Item 1.01 Entry into a Material Definitive Agreement.
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On April 3, 2020, Baja Custom Design, Inc., a Delaware corporation ("we," "BJCD"
or the "Company"), Linda Masters, our Chief Executive Officer and President,
entered into that certain Stock Purchase Agreement (the "SPA"), pursuant to
which Ms. Masters agreed to sell to Lan CHAN 14,960,000 shares of common stock
of the Company, par value $0.0001 (the "Shares"), for aggregate consideration of
Three Hundred Ninety One Thousand Dollars ($391,000) in accordance with the
terms and conditions of the SPA. According to the terms of the SPA, the closing
date of the sale is to occur on or prior to April 30, 2020, unless otherwise
extended by the parties. The closing of the transactions contemplated therein
is subject to the fulfillment of certain conditions, including satisfactory
completion of due diligence by the purchaser.
Upon consummation of the sale, the parties expect the current officers and
directors of the Company to resign from all positions with the Company and
appoint Mr. Lan CHAN to serve as the Company's sole executive officer and
director. Mr. Chan will also be able to unilaterally determine the election of
the Board and other substantive matters requiring approval of the Company's
stockholders after the consummation of the sale of the Shares.
The foregoing description of the SPA is qualified in its entirety by reference
to the SPA, which is filed as Exhibits 10.1 to this Current Report and
incorporated herein by reference.
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