Item 1.01Entry into a Material Definitive Agreement.
On November 28, 2019, Ando Holdings Ltd. (the "Company"), a Nevada corporation,
entered into a securities purchase agreement (the "Securities Purchase
Agreement") with an accredited investor, Tsai Ming Hsiu (the "Lender"), pursuant
to which the Company issued promissory note for an aggregate of $50,000 (the
"Outstanding Balance"), with an interest rate of 10% per annum (the "Note"). The
Outstanding Balance of the Note are to be paid within one year beginning from
November 28, 2019. The Note mature on November 28, 2020 ("Maturity Date") and
contain an auto renewal clause for one year if the Lender fails to provide
notice for redemption on or before 30 days from the Maturity Date. Subject to
the terms and conditions set forth in the Note, the Company may prepay all or
any portion of the Outstanding Balance of the Note at any time on or before 90
days from the Maturity Date without penalty. Conversely, the Lender may redeem
the Note at any time before the Maturity Date, by accepting 90% partial or full
Outstanding Balance and giving the Company not less than 30 days' written notice
stating the redemption amount and wiring information to the Company. Upon the
occurrence of an event of default, the Outstanding Balance shall maintain at the
Outstanding Balance immediately prior to the occurrence of the event of default
and the Outstanding Balance shall become immediately due and payable.
Unless specifically defined herein, the capitalized terms shall have the
meanings as defined in the respective documents attached herein. The forgoing
terms are qualified in their entirety by the actual Securities Purchase
Agreement and the Note attached herein as Exhibits 10.1 and 10.2, respectively.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Exhibits
10.1 Sample Securities Purchase Agreement
10.2 Sample Promissory Note Agreement
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