Item 1.01 Entry into a Material Definitive Agreement.
As of October 27, 2021, Wetouch Technology Inc., a Nevada corporation (the
"Company"), entered into a Securities Purchase Agreement (the "Securities
Purchase Agreement") with Talos Victory Fund, LLC (the "Lender"). The
transactions contemplated by the Securities Purchase Agreement pursuant to which
the Company issued to the Lender a convertible promissory note in the principal
amount of $250,000 (the "Note") and a three-year warrant (the "Warrant") to
purchase an aggregate of 200,000 shares of the Company's common stock (the
"Warrant Shares") and agreed to register the shares of common stock underlying
the Note and the Warrant Shares (the "Common Stock") were previously disclosed
on Current Report on Form 8-K filed with the Securities and Exchange Commission
on November 5, 2021.
On April 27, 2022, the Company entered into an amendment to the Note ("Amendment
to Promissory Note") issued to the Lender and, on May 3, 2022, an amendment to
the Registration Rights Agreement by and between the Company and the Lender
dated as of October 27, 2021 ("Amendment to Registration Rights Agreement"),
extending the number of days the Company shall have in order to cause the
registration statement covering the resale of the Common Stock to become
effective. For each 30-day extension, the Company agreed to repay the Lender
$25,000 of the principal amount of the Note, without prepayment penalty. As of
the date hereof, the Company has repaid $25,000 to the Lender.
The foregoing description of the Amendment to Promissory Note and Amendment to
Registration Rights Agreement does not purport to be complete and is qualified
in its entirety by reference to the full text of the Amendment to Promissory
Note and the Amendment to Registration Rights Agreement, copies of which are
attached hereto as Exhibit 4.1 and Exhibit 10.1 and are incorporated herein by
reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 above is incorporated by reference in
this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibit is included in this Current Report:
Exhibit No. Description
4.1 Amendment to Promissory Note.
10.1 Amendment to Registration Rights Agreement.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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