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CIMG Inc. (NASDAQ:IMG), a miscellaneous retail company, announced Monday that it has entered into an agreement to acquire a 51% equity interest in Shanghai Huomao Cultural Development Co., Ltd. ("Huomao"). The transaction involves the issuance of 200,000 shares of CIMG’s common stock and is expected to close within 15 days from the agreement date.
The agreement specifies that the issued common stock will be subject to a six-month lock-up period. Following the completion of the equity transfer, Huomao’s employees will become part of CIMG’s corporate group. Mr. Xiaocheng Hao is set to continue leading Huomao as the Chief Executive Officer.
Additionally, a decision-making committee will be established to oversee transactions exceeding RMB 200,000, ensuring strategic alignment between CIMG and Huomao. The committee will consist of three members: Ms. Yanli Hou, representing CIMG, alongside Mr. Xiaocheng Hao and Ms. Hongfang Xie from Huomao.
The parties also plan to incentivize Huomao’s employees with CIMG shares based on the sales performance post-acquisition, with details to be determined in future agreements.
This strategic move is aimed at integrating Huomao’s operations into CIMG’s business and leveraging the synergies between the two companies. The information reported is based on a press release statement filed with the SEC.
In other recent news, CIMG Inc. has successfully completed a private placement transaction, raising $10 million through convertible notes and warrants issued to non-U.S. investors. These notes carry an annual interest rate of 7% and are set to mature one year from issuance. The conversion of these notes and the exercise of the accompanying warrants require shareholder approval, with the conversion price set at $0.52 per share. In a separate development, CIMG Inc. has been notified by Nasdaq of non-compliance with its minimum bid price requirement of $1.00 per share, along with a delay in filing its Annual Report on Form 10-K. The company has 180 days to address the bid price issue and must submit a compliance plan regarding the filing delay. Additionally, CIMG Inc. announced the resignation of Jian Liu from its Board of Directors, effective January 9, 2025, with no disagreements cited as the cause. Lastly, the company has appointed Assentsure PAC as its new independent registered public accounting firm, following the termination of its relationship with MaloneBailey, LLP.
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