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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): September
26, 2023
GD Culture Group Limited
(Exact name of Company as specified in charter)
| Nevada |
|
001-37513 |
|
47-3709051 |
(State or other jurisdiction
of incorporation) |
|
(Commission File No.) |
|
(IRS Employer
Identification
No.) |
|
22F - 810 Seventh Avenue,
New York, NY 10019 |
(Address of Principal
Executive Offices) (Zip code)
+1-347-2590292
(Company’s Telephone number, including
area code)
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company 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© under the Exchange Act (17 CFR 240.13(c)) |
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. ☐
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 $0.0001 |
|
GDC |
|
Nasdaq Capital Market |
Item 1.02 Termination of a Material Definitive
Agreement.
As previously disclosed in the
current reports on Form 8-K of GD Culture Group Limited (the “Company”) filed on September 19, 2022 and February 28, 2023,
on September 16, 2022, Makesi IoT Technology (Shanghai) Co., Ltd., a then indirect subsidiary of the Company (“Makesi WFOE”),
Shanghai Highlight Media Co., Ltd., a PRC company (“Highlight Media”), and the shareholders of Shanghai Highlight (the “Highlight
Media Shareholders”) entered into certain Technical Consultation and Services Agreement., Equity Pledge Agreement, Equity Option
Agreement, Voting Rights Proxy and Financial Support Agreement, which was assigned by Makesi WFOE to Shanghai Highlight Entertainment
Co., Ltd., an indirect subsidiary of the Company (“Highlight WFOE”) on February 27, 2023 (such agreements, as assigned, the
“VIE Agreements”). The VIE Agreements established a “Variable Interest Entity” (VIE) structure, pursuant to which
the Company treated Highlight Media as a consolidated affiliated entity and consolidated the financial results and balance sheet of Highlight
Media in the Company’s consolidated financial statements under U.S. GAAP.
On September 26, 2023, Highlight
WFOE entered into a termination agreement (the “Termination Agreement”) with Highlight Media, the Highlight Media Shareholders
and a third party to terminate the VIE Agreements and for the third party to pay the Company $100,000 as consideration to the termination
of the VIE Agreements. As a result of such termination, the Company will no longer treat Highlight Media as a consolidated affiliated
entity or consolidate the financial results and balance sheet of Highlight Media in the Company’s consolidated financial statements
under U.S. GAAP.
The foregoing description
of the Termination Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the
voting rights proxy and financial support agreement, which is filed as Exhibit 10.1.
The following diagram illustrates
the corporate structure of the Company and its subsidiaries after giving effect to the transaction:
Item 2.01, Completion of Acquisition or Disposition
of Assets;
To the extent required by Item
2.01, the disclosure set forth in Item 1.02 above regarding the acquisition pursuant to the SPA is incorporated by reference into this Item
2.01.
Item 9.01 Financial Statements and Exhibits.
(b) Pro forma financial
information.
The unaudited Pro Forma Condensed
Consolidated Statements of Operations and Comprehensive Income (Loss) of the Company for the six months ended June 30, 2023 and 2022 and
the unaudited Pro Forma Condensed Consolidated Balance Sheets of the Company as of June 30, 2023 shall be filed as Exhibit 99.1
by amendment to this Current Report on Form 8-K within four business days from the date of the event described in Item 1.02 and Item 2.01.
(d) Exhibits.
| Exhibit No. |
|
Description |
| 10.1 |
|
Termination Agreement, dated September 26, 2023 |
| 99.1* |
|
Unaudited pro forma condensed consolidated financial statements of the Company |
| 104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| * | to be filed by amendment |
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.
| |
GD CULTURE GROUP LIMITED |
| |
|
| Date: September 26, 2023 |
By: |
/s/ Xiao Jian Wang |
| |
Name: |
Xiao Jian Wang |
| |
Title: |
Chief Executive Officer, President and
Chairman of the Board |
3
Exhibit 10.1
终止协议
TERMINATION AGREEMENT
本终止协议（“本协议”）
由以下各方于2023年9月26日在中华人民共和国（“中国”）上海市签订:
THIS TERMINATION AGREEMENT (this “Agreement”),
dated as of September 26, 2023, is entered into, in Shanghai, People’s Republic of China (“PRC” or “China”)
by and among:
甲方： 上海光点娱乐有限公司
Party A: Shanghai Highlight Entertainment Co.,
Ltd.
乙方： 上海光点传媒有限公司
Party B: Shanghai Highlight Media Co., Ltd.
丙方： 以下签字的乙方股东
Party C: The undersigned shareholders of Party
B
丁方： 王杰
Party D: Jie Wang
（甲方、乙方、丙方和丁方，合称“各方”，各自称“一方”）。
(Party A, Party B, Party C and Party D
collectively, the “Parties”, and each a “Party”).
WHEREAS
鉴于
| A. | 2022年9月16日，甲方、乙方和丙方签署了《股权处分合同》、《股权质押合同》和《股东表决权委托及财务支持协议》，甲方和乙方签署了《技术咨询与服务协议》（上述协议合称“控制协议”）。 |
On September 16, 2022, Party A, Party
B, and Party C entered into an Equity Option Agreement, Equity Pledge Agreement and Voting Rights Proxy and Financial Supporting Agreement,
and Party A and Party B entered into Technical Consultation and Service Agreement, such agreements, collectively, Control Agreements.
Each of the Parties intends to terminate
all of the rights and obligations Control Agreements.
现，因此，各方同意如下：
NOW, THEREFORE, the Parties hereby agree as follows:
| 1. | 本协议中的定义词语或术语具有控制协议相同的含义。如果本协议和控制协议有冲突，本协议优先。 |
Words and expressions defined
in the Control Agreements shall have the same meanings when used herein. In the event of any conflict between this Agreement and the Control
Agreements, this Agreement shall control.
The Parties agree to terminate
the Control Agreements taking effect on the execution of this Agreement by the Parties.
| 3. | 丁方同意在签署本协议后15天内，由丁方向GD
Culture Group Limited，甲方的间接母公司，支付十万美金作为终止控制协议的对价。 |
Party D agrees to pay $100,000
to GD Culture Group Limited, an indirect parent company of Party A, as consideration for the termination of the Control Agreements, within
fifteen (15) days from the date of this Agreement.
| 4. | 本协议应自各方签署起生效，并且，与此同时，各方控制协议项下权利与义务终止，包括但不限于甲方、乙方、丙方和丁方的所有权利与义务。 |
This Agreement shall become
effective upon the execution by all Parties, and the rights and obligations of each of the Parties therein shall be simultaneously terminated,
including without limitation all rights of obligations of each of Party A, Party B, Party C and Party D under Control Agreements.
| 5. | 本协议可以通过传真、电传、可移植文档（PDF）（或其他电子传输方式）签署八（8）份，每一份都应被视为原件，共同组成一份相同的交易文书。 |
This Agreement may be executed
and delivered by facsimile, telecopy, portable document format (“PDF”) (or other electronically transmitted) signature and
in eight (8) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument.
| 6. | 本合同的订立、效力、解释、履行、修改和终止以及争议解决均适用中国正式公布并可公开得到的法律。对中国正式公布并可公开得到的法律没有规定的事项，将适用国际法律原则和惯例。 |
The execution, effectiveness, construction, performance,
amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the formally published and publicly
available laws of China. Matters not covered by formally published and publicly available laws of China shall be governed by international
legal principles and practices.
| 7. | 因解释和履行本合同而发生的任何争议，本合同各方应首先通过友好协商的方式加以解决。如果在一方向其他方发出要求协商解决的书面通知后三十（30）天之内争议仍然得不到解决，则任何一方均可将有关争议提交给位于上海的中国国际经济贸易仲裁委员会上海分会，由该委员会按照其仲裁规则仲裁解决。仲裁应在上海进行，使用之语言为中文。仲裁裁决是终局性的，对各方均有约束力。 |
In the event of any dispute
with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations.
In the event the Parties fail to reach an agreement on the dispute within thirty (30) days after either Party’s request to the other Parties
for resolution of the dispute through negotiations, either Party may submit the relevant dispute to the Shanghai Branch of China International
Economic and Trade Arbitration Commission for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted
in Shanghai, and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties.
[本页其余部分刻意留为空白]
[The Remainder of this page is intentionally
left blank]
[签字页]
[SIGNATURE PAGES]
兹证明，本协议由各方或者各方的法定代表人签订。
IN WITNESS WHEREOF
this Agreement is duly executed by each Party or its legal representatives.
甲方： 上海光点娱乐有限公司
Party A: Shanghai Highlight Entertainment Co.,
Ltd.
法定代表人/或被授权人(签字)
Legal/Authorized Representative:
/s/ Zihao Zhao
姓名: 赵子豪
Name: Zihao Zhao
职务: 授权代表人
Title: Authorized Representative
乙方： 上海光点传媒有限公司
Party B: Shanghai Highlight Media Co., Ltd.
法定代表人/或被授权人(签字)
Legal/Authorized Representative:
/s/ Hongxiang Yu
姓名: 於鸿翔
Name: Hongxiang Yu
职务: 授权代表人
Title: Authorized Representative
Signature Pages of Termination Agreement
[SIGNATURE PAGES]
签字页
丙方： 以下签字的乙方股东
Party C: The undersigned shareholders of Party
B
於鸿翔
Hongxiang Yu
| 签字: |
/s/ Hongxiang Yu |
|
| By: |
Hongxiang Yu |
|
张爽
Shuang Zhang
| 签字: |
/s/ Shaung Zhang |
|
| By: |
Shuang Zhang |
|
Signature Pages of Termination Agreement
[SIGNATURE PAGES]
签字页
丁方： 王杰
Party D: Jie Wang
| 签字: |
/s/ Jie Wang |
|
| By: |
Jie Wang |
|
Signature Pages of Termination Agreement
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GD Culture (NASDAQ:GDC)
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부터 6월(6) 2023 으로 6월(6) 2024
