wang
      Name: Kuangtao Wang
      Title: Chief Executive Officer

     

     

    2

     

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