Nova Lifestyle Files 8-K with Material Agreement Details
Ticker: XWIN · Form: 8-K · Filed: Oct 11, 2024 · CIK: 1473334
Sentiment: neutral
Topics: material-agreement, 8-k
TL;DR
Nova Lifestyle (NV) filed an 8-K on Oct 11, 2024, reporting a material definitive agreement. Details to follow.
AI Summary
On October 11, 2024, Nova Lifestyle, Inc. filed an 8-K report detailing a material definitive agreement. The filing also includes other events and financial statements/exhibits. The company, formerly known as Stevens Resources, Inc., is incorporated in Nevada and headquartered in Commerce, California.
Why It Matters
This 8-K filing signals a significant business development for Nova Lifestyle, Inc., potentially impacting its operations, financial standing, and investor outlook.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement, which could represent a significant change or risk for the company, but the specific nature and impact are not yet detailed.
Key Numbers
- 001-36259 — SEC File Number (Identifies the company's filing with the SEC.)
- 90-0746568 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- Nova Lifestyle, Inc. (company) — Registrant
- Stevens Resources, Inc. (company) — Former company name
- October 11, 2024 (date) — Date of earliest event reported
- Nevada (jurisdiction) — State of incorporation
- Commerce, CA (location) — Principal Executive Office
FAQ
What is the nature of the material definitive agreement filed by Nova Lifestyle, Inc.?
The filing indicates the entry into a material definitive agreement, but the specific details of this agreement are not provided in the provided text.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on October 11, 2024.
What was Nova Lifestyle, Inc. formerly known as?
Nova Lifestyle, Inc. was formerly known as Stevens Resources, Inc.
In which state is Nova Lifestyle, Inc. incorporated?
Nova Lifestyle, Inc. is incorporated in Nevada.
Where are Nova Lifestyle, Inc.'s principal executive offices located?
Nova Lifestyle, Inc.'s principal executive offices are located at 6565 E. Washington Blvd., Commerce, CA 90040.
Filing Stats: 1,024 words · 4 min read · ~3 pages · Grade level 11.5 · Accepted 2024-10-11 17:23:27
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share NVFY Nasdaq Stock Market
- $945,000 — t Slabs from Iconic Tech for a total of $945,000 (the "Iconic Order Price"); (ii) Nova S
- $925,000 — rom Onefull Technologies for a total of $925,000 (the "Onefull Order Price"); (iii) Nova
- $900,000 — Marble Slabs from Skyvip for a total of $900,000 (the "Skyvip Order Price"); (iv) Nova S
- $940,000 — nstone from United Poles for a total of $940,000 (the "United Order Price") (v) the Nova
- $1.40 — s") of common stock of the Company at US$1.40 per share. The Shares will be issued pu
- $2,500,000 — requirement of maintaining a minimum of $2,500,000 in stockholders' equity for continued l
- $35 million — of market value of listed securities of $35 million under NASDAQ Listing Rule 5550(b)(2) or
- $500,000 — et income from continuing operations of $500,000 in the most recently completed fiscal y
- $4,600,000 — purchase inventories in total amount of $4,600,000, which will be paid in 3,321,429 shares
Filing Documents
- form8-k.htm (8-K) — 43KB
- ex10-1.htm (EX-10.1) — 25KB
- 0001493152-24-040961.txt ( ) — 242KB
- nvfy-20241011.xsd (EX-101.SCH) — 3KB
- nvfy-20241011_lab.xml (EX-101.LAB) — 33KB
- nvfy-20241011_pre.xml (EX-101.PRE) — 24KB
- form8-k_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. As previously disclosed, on April 18, 2024, the Company received written notice from the NASDAQ Stock Market ("NASDAQ") stating that the Company does not meet the requirement of maintaining a minimum of $2,500,000 in stockholders' equity for continued listing on the NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(b)(1), the Company also does not meet the alternative of market value of listed securities of $35 million under NASDAQ Listing Rule 5550(b)(2) or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years under NASDAQ Listing Rule 5550(b)(3), and the Company is no longer in compliance with the NASDAQ Listing Rules. The NASDAQ notification letter provided the Company until June 6, 2024 to submit a plan to regain compliance. If the plan is accepted, NASDAQ can grant the Company an extension up to 180 calendar days from the date of NASDAQ letter to demonstrate compliance. The Company submitted its plan of compliance on May 28, 2024 and a supplemental letter to the plan of compliance on June 20, 2024. Based on the review of the letters submitted by the Company, Staff has determined to grant the Company an extension until October 14, 2024 to regain compliance with the Rule and the Company must complete its initiatives and provide evidences for the compliance with the Rule as required by Nasdaq. As discussed in Item 1.01, the Company and Nova Samoa have entered into orders to purchase inventories in total amount of $4,600,000, which will be paid in 3,321,429 shares ("Shares") of common stock of the Company at US$1.40 per share. As of the date of the report, the Company believes it has regained compliance with the stockholders' equity requirement based upon the specific transaction referenced in Item 1.01. The Company confirms that Nasdaq will continue to monitor the Company's ongoing compliance with the stockholders' equ
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. Nova LifeStyle, Inc. By: /s/ Thanh H. Lam Thanh H. Lam Chairperson, President and Chief Executive Officer Date: October 11, 2024