8-K
Sincerity Applied Materials Holdings Corp. (SINC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d) of theSecurities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): June 28, 2022
SINCERITY APPLIED MATERIALS HOLDINGS CORP.
(Exact name of registrant as specified in its charter)
| Nevada | 000-55475 | 45-2859440 |
|---|---|---|
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Suite 1105, Level11
370 Pitt Street
Sydney, New SouthWales, Australia 2000
(Address of Principal Executive Offices)
+61 421 007 277
(Registrant’s telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act: None.
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common stock, par value $0.001 per share | SINC | OTC MARKET |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Smaller reporting company ☒
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 1.01 | Entry into a Material Definitive Agreement |
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On June 28, 2022, we entered into an agreement with Simcor (Jiangsu) Materials Technology Ltd. (“SMTL” or the "Company"), a company formed in the Peoples Republic of China with its registered address at Rom 407, Level 4, Building A, Zhongchuang Service Center, No. 1 Xihu Road, Wujin National Hi-Tech Industrial Zone, pursuant to which we amended (“amended agreement”) the Stock Purchase Agreement dated August 20, 2020.
The amended agreement updates the closing provisions of acquisition which allows fast tracking SIMCOR acquisition.
We are preparing all necessary documents and having them certified with Chinese embassy in US for final closing.
The foregoing description of the agreements thereby does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Agreement which are included in this Current Report as Exhibits 10.1 and 10.2 respectively, and are incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
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| Exhibit No. | Exhibit |
|---|---|
| 10.1 | Stock Purchase Agreement dated August 20, 2020 |
| 10.2 | Stock Purchase Agreement Amendment dated June 28, 2022 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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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 hereunto duly authorized.
Dated: June 28, 2022
| SINCERITY APPLIED MATERIALS HOLDINGS CORP. | |
|---|---|
| By: | /s/ Yiwen Zhang |
| Name:<br><br>Title: | Yiwen Zhang<br><br>Chief Executive Officer |
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Exhibit 10.1
STOCK PURCHASEAGREEMENT
证券购买协议
This Stock Purchase Agreement (the “Agreement”) is made and effective August 20^th^, 2020
此证券购买协议（以下称：协议）与 2020 年 8 月 20 日制定并生效，
| BETWEEN: | Simcor (Jiangsu) Materials TechnologyLtd. (“SMTL” or the "Company"), a company formed in the Peoples Republic of China with its registered address<br>at No 67, Yanzhen East Rd, Niutang,<br><br><br><br>Wujin, Changzhou, Jiangsu, China; AND |
|---|---|
| 希姆科（江苏）材料科技有限公司<br> （以下称 SMTL<br> 或公司），是一家在中华人民共和国合法注册的有限责任公司，注册地址为：中国江苏省常州市武进区牛塘镇延政东路<br> 67 号 | |
| AND: | Leping ZHANG ( "Selling Shareholder") who is the sole director and shareholder of SMTL. |
| 张乐萍 （卖方股东），为<br>SMTL 的法人和唯一股东 | |
| AND: | Sincerity Applied MaterialsHoldings Corp., (“SINC” or the "Purchaser"), a companies organized and existing under the laws of the United<br>States of America with its head office located at 4 Avoca St, South Yarra, Melbourne, VIC, Australia. |
| Sincerity Applied Materials HoldingsCorp，（简称 SINC 或者买方），是一家根据美国内华达州注册存在的有限责任公司，总部位于澳大利亚墨尔本，南亚拉，Avoca<br>街，4 号 |
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RECITALS
事实陈述
WHEREAS, the Selling Shareholder will sell to SINC [2,000,000] ordinary shares (“Sell Shares”) of SMTL to SINC for a consideration of Two Million Five Hundred Thousands United States Dollars (USD 2,500,000). SMTL also will issue and sell to SINC [5,000,000] ordinary shares (“Sell Shares”) of SMTL to SINC for a consideration of Four Million Five Hundred Thousands United States Dollars (USD 4,500,000).
鉴于，卖方股东将以 250 万美元的交易对价，出售其所持有的 SMTL 全部股份，共计 200 万股，
同时，SMTL 将通过增资扩股，以 450 万美金的交易对价，定向增发 500 万股新股 SINC；
WHEREAS, SMTL has an authorized share capital of 2,000,000 ordinary shares of USD1.0 par value of which 2,000,000 shares have been fully issued to the Selling Shareholder.
鉴于，SMTL 现总股本为 200 万股，已按照注册资本金为 200 万美金向现有股东发行.
WHEREAS, SINC has an authorized share capital of 290,000,000 shares of USD .0001 par value common and Common “A” Stock; of which 25,511,000 shares of the Common “A” Stock have been issued at present.
鉴于，SINC 授权可发行股份为 2.9 亿普通 A 股，票面价值 0.001 美元/股；其中现有发行普通 A 股数量为 25,511,000 股
WHEREAS, the Purchaser desires to purchase and the Selling Shareholder desires to sell [7,000,000] ordinary shares of SMTL to SINC for a consideration of Seven Million United States Dollars (USD7,000,000), upon the terms and subject to the conditions hereinafter set forth;
鉴于，受下列条款约束，买方期望购买，卖方希望出售，SMTL 总计 700 万股的股份，交易对价为 700 万美金，
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, and in order to consummate the purchase and the sale of Sell Shares aforementioned, it is hereby agreed as follows:
据此，考虑到本协议中包含的相互契约和协议，并且为了完善上述买卖股份，特此达成以下协议：
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| --- | | 1. | PURCHASE AND SALE 购买和出售 | | --- | --- |
Subject to the terms and conditions hereinafter set forth, at the closing of the transaction contemplated hereby, the Selling Shareholder shall sell, convey, transfer, and deliver to the Purchaser certificates representing such Sell Shares, and the Purchaser shall purchase from the Selling Shareholder the Sell Shares at the consideration as set forth in this Agreement. The certificates representing the Company's ordinary shares shall be duly endorsed for transfer or accompanied by appropriate bought and sold notes. The closing of the transactions contemplated by this Agreement ("Closing"), shall be held at the location noted in Appendix A attached.
在遵守下文规定的条款和条件的前提下，在兹此达成的交易完成之时，卖方应向卖方出 售，传达，转让和交付代表该卖方股份的证书，买方应向卖方购买以本协议中规定的对价出售股票。代表公司普通股的股票应加盖批注以转让或随附适当的买卖票据。本协议拟进行的交易（“结算”）的完成应在所附附录 A 中注明的位置进行。
| 2. | AMOUNT AND PAYMENT OF PURCHASE PRICE 交易金额和支付 |
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The total consideration and method of payment thereof are fully set out in Appendix "A" attached hereto and made a part hereof.
请参考附件 A
| 3. | REPRESENTATIONS AND WARRANTIES OF SELLING SHAREHOLDER AND PURCHASER 出售股份持有人和购买人的陈述和保证 |
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Selling Shareholder hereby warrants and represents:
出售股东特此声明并确保：
| A. | Organization and Standing. Company is a company duly organized, validly existing and in good standing<br>under the laws of the People’s Republic of China and has the corporate power and authority to carry on its business as it is now<br>being conducted. |
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公司合法性。 公司是根据中华人民共和国法律合法成立，有效存在且信誉良好的公司，拥有开展业务的公司权力和权限
| B. | Restrictions on Stock: 股票权益限制 |
|---|---|
| i. | The Selling Shareholder is not a party to any agreement, written or oral, creating rights in respect<br>to the Company's Stock in any third person or relating to the voting of the Company's Stock. |
| --- | --- |
出售股东不是任何以书面形式或口头形式就任何第三方产生的关于本公司股票的权利或与本公司股票投票有关的协议的一方
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| --- | | ii. | Selling Shareholder is the lawful owner of the Sell Shares, free and clear of all security interests,<br>liens, encumbrances, equities and other charges. | | --- | --- |
卖方是卖方的合法所有者，没有任何抵押权益，留置权，产权负担，权益和其他费用，
| iii. | There are no existing warrants, options (except for the Management Share Option Scheme which is under<br>preparation), stock purchase agreements, redemption agreements, restrictions of any nature, calls or rights to subscribe of any character<br>relating to the stock, nor are there any securities convertible into such stock outside of the note being issued attached to this agreement. |
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目前没有任何认股权证，认股权（正在准备的管理认股权计划除外），股票购买协议，赎回协议，任何性质的限制，与股票有关的任何性质的认购权或认购权，也没有任何认股权证本协议所附发行票据之外的可转换为此类股票的证券。
| C. | Expectations and Milestones: 期望和里程碑 |
|---|---|
| i. | SMTL is expected to report USD 1 million net earning before tax in 2021, with 50% annual growth till<br>2023. Total of 4.75 million USD net earning before tax over 3 years. |
| --- | --- |
SMTL 预计 2021 年的税前净利润为 100 万美元，到 2023 年将保持
50％的年增长率。三年内总计 475 万美元的税前净利润
| ii. | If SMTL does not report enough expected earnings, SMTL will refund the difference back to SINC as valuation<br>adjustment. |
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如果 SMTL 报告的预期收益不足，SMTL 将把差额退还给 SINC 作为估值调整
| iii. | If SMTL out-perform expect earnings, SINC will issue common A shares equal to 5 times of the extra earning<br>that is made as valuation adjustment. |
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如果 SMTL 的业绩超出预期，SINC 将发行普通 A 股，其价值相当于估值调整后额外收益的 5 倍
Purchaser hereby warrants and represents:
买方特此担保并确保
| A. | Organization and Standing. Company<br>is a company duly organized, validly existing and in good standing under the laws of Nevada in United States and has the corporate power<br>and authority to carry on its business as it is now being conducted. |
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公司合法性。公司是一家在美国内华达州法律下正式组织，有效存在且信誉良好的公司，并具有开展业务的公司权力和权力。
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| --- | | 4. | REPRESENTATIONS AND WARRANTIES OF SELLING SHAREHOLDER AND PURCHASER 出售股份持有人和购买人的陈述和保证 | | --- | --- |
Selling Shareholder and Purchaser hereby represent and warrant that there has been no act or omission by Selling Shareholder, Purchaser or the Fund which would give rise to any valid claim against any of the parties hereto for a brokerage commission, finder's fee, or other like payment in connection with the transactions contemplated hereby.
卖方股东和买方在此声明并保证，卖方股东，买方或本基金没有任何作为或不作为会导致对本协议任何当事方产生经纪佣金，发现者费用或其他类似付款的任何有效索偿。与特此考虑的交易有关
| 5. | ENTIRE AGREEMENT 完整协议 |
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This Agreement (including the Appendices hereto and any written amendments hereof executed by the parties) constitutes the entire Agreement and supersedes all prior agreements and understandings, oral and written, between the parties hereto with respect to the subject matter hereof.
本协议（包括本协议的附录和各方执行的任何书面修订）构成整个协议，并取代双方之间就本协议主题达成的所有先前的口头和书面协议和谅解。
| 6. | SECTIONS AND OTHER HEADINGS 章节和其他标题 |
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The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.
本协议中包含的部分和其他标题仅供参考，不影响本协议的含义或解释。
| 7. | GOVERNING LAW 适用法律 |
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This agreement, and all transactions contemplated hereby, shall be governed by, construed and enforced in accordance with the laws of Nevada. The parties herein waive trial by jury and agree to submit to the jurisdiction and venue of a court located in Nevada.
本协议以及据此进行的所有交易均应根据内华达州法律进行管辖，解释和执行。双方均放弃陪审团的审判，并同意服从内华达州法院的管辖权和审判地。
| 8. | ATTORNEY’S FEES 律师费 |
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In the event that litigation results from or arises out of this Agreement or the performance thereof, the parties agree to reimburse the prevailing party's reasonable attorney's fees, court costs, and all other expenses, whether or not taxable by the court as costs, in addition to any other relief to which the prevailing party may be entitled.
如果诉讼是由本协议或其执行引起或引起的，则当事各方同意偿还胜诉方的合理律师费，法院费用以及所有其他费用，无论该费用是否应由法院征税为费用胜诉方可享有的任何其他权益。
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IN WITNESS WHEREOF, this Agreement has been executed by each of the individual parties hereto on the date first above written.
兹由以上各当事方在以上书面第一日签署本协议，以昭信守。
Sincerity Applied Materials Holdings Corp PURCHASER 买方
_______________________________________
Authorized Signature
/s/ Yiwen (James) Zhang
Yiwen (James) Zhang, CEO & Chairman
SELLING SHAREHOLDER 卖方股东
_______________________________________
Authorized Signature
/s/ Leping Zhang
Leping ZHANG
Simcor (Jiangsu) Materials Technology Ltd SELLING SHAREHOLDER 卖方股东
_______________________________________
Authorized Signature
/s/ Leping Zhang
Leping ZHANG, Director
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APPENDIX A AMOUNT AND PAYMENTOF PURCHASE PRICE
附录****A 购买金额和付款方式
| 1. | CONSIDERATION 金额 |
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The Purchaser shall pay to the Selling Shareholder USD2,500,000 and the Selling Shareholder shall transfer/allot a total of 2,000,000 common shares of SMTL to the Purchaser.
The Purchase shall pay to SMTL USD 4,500,000 and SMTL shall issue a total of 5,000,000 common shares of SMTL to the Purchaser.
买方应向卖方支付 2,500,000 美元，卖方应向买方转让/分配总计 2,000,000 股 SMTL 普通股。
购买将向 SMTL 支付 4,500,000 美元，SMTL 将向买方发行总计 5,000,000 股 SMTL 普通股。
| 2. | CLOSING & PAYMENT 交割与付款 |
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The Purchaser agrees to purchase 2,000,000 ordinary shares of SMTL at USD 1.25 per share first.
The Purchaser further agrees to purchase 5,000,000 ordinary shares of SIC at USD 0.9 per share.
Should SINC pay less than USD 7,000,000 to the Selling Shareholder/SMTL, the number of shares to be delivered will be proportionally reduced. It is agreed that shares will be delivered to SMTL in tranches:
| a) | Once SINC complete the first USD 2,500,000 payment, 35.71% shares of common shares of SMTL will be transferred/issued<br>to SINC; |
|---|---|
| b) | Then for every USD 500,000 subsequent payment, 7.14% shares of common shares of SMTL will be transferred/issued<br>to SINC; |
| --- | --- |
The location of the Closing of the transaction shall be determined by both parties.
买方同意首先以每股 1.25 美元的价格购买 2,000,000 股 SMTL 普通股。
买方还同意以每股 0.9 美元的价格购买 5,000,000 股 SIC 普通股。
如果 SINC 向卖方/ SMTL 支付的款项少于 700 万美元，将要按比例减少要交付的股份数量。同意将股票分期交付给 SMTL：
a） 一旦 SINC 完成首笔 2,500,000 美元的付款，SMTL 普通股的 35.71％股份将被转让/发行给 SINC；
b） 随后，每支付 500,000 美元，SMTL 普通股的 7.14％股份将被转让/发行给 SINC；
交易的完成地点应由双方共同决定。
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| --- | | 3. | TARGET ACQUISITIONS BY SMTL SMTL 的目标收购 | | --- | --- |
SINC and SMTL have identified certain acquisition and investment targets that should be part of the SMTL global business platform. It is expected that upon receipt of no less than US$6,000,000 from SINC from the purchase of Ordinary Shares, SMTL shall make investments in bio/compostable applied materials subject to accomplishments of certain milestones to be defined and agreed between SMTL and acquisition candidates.
SINC 和 SMTL 已经确定了某些收购和投资目标，这些目标应该成为 SMTL 全球业务平台的一部分。预计 SMTL 将在购买普通股后从 SINC 收到不少于 6,000,000 美元的资金后，将投资于生物/可堆肥应用材料，但要视 SMTL 和收购候选人之间达成的某些里程碑的完成而定。
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APPENDIX B –SHARE RESTRUCTURING
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APPENDIX C – CONVERTIBLENOTE
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Exhibit 10.2
Stock Purchase Agreement
Amendment 2022
证券购买协议修改协议****2022
This amendment agreement (“Amendment Agreement”) isdated on June 28, 2022 and is
此证券购买协议修改协议 （以下称：修改协议）与2022年6月28日制定并生效
| BETWEEN: | Simcor (Jiangsu) Materials Technology Ltd. (“SMTL” or the "Company"), a company formed in the Peoples<br>Republic of China with its registered address at Rom 407, Level 4, Building A, Zhongchuang Service Center, No. 1 Xihu Road, Wujin National<br>Hi-Tech Industrial Zone; AND |
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希姆科（江苏）材料科技有限公司 （以下称SMTL或公司），是一家在中华人民共和国合法注册的有限责任公司，注册地址为：中国江苏省常州市武进国家高新技术产业开发区西湖路1号众创服务中心A座四层407室
| AND: | Leping ZHANG ( "Selling Shareholder") who is the sole director and shareholder of SMTL. |
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**张乐萍（卖方股东），**为SMTL的法人和唯一股东
| AND: | Sincerity Applied Materials Holdings Corp., (“SINC” or the "Purchaser"), a companies organized and existing<br>under the laws of the United States of America with its head office located at Suite 1105, Level 11, 370 Pitt Street, Sydney, NSW, 2000,<br>Australia |
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Sincerity Applied MaterialsHoldings Corp.，（简称SINC或者买方），是一家根据美国内华达州注册存在的有限责任公司，总部位于澳大利亚悉尼，Pitt街，370号，11层，1105室
Recitals
事实陈述
SMTL, Leping Zhang, and SINC are parties to the following agreement, dated: Aug 20, 2020. (“Original Agreement”),
SMTL, 张乐萍, 以及SINC与2020年8月20日签署原合同
SMTL, Leping Zhang, and SINC agree to amend the original agreement.
SMTL, 张乐萍, 以及SINC现同意对原合同做出修改
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Operative Provisions
执行条款
In consideration of the matters described above, and of the mutual benefits and obligations set out in this Amendment Agreement, (the receipt and sufficiency of which consideration is hereby acknowledged), the parties to this Amendment Agreement hereby agree as follows:
考虑到上述事项，以及本修订协议中规定的互惠互利和义务，（在充分考虑和互相知晓的前提下），本修订协议各方特此同意如下
| 1. | The following from the Original Agreement |
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“WHEREAS, the Selling Shareholder will sell to SINC [2,000,000] ordinary shares (“Sell Shares”) of SMTL to SINC for a consideration of Two Million Five Hundred Thousands United States Dollars (USD 2,500,000). SMTL also will issue and sell to SINC [5,000,000] ordinary shares (“Sell Shares”) of SMTL to SINC for a consideration of Four Million Five Hundred Thousands United States Dollars (USD 4,500,000).”
is hereby changed and shall hereafter be read as follows
“WHEREAS, the Selling Shareholder will sell to SINC 100% ordinary shares of SMTL for a consideration that is equal to the 5 x of net owners’ equity as of June 30, 2022.
SMTL also will issue and sell to SINC [7,000,000] ordinary shares for a consideration of 7,000,000 United States Dollars. (USD 7,000,000)”
原协议中
“鉴于，卖方股东将以 250 万美元的交易对价，出售其所持有的SMTL 全部股份，共计 200 万股， 同时，SMTL 将通过增资扩股，以450 万美金的交易对价，定向增发500 万股新股 SINC“
特此更改，内容如下：
“鉴于，卖方将以截至2022年6月30日的SMTL股东权益5倍作为对价，转让100% 股份给买方“SMTL将以700万美金的对价，向买方定向增发700万股SMTL普通股。”
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| --- | | 2. | The following from the Original Agreement | | --- | --- |
Appendix A Amount AND PAYMENT OF PURCHASE PRICE
is hereby changed and shall hereafter be read as APPENDIXAa AMOUNT AND PAYMENT OF PURCHASE PRICE in this agreement.
原协议中
Appendix A Amount AND PAYMENT OF PURCHASE PRICE
特此替换为本修改协议中的附录Aa购买金额和付款方式
| 3. | The following is hereby added to the Original Agreement |
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WHEREAS, SMTL has authorised Sincerity Australia Pty Ltd, a wholly owned subsidiary located in Melbourne Australia by the purchaser, to facilitate the closing transactions, until such time when SMTL has completed its registration update with local Chinese authorities and become a wholly owned subsidiary of the purchaser.
以下内容特此添加至原协议，
鉴于，SMTL在工商变更完成之前，授权Sincerity Australia Pty Ltd, 一个买方全资控股的澳大利亚公司，处理所有其并购相关交易。
| 4. | This Stock Purchase Agreement Amendment 2022 amends the Original Agreement, and both must be read together, and constitute one (1)<br>agreement. |
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此份证券协议修改协议2022，对原协进行了修改，两份协议必须一起阅读，并且构成同一份协议。
| 5. | All other obligation, terms and conditions contained in the Original Agreement continue in full force and effect until the termination<br>of the Original Agreement unless otherwise specifically amended herein. |
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原始协议中包含的所有其他义务、条款和条件继续完全有效，直至原始协议终止，除非本文另有特别修改
| 6. | This Amendment Agreement is subject to the law of the same jurisdiction as the Original Agreement, and the Parties to this Amendment<br>Agreement hereby submit to the jurisdiction of the courts of that same jurisdiction. |
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本修订协议受原协议同管辖区法律管辖，本修订协议各方特此服从同一管辖区法院的管辖
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IN WITNESS WHEREOF, this Agreement has been executed by each of the individual parties hereto on the date first above written.
兹由以上各当事方在以上书面第一日签署本协议，以昭信守。
Sincerity Applied Materials Holdings Corp PURCHASER 买方
_______________________________________
Authorized Signature
_______________________________________
Yiwen (James) Zhang, CEO & Chairman
SELLING SHAREHOLDER 卖方股东
_______________________________________
Authorized Signature
_______________________________________
Leping ZHANG
Simcor (Jiangsu) Materials Technology Ltd SELLING SHAREHOLDER 卖方股东
_______________________________________
Authorized Signature
_______________________________________
Leping ZHANG, Director
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APPENDIX Aa AMOUNT AND PAYMENTOF PURCHASE PRICE
附录****Aa购买金额和付款方式
| 1. | Consideration 金额 |
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The Purchaser shall pay to the Selling Shareholder 5x of net owners’ equity as of June 30, 2022, and the Selling Shareholder shall transfer 100% of common shares of SMTL to the Purchaser.
The Purchase shall pay to SMTL USD 7,000,000 and SMTL shall issue a total of 7,000,000 common shares of SMTL to the Purchaser. Multiple tranches of payment allowed.
买方应向卖方支付2022年6月30日SMTL股东权益5倍的对价，卖方应向买方转让/分配总计100% SMTL普通股。
买方将向SMTL额外支付7,000,000美元，SMTL将向买方发行总计7,000,000股SMTL普通股。
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