Addentax Group entered into a Loan Conversion Agreement with Seah Chia Yee to convert $699,885 of principal and $3,500 of accrued interest into 146,539 common shares at $4.80 per share. Upon issuance, the loan and accrued interest will be fully satisfied and canceled. The closing is subject to required approvals, a Nasdaq Listing of Additional Shares notification, and the absence of legal impediments. The shares will be issued in an offshore transaction under Regulation S and will carry restrictive legends.
Agreement details:
- Agreement type: Loan Conversion Agreement
- Counterparty: Seah Chia Yee
- Signed / Effective: Jul 27 2026 / same
- Reason: Strengthen balance sheet by eliminating debt
Original SEC Filing:
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.