Item 1.01 Entry into a Material Definitive Agreement.
On December 30, 2021, Wave Sync Corp. (the "Company") entered into a stock sale
and purchase agreement (the "Agreement") with Terry Chu (the "Buyer"), pursuant
to which the Company sold to Buyer (the "Disposal Transaction") EGOOS Mobile
Technology Company Limited, a British Virgin Islands corporation ("EGOOS") and
wholly-owned subsidiary of the Company, for an aggregate purchase price of $1.00
via selling all of EGOOS' issued and outstanding share capital. Before their
entry into the Agreement, no material relationship existed between the Company
and the Buyer, on one hand, and EGOOS and the Buyer on the other hand. On
December 30, 2021, the Company and Buyer consummated the Disposal Transaction
set forth in the Agreement and as a result the Company completely disposed its
legacy audio bank card business in the People's Republic of China, which has
ceased its meaningful operations since 2019.
The foregoing description of the Agreement does not purport to be complete and
is qualified in its entirety by reference to the full text of the Agreement, a
form of which is filed herein as Exhibit 10.1 to this Current Report on Form 8-K
and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit
Number Description
10.1 Stock Sale and Purchase Agreement dated December 30, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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