Fecundity Capital Investment Co., Ltd. entered into a certain share purchase agreement to acquire Hong Kong Takung and Hong Kong MQ from Takung Art Co., Ltd. (NYSEAM:TKAT) for $1.5 million on November 1, 2022. On December 9, 2022, an amendment to share purchase agreement was filed amending the clerical error in the purchase price stated in the earlier disposition agreement from $1 million to $1.5 million. The consideration will be paid in cash.

The closing of the Disposition is subject to certain closing conditions including the payment of the Purchase Price, the receipt of a fairness opinion from Access Partner Consultancy & Appraisals and the approval of Takung Art Co., Ltd's shareholders. The Disposition was approved by the board of directors of Takung Art Co., Ltd. The requisite Regulatory Approvals are pending. As of December 19, 2022, The Board of Directors of Takung Art has called annual meeting of shareholders of 2022 and meeting will be held on December 27, 2022.

The agenda of the meeting is to approve the proposed sale of Hong Kong MQ and Hong Kong Takung Art. Takung Art Co., believes that the Disposition will not have a significant, material impact on its consolidated financial statements.