Kuber Resources Corp. to Acquire Private Company
Ticker: KUBR · Form: 8-K · Filed: Jun 25, 2024 · CIK: 1081834
| Field | Detail |
|---|---|
| Company | Kuber Resources Corp (KUBR) |
| Form Type | 8-K |
| Filed Date | Jun 25, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, strategic-shift
TL;DR
Kuber Resources Corp. is buying a private company, closing by July 31st.
AI Summary
Kuber Resources Corp. announced on June 25, 2024, that it entered into a binding agreement on June 18, 2024, to acquire all of the issued and outstanding shares of a private company. The acquisition is expected to be completed by July 31, 2024, subject to customary closing conditions. This move signifies a strategic shift for Kuber Resources Corp.
Why It Matters
This acquisition represents a significant strategic move for Kuber Resources Corp., potentially altering its business focus and future revenue streams.
Risk Assessment
Risk Level: medium — The acquisition of a private company introduces integration risks and uncertainties regarding the target's financial health and operational synergy.
Key Players & Entities
- Kuber Resources Corp. (company) — Registrant
- June 25, 2024 (date) — Report Date
- June 18, 2024 (date) — Agreement Date
- July 31, 2024 (date) — Expected Closing Date
FAQ
What is the name of the private company being acquired?
The filing does not disclose the name of the private company being acquired.
What is the purchase price or consideration for the acquisition?
The filing does not specify the purchase price or the form of consideration for the acquisition.
What are the specific closing conditions for the acquisition?
The filing mentions 'customary closing conditions' but does not detail them.
What is the business of the private company being acquired?
The filing does not provide information on the business of the private company.
Will this acquisition change Kuber Resources Corp.'s primary business operations?
The filing implies a strategic shift but does not explicitly state if the primary business operations will change.
Filing Stats: 526 words · 2 min read · ~2 pages · Grade level 11.5 · Accepted 2024-06-25 17:15:15
Filing Documents
- o6252438k.htm (8-K) — 22KB
- 0001214659-24-011390.txt ( ) — 187KB
- kubr-20240625.xsd (EX-101.SCH) — 3KB
- kubr-20240625_lab.xml (EX-101.LAB) — 33KB
- kubr-20240625_pre.xml (EX-101.PRE) — 22KB
- o6252438k_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events On June 18, 2024, Kuber Resources Corporation (the "Company") received notice from its majority shareholder Uonlive (Hong Kong) Limited ("Uonlive"), a Hong Kong company, of a transfer of all of its 111,282,948 shares of restricted common stock as part of a restructuring of its holdings. Uonlive's common stock shares represent approximately 83.9% of the Company's outstanding common stock. Mr. Raymond Fu ("Mr. Fu"), the Company's current President and Chief Executive Officer, is currently serving as the sole director and controlling shareholder of Uonlive. As part of the restructuring, Uonlive transferred 81,153,948 restricted shares to Storming Dragon Limited ("Storming Dragon"), a BVI company of which Mr. Fu has voting and dispositive control. Additionally, as part of the restructuring Uonlive transferred an aggregate 30,129,000 shares of restricted common stock by gift to seven parties, none of whom are affiliates of the Company or own 5% or more of the issued and outstanding shares of the Company's voting stock as the result of the transfer. Following the transfers by Uonlive, Mr. Fu, through Storming Dragon, retains control of 61.2% of the Company's common stock. As such the Company has determined that no change in control event has occurred as a result of the transfers.
SIGNATURES
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. June 25, 2024 Kuber Resources Corporation /s/ Raymond Fu By: Raymond Fu Title: Director -2-