Franklin Wireless Corp. Enters Material Definitive Agreement
Ticker: FKWL · Form: 8-K · Filed: May 21, 2024 · CIK: 722572
| Field | Detail |
|---|---|
| Company | Franklin Wireless Corp (FKWL) |
| Form Type | 8-K |
| Filed Date | May 21, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $3,000,000, $2,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement
TL;DR
Franklin Wireless Corp. signed a big deal, details TBD.
AI Summary
Franklin Wireless Corp. entered into a material definitive agreement on May 21, 2024. The filing does not disclose the specific details of this agreement, only its classification as material and definitive.
Why It Matters
This filing indicates a significant new contract or partnership for Franklin Wireless Corp., which could impact its future business operations and financial performance.
Risk Assessment
Risk Level: medium — The lack of specific details about the material definitive agreement introduces uncertainty regarding its terms and potential impact on the company.
Key Players & Entities
- Franklin Wireless Corp. (company) — Registrant
- May 21, 2024 (date) — Date of Report
FAQ
What is the nature of the material definitive agreement entered into by Franklin Wireless Corp.?
The filing does not specify the nature of the agreement, only that it is a material definitive agreement.
When did Franklin Wireless Corp. enter into this material definitive agreement?
Franklin Wireless Corp. entered into the material definitive agreement on May 21, 2024.
What is the company's principal executive office address?
The principal executive offices are located at 3940 Ruffin Road Suite C, San Diego, CA 92123.
What is Franklin Wireless Corp.'s IRS Employer Identification Number?
The IRS Employer Identification Number for Franklin Wireless Corp. is 95-3733534.
In which state is Franklin Wireless Corp. incorporated?
Franklin Wireless Corp. is incorporated in Nevada.
Filing Stats: 483 words · 2 min read · ~2 pages · Grade level 11.2 · Accepted 2024-05-21 17:00:13
Key Financial Figures
- $3,000,000 — d 40% by MeiG. Franklin will contribute $3,000,000 to the new corporation and MeiG will co
- $2,000,000 — ew corporation and MeiG will contribute $2,000,000. Under the terms of the Agreement, the
Filing Documents
- franklin_8k.htm (8-K) — 21KB
- 0001683168-24-003763.txt ( ) — 189KB
- fkwl-20240521.xsd (EX-101.SCH) — 3KB
- fkwl-20240521_lab.xml (EX-101.LAB) — 33KB
- fkwl-20240521_pre.xml (EX-101.PRE) — 22KB
- franklin_8k_htm.xml (XML) — 4KB
01 Entry into a Material Definitive
Item 1.01 Entry into a Material Definitive Agreement. On May 14, 2024, the Company entered into an Agreement for Formation of Corporation (the "Agreement") with MeiG Smart Technology Co., Ltd. ("MeiG"), a leading supplier of cellular modules, IoT terminals and wireless data solutions. Under the terms of the Agreement, the Company and MeiG will form a Nevada corporation to be owned 60% by Franklin and 40% by MeiG. Franklin will contribute $3,000,000 to the new corporation and MeiG will contribute $2,000,000. Under the terms of the Agreement, the new corporation will have a Board of Directors consisting of three members, with two to be appointed by Franklin and one to be appointed by MeiG. The new company will engage in worldwide sales, marketing, customer support and operations for telecommunications modules to be provided by MeiG, under such brands or designations as the Board of Directors of the new company will determine. 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 hereunto duly authorized. FRANKLIN WIRELESS CORP. Date: May 21, 2024 By: /s/ OC Kim OC Kim, President 2