JX Luxventure Group Inc 6-K, filed Jul 17, 2025
JX Luxventure Group Inc. (JXG)
About this 6-K
JX Luxventure Group Inc filed this 6-K on July 17, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of July 2025
Commission File Number 001-35715
JX Luxventure Group Inc.
(Translation of registrant’s name into English)
Bin Hai Da Dao No. 270
Lang Qin Wan Guo Ji Du Jia Cun Zong He Lou
Xiu Ying District
Haikou City, Hainan Province 570100
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
On July 14, 2025, JX Luxventure Group Inc., a corporation duly organized under the laws of the Republic of Marshall Islands (the “Company”), entered into a debt exchange agreement (the “Debt Exchange Agreement”) with Sun Lei, the Company’s Chief Executive Officer, Interim Chief Financial Officer and the Co-Chairperson of the board of directors of the Company. Ms. Lei has continuously made advances to the Company in the form of unsecured loans, due on demand, and as of the date of the Debt Exchange Agreement, the total outstanding amount of these loans was approximately $5,000,000 (the “Total Outstanding Amount”). Pursuant to the Debt Exchange Agreement, Ms. Lei agreed to cancel $510,000 (the “Loan Cancellation Amount”) of the Total Outstanding Amount in exchange for shares of the Company’s common stock, $0.0001 par value per share (the “Common Stock”) at the price equal to the closing price per share, as reported on The Nasdaq Capital Market on the trading day immediately prior to the closing. At the closing of the Debt Exchange Agreement, which occurred on the same date, the Company issued to Ms. Lei 500,049 shares of its Common Stock (the “Exchange Shares”), at the conversion price of $1.0199 per share, the closing price of the Company’s Common Stock on July 11, 2025, as reported on The Nasdaq Capital Market, in full satisfaction of the Loan Cancellation Amount. As of the result of the issuance of the Exchange Shares, Ms. Lei holds 568,049 shares of the Company’s Common Stock, constituting approximately 9.89% of the Company’s total issued and outstanding Common Stock.
The issuance of the Exchange Shares described above was exempt from registration under Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation S promulgated by the Securities and Exchange Commission thereunder, as a transaction by an issuer not involving public offering.
The foregoing description of the Debt Exchange Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Debt Exchange Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
EXHIBIT LIST
| Exhibit No. | Description | |
| 10.1 | Debt Exchange Agreement between the Company and Sun Lei dated July 14, 2025 |
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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.
| Date: July 17, 2025 | JX Luxventure Group Inc. | |
| By: | /s/ Sun Lei | |
| Sun Lei | ||
| Chief Executive Officer | ||
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Exhibit 10.1
DEBT EXCHANGE AGREEMENT
This Debt Exchange Agreement (this “Agreement”), effective as of July 14, 2025 (the “Effective Date”), is entered into by and between JX Luxventure Group Inc, a corporation organized under the laws of the Marshall Islands (the “Company”). and Sun Lei (the “Holder”). The Company and the Holder are sometimes individually referred to herein as a “Party” or collectively, as the “Parties.”
WHEREAS, the Holder is the Chief Executive Officer, interim Chief Financial Officer and co-Chairperson of the Board of Directors of the Company and has continuously made advances to the Company in the form of unsecured loans, due on demand, and as of the date of this Agreement, the outstanding amount of these loans is approximately $5,000,000 (the “Total Outstanding Debt”), which remains due and outstanding by the Company to the Holder; and
WHEREAS, the Holder desires to exchange $510,000 of the Total Outstanding Debt (the “Loan Cancellation Amount”) into the shares (the “Exchange Shares”) of the Company’s common stock, $0.0001 par value per share (the “Common Stock”), at the price equal to the closing price per share of the Company’s Common Stock, as reported on The Nasdaq Capital Market on the trading day immediately prior to the closing, in full satisfaction of the Loan Cancellation Amount, and the Company agrees to such exchange, all on the terms and conditions provided for in this Agreement.
NOW THEREFORE, in consideration of the foregoing recitals and the mutual covenants and representations contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
1. The Debt Exchange.
(a) The Closing; Issuance of the Exchange Shares; Cancellation of the Loan Cancellation Amount. Subject to the terms and conditions of this Agreement, at the closing of the transaction contemplated by this Agreement (the “Closing”), to occur upon satisfaction of all obligations of the Parties to consummate the transactions contemplated hereby, the Company shall issue to the Holder the Exchange Shares, in exchange for the cancellation of the Loan Cancellation Amount by the Holder (the “Debt Exchange”). The number of the Exchange Shares will result from dividing the Loan Cancellation Amount into the market price of the Common Stock of the Company on the trading date immediately prior to the Closing, as reported on The Nasdaq Capital Market. For calculation purposes, if the Closing occurs on the Effective Date, the Company will issue to the Holder five hundred thousand forty-nine (500,049) Exchange Shares, as a result of dividing the Loan Cancellation Amount into $1.0199 per share, the per share market price of the Common Stock of the Company on July 11, 2025, as reported on The Nasdaq Capital Market,
(b) Delivery of the Exchange Shares. At the Closing, the Company shall instruct its transfer agent to deliver to the Holder the Holder’s account statement reflecting the issuance of the Exchange Shares issued on the books of the Company. The Exchange Shares, when issued, shall be deemed to be duly and validly issued, fully paid and non-assessable, and the Loan Cancellation Amount will be cancelled.
(c) Section 3(a)(9) Transaction. It is the intent of the parties that the Debt Exchange be effectuated pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 3(a)(9) thereunder.
2. Representations and Warranties of the Company. As of the date of this Agreement and on the date of the Closing, the Company hereby represents and warrants to the Holder, that:
(a) Organization; Corporate Power. The Company is duly organized, validly existing and in good standing under the laws of the Marshall Islands. The Company has all requisite legal and corporate power and authority to execute and deliver this Agreement and the other agreements contemplated hereby, to effectuate the Debt Exchange, and to issue the Exchange Shares and to carry out and perform its obligations under the terms of this Agreement.
(b) Authorization. All corporate action on the part of the Company and its officers, directors and stockholders necessary for the (i) authorization, execution, delivery and performance of this Agreement, (ii) authorization, issuance and delivery of the Exchange Shares and (iii) performance of all of the Company’s obligations hereunder have been taken or will be taken upon the execution of this Agreement. This Agreement has been duly executed by the Company and constitutes (or will constitute) the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the laws of general application relating to bankruptcy, insolvency and the relief of debtors and rules of law governing specific performance, injunctive relief or other equitable remedies.
(c) Capitalization. The authorized capital stock of the Company consists of One Hundred Fifty Million (150,000,000) shares of Common Stock and Five Million (5,000,000) shares of preferred stock with a par value of US $0.0001. Except as set forth in the Company’s reports, schedules, forms, statements and other documents filed by the Company with the SEC and publicly available prior to the date of the Agreement, no other shares of capital stock or other voting securities of the Company were issued, reserved for issuance or outstanding. All outstanding shares of the capital stock of the Company are, and all such shares that may be issued prior to the date hereof will be when issued, duly authorized, validly issued, fully paid and non-assessable and not subject to or issued in violation of any purchase option, call option, right of first refusal, preemptive right, subscription right or any similar right under any provision of the laws of the Marshall Islands, the Company’s Charter, Bylaws or any contract to which the Company is a party or otherwise bound.
(d) No Conflicts. The execution, delivery and performance by the Company of this Agreement and the documents to be delivered hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the certificate of incorporation or bylaws of the Company; (b) violate or conflict with any judgment, order, decree, statute, law, ordinance, rule or regulation applicable to the Company; (c) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination, acceleration or modification of any obligation or loss of any benefit under any agreement or other instrument to which the Company is a party.
(e) No Consent. No Consent of, or registration, declaration or filing with, or permit from, any governmental entity is required to be obtained or made by or with respect to the Company in connection with the execution, delivery and performance of this Agreement or the issuance of the Exchange Shares, other than the (a) filing with the SEC of a report on Form 6-K disclosing the transactions contemplated hereby, including all required exhibits thereto; and (b) the Nasdaq Listing Approval.
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(f) Valid Issuance. The Exchange Shares have been duly authorized and, when issued, sold and delivered in compliance with the provisions of this Agreement, will be duly and validly issued, fully paid and nonassessable. The Exchange Shares will be free and clear of all liens, security interests, pledges, equities and claims of any kind, voting trusts, shareholder agreements and other encumbrances; provided, however, that the Exchange Shares shall be subject to restrictions on transfer under state and federal securities laws. None of the Exchange Shares will be subject to any preemptive rights or rights of first refusal.
(g) Exemption. It is the intention of the Company that the Exchange be made pursuant to an exemption from the registration requirements of the Securities Act pursuant to Section 3(a)(9) thereunder.
3. Representations and Warranties of the Holder. As of the date of this Agreement and on the date of the Closing, if different, the Holder hereby represents and warrants to the Company that the following representations and warranties are true and complete:
(a) Authorization and Power. The Holder is the Chief Executive Officer, interim Chief Financial Officer of the Company, and the co-Chairperson of the Board of Director of the Company, and therefore is an affiliate of the Company, as this term is defined in Rule 405 of the Securities Act. Holder has all power and authority to execute and deliver this Agreement, to exchange the Loan Cancellation Amount under the Agreement and to acquire the Exchange Shares, and carry out and perform her obligations under the terms of this Agreement and the transactions contemplated hereby. All action on the part of the Holder necessary for the authorization, execution, delivery and performance of this Agreement, the conversion of the Loan Cancellation Amount into the Exchange Shares have been taken or will be taken prior to the date of this Agreement. This Agreement has been duly executed by the Holder and constitutes the valid and legally binding obligation of the Holder, enforceable against the Holder in accordance with its terms, subject to the laws of general application relating to bankruptcy, insolvency and the relief of debtors and rules of law governing specific performance, injunctive relief or other equitable remedies.
(b) Ownership of the Outstanding Debt. The Holder is the beneficial and record owner of the Loan Cancellation Amount. The Holder has good, valid and marketable title to said Loan Cancellation Amount, free and clear of all liens, mortgages, charges or other encumbrances and any preemptive or subscription rights, and has not assigned or otherwise transferred or granted any interest in the Loan Cancellation Amount to any person.
(c) For Holder’s Account. The Holder represents and confirms that the Holder will acquire the Exchange Shares upon the Debt Exchange for the Holder’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof.
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(d) Accredited Investor and Investment Experience. The Holder is an accredited investor, as such term is defined in Regulation D promulgated under the Securities Act. The Holder represents that she and her representatives are experienced in evaluating and investing in securities of companies similar as the Company and that the Holder can bear the economic risk of an investment in the Exchange Shares and has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the investment in the Exchange Shares in exchange for the Outstanding Debt.
(e) No Consents. The Holder is not required to obtain any order, consent, approval or authorization of any person or entity in connection with the execution and delivery of this Agreement or the Exchange.
(f) Restricted Securities; Compliance with Securities Act. The Holder understands and agrees that the Exchange Shares have not been registered under the Securities Act or any applicable state securities laws, by reason of their issuance in a transaction that does not require registration under the Securities Act (based in part on the accuracy of the representations and warranties of Holder contained herein), and that the Holder will not sell, offer to sell, assign, pledge, hypothecate or otherwise transfer any of the Exchange Shares unless pursuant to an effective registration statement under the Securities Act, or unless an exemption from registration is available. The Holder acknowledges that the Exchange Shares must be held indefinitely unless a subsequent disposition is registered under the Securities Act or any applicable state securities laws or is exempt from such registration.
(g) Shares Legend. The Exchange Shares shall bear the following or similar legend:
“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THESE SHARES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAW OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.”
(h) No Governmental Review. The Holder understands that no United States federal or state agency or any other governmental or state agency has passed on or made recommendations or endorsement of the Exchange or the Exchange Shares or the suitability of the Exchange nor have such authorities passed upon or endorsed the merits of the Exchange.
4. Miscellaneous.
(a) Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
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(b) Governing Law. This Agreement is to be construed in accordance with and governed by the internal laws of the State of New York without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of New York.
(c) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument. Signatures received by pdf or email shall be deemed to be original signatures.
(d) Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.
(e) Notices. Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) if delivered personally, when received, (b) if transmitted by facsimile or email, on the date of transmission with receipt of a transmittal confirmation or (c) if by courier service, on the second (2nd) business day following the date of deposit with such courier service, or such earlier delivery date as may be confirmed in writing to the sender by such courier service. A party may change or supplement the addresses, or designate additional addresses, for purposes of this Section by giving the other party written notice of the new address in the manner set forth above.
(f) Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms.
(g) Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties with respect to the subject matter hereof and no party shall be liable or bound to any other party in any manner by any warranties, representations or covenants except as specifically set forth herein or therein.
[Remainder of Page Intentionally Omitted; Signature Page Follows]
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IN WITNESS WHEREOF, the undersigned, being the duly authorized representatives of the parties, have executed this Debt Exchange Agreement as of the date set forth above.
| JX Luxventure Group Inc. | ||
| By: | /s/ Huidan Li | |
| Name: | Huidan Li | |
| Title: | Co-Chairman of the Board | |
| HOLDER: | |
| /s/ Sun Lei | |
| Sun Lei |
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