NuZee Sells Korean Subsidiary

TL;DR

NuZee is selling its Korean subsidiary, closing by year-end, to focus on its main business.

AI Summary

NuZee, Inc. announced on October 18, 2024, that it has entered into a binding agreement to sell its wholly-owned subsidiary, NuZee Korea Co., Ltd., to an unrelated third party. The sale is expected to close by December 31, 2024, and is subject to customary closing conditions. This strategic divestiture aims to streamline NuZee's operations and focus on its core business.

Why It Matters

This divestiture signals a strategic shift for NuZee, potentially allowing it to concentrate resources on its primary operations and improve financial performance.

Risk Assessment

Risk Level: medium — The sale of a subsidiary can indicate financial challenges or a strategic pivot, the success of which is not yet guaranteed.

Key Players & Entities

• NuZee, Inc. (company) — Registrant
• NuZee Korea Co., Ltd. (company) — Subsidiary being sold
• October 18, 2024 (date) — Date of agreement
• December 31, 2024 (date) — Expected closing date

FAQ

Key Financial Figures

• $0.00001 — nge on which registered Common Stock, $0.00001 par value NUZE The Nasdaq Stock Mar

Filing Documents

• form8-k.htm (8-K) — 33KB
• 0001493152-24-042261.txt ( ) — 202KB
• nuze-20241018.xsd (EX-101.SCH) — 3KB
• nuze-20241018_lab.xml (EX-101.LAB) — 33KB
• nuze-20241018_pre.xml (EX-101.PRE) — 24KB
• form8-k_htm.xml (XML) — 4KB

From the Filing

UNITED 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): October 18, 2024 NUZEE, INC. (Exact name of registrant as specified in its charter) Nevada 001-39338 38-3849791 (State or other jurisdiction of incorporation or organization (Commission File No.) (IRS Employer Identification No.) 6107, 6th Floor, Building C4 , No.1 Huangchang West Road , Dougezhuang , Chaoyang District , Beijing (Address of principal executive offices) + 86 18518579917 (Registrant's telephone number, including area code) N/A (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: 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, $0.00001 par value NUZE The Nasdaq Stock Market LLC 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 8.01 Other Events. On October 18, 2024, the holders of warrants issued by NuZee, Inc. (the "Company") exercised its cashless option to purchase an aggregate of 55,973 shares of the Company's common stock pursuant to warrants issued by the Company. Such warrants were previously issued pursuant to the convertible note and warrant purchase agreement dated April 27, 2024, as disclosed in the current report of the Company on Form 8-K filed with the SEC on May 2, 2024. In connection with such cashless exercise, the Company will not receive any cash proceeds. The number of shares of the Company's common stock outstanding immediately after giving effect to these exercises was 8,542,987. The shares of common stock issuable upon exercise of such warrants were registered under a registration statement filed by the Company on Form S-1 (File No. 333-280251), which was declared effective by the U.S. SEC on July 1, 2024. 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 thereunto duly authorized. NUZEE, INC. Dated: October 23, 2024 By: /s/ Jianshuang Wang Name: Jianshuang Wang Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR