Item 1.01 Entry into a Material Definitive Agreement
As previously disclosed, on May 28, 2021, Takung Art Co., Ltd, a Delaware
corporation (the "Company") and Cultural Objects Provenance Holdings Limited, a
British Virgin Islands company with a subsidiary engaged in the operation of an
NFT platform related to collectibles ("Cultural Objects"), entered into a
securities purchase agreement (the "SPA"), pursuant to which the Company shall
invest in Cultural Objects through paying certain purchase price (the "Original
Purchase Price") that consists of cash and the Company's shares of common stock,
par value $0.001 per share (the "Common Stock").
On August 21, 2021, the Company and Cultural Objects entered into an amendment
to the SPA (the "Amendment"), pursuant to which the Original Purchase Price was
amended to be (i) $500,000 in cash and the issuance by the Company to Cultural
Objects of 771,040 restricted shares of the Common Stock in exchange for 54,100
common shares of Cultural Objects, and (ii) subject to the satisfaction of the
conditions listed in the SPA, 787,440 unvested restricted shares of Common Stock
in exchange for 32,460 unvested common shares of Cultural Objects.
Item 2.01 Completion of Acquisition or Disposition of Assets
The disclosure under Item 1.01 of this report is incorporated by reference
herein. On September 15, 2021, all the closing conditions are satisfied and the
transaction contemplated under the SPA and the Amendment was closed.
The foregoing description of the principal terms of the Amendment is a general
description only, does not purport to be complete, and is qualified in its
entirety by reference to the terms of the Amendment attached hereto as Exhibits
10.1, which is incorporated herein by this reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Amendment to the Securities Purchase Agreement, dated August
21, 2021, by and between Takung Art Co., Ltd and Cultural
Objects Provenance Holdings Limited
104 Cover Page Interactive Data File (embedded within the Inline
XBRL document)
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