Summit Networks Completes Acquisition, Discloses Equity Sales

Ticker: SNTW · Form: 8-K · Filed: Jun 4, 2024 · CIK: 1619096

Summit Networks Inc. 8-K Filing Summary
FieldDetail
CompanySummit Networks Inc. (SNTW)
Form Type8-K
Filed DateJun 4, 2024
Risk Levelmedium
Pages3
Reading Time4 min
Sentimentneutral

Sentiment: neutral

Topics: acquisition, equity-sale, financials

TL;DR

Summit Networks closed a deal and sold some stock.

AI Summary

On May 31, 2024, Summit Networks Inc. reported the completion of an acquisition. The filing also disclosed unregistered sales of equity securities and included financial statements and exhibits related to these events. The company is incorporated in Nevada and its principal executive offices are located in Richmond, BC, Canada.

Why It Matters

This filing indicates significant corporate activity for Summit Networks Inc., including an acquisition and equity transactions, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — The filing involves an acquisition and unregistered sales of equity, which can introduce financial and operational risks.

Key Players & Entities

  • Summit Networks Inc. (company) — Registrant
  • May 31, 2024 (date) — Date of Report
  • Nevada (jurisdiction) — State of Incorporation
  • Richmond, BC Canada (location) — Principal Executive Offices

FAQ

What was the nature of the acquisition completed by Summit Networks Inc. on May 31, 2024?

The filing indicates the completion of an acquisition or disposition of assets, but specific details of the transaction are not provided in this summary.

What type of equity securities were sold by Summit Networks Inc.?

The filing mentions 'Unregistered Sales of Equity Securities,' but does not specify the type or amount of securities sold.

When was the Form 8-K filed?

The Form 8-K was filed on June 4, 2024, with the earliest event reported as May 31, 2024.

Where are Summit Networks Inc.'s principal executive offices located?

Summit Networks Inc.'s principal executive offices are located at 3010-8888 Odlin Cresent, Richmond, BC Canada V6X 3Z8.

What is Summit Networks Inc.'s Standard Industrial Classification (SIC) code?

Summit Networks Inc.'s SIC code is 4953, which corresponds to Refuse Systems.

Filing Stats: 883 words · 4 min read · ~3 pages · Grade level 12.2 · Accepted 2024-06-04 16:42:11

Filing Documents

01- Completion of Acquisition or Disposition of Assets

Item 2.01- Completion of Acquisition or Disposition of Assets As previously noted, on April 8, 2024 Summit Networks, Inc. ("SNTW") entered into a stock purchase agreement with the shareholders of 1103001 B.C. Ltd., dba St. Mega Enterprises, a Canadian corporation, located in British Columbia Canada, ("Mega"). The transaction was consummated on May 31, 2024 and SNTW acquired all the outstanding common stock of Mega. Due to this transaction, Mega has become a wholly owned subsidiary of SNTW. The shareholders of Mega received 20,000,000 shares of the common stock of SNTW. Mega has more than thirty (30) years of experience in the business of designing, manufacturing, and installing wood products, including cabinets and the construction of houses.

02 – Unregistered Sales of Equity Securities

Item 3.02 – Unregistered Sales of Equity Securities In connection with the acquisition described in Item 2.01 above, SNTW will issue 20,000,000 shares of its common stock ("Shares"). The Shares will be issued pursuant to an exemption from registration provided by Section 4(2) of the Securities Act of 1933. The offering was not a public offering as defined in Section 4(2) due to the limited number of persons that received the Shares and the manner of the offering. In addition, the acquirer of the Shares represented that he had the necessary investment intent as required by Section 4(2) and agreed to receive share certificates bearing a legend that Certain statements contained in this Current Report on Form 8-K are forward-looking risks and uncertainties. SNTW's forward-looking statements in this report are made as of the date hereof, and the Corporation disclaims any duty to supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Corporation is identifying certain forward-looking information regarding the transaction described. Actual events or results may differ materially from those contained in these forward-looking statements. Important factors that could cause further events or results to vary from those addressed in the forward-looking statement include, without limitation, risks and uncertainties arising from the ability of SNTW to successfully complete this transaction; uncertainties relating to the ability to realize the expected benefits of the transaction; unanticipated or unfavorable regulatory actions; general economic conditions in the reg

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits Financial Statement for Business Acquired . SNTW will file the financial statements required to be filed by this Item no later than 71 days after the date this Form 8-K is required to be filed. Proforma Financial Information SNTW will file the proforma financial statements required to be filed by this Item no later than 71 days after the date on which this Form 8-K is required to be filed. Exhibit No. Description 10.1 Stock Purchase Agreement -2-

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, thereunto duly authorized. Summit Networks Inc. Date: June 4, 2024 By: /s/Stephen Kok Koon Tan Stephen Kok Koon Tan (Principal Executive Officer) -3-

View Full Filing

View this 8-K filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.