Item 5.06 Change in Shell Company Status
On December 15, 2022, Savmobi Technology, Inc. ("SVMB," or the "Company")
entered into a share exchange agreement (the "Share Exchange Agreement") with
Intellegence Parking Group Limited ("Intellegence"), a Cayman Island company
formed on June 29, 2022, Chen Xinxin ("Xinxin"), the officer and director, and
control shareholder of Intelligence and the shareholders of Intelligence (the
"Shareholders"), which closed on January 5, 2023. Under the Share Exchange
Agreement, One Hundred Percent (100%) of the ownership interest of Intellegence
was exchanged for 1,000,000,000 shares of common stock of SVMB issued to the
Shareholders, in accordance with the Share Exchange Agreement.
On January 5, 2023, we acquired all the issued and outstanding shares of
Intellegence pursuant to the Share Exchange Agreement and Intellegence became
our wholly owned subsidiary. The acquisition was accounted for as a
recapitalization effected by a share exchange, wherein Intellegence is
considered the acquirer for accounting and financial reporting purposes.
Immediately after completion of such share exchange, the Company will held a
total of 200,000,000 issued and outstanding shares of Intellegence. Zhang Guowei
is the sole director of Intellegence Parking Group Limited.
Consequently, the Company has ceased to fall under the definition of shell
company as define in Rule 12b-2 under the Exchange Act of 1934, as amended (the
"Exchange Act") and Intellegence is now a wholly owned subsidiary.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
4.1 Share Exchange Agreement (incorporated by reference to our Current
Report on Form 8-K filed on December 16, 2022)
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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