Item 1.01. Entry into a Material Definitive Agreement
On December 9, 2020, Gushen Inc., a Nevada corporation (the "Company"),
Custodian Ventures LLC, a Wyoming limited liability company ("Custodian") and
certain investors ("Purchasers") entered into a Stock Purchase Agreement (the
"SPA"), pursuant to which the Purchasers acquired 30 million shares of Series A
preferred stock (the "Shares"), each convertible into 10 shares of common stock,
from Custodian for an aggregate purchase price of $525,000. The transaction
contemplated in the SPA closed on the same day (the "Closing") subject to
certain post-closing delivery as set forth in the SPA.
In connection with the SPA, on the same day, the Company, Custodian and Gushen
Holding Limited, a Seychelles corporation ("Spin-Off Subsidiary"), entered into
a spin-off agreement (the "Spin-Off Agreement"). Pursuant to the Spin-Off
Agreement, Custodian received all of the issued and outstanding capital stock of
Spin-Off Subsidiary at a nominal purchase price of $1. As a result, Custodian
becomes the sole equity owner of Spin-Off Subsidiary and the Company shall have
no further interest in Spin-Off Subsidiary. Immediately prior to the execution
of the Spin-Off Agreement, Spin-Off Subsidiary had no operation.
A form of the SPA and Spin-Off Agreement is attached hereto as Exhibit 10.1 and
Exhibit 10.2 respectively. The foregoing is only a brief description of the
material terms of the SPA and the Spin-Off Agreement, and does not purport to be
a complete description of the rights and obligations of the parties thereunder
and is qualified in its entirety by reference to such exhibit.
Item 2.01. Completion of Acquisition or Disposition of Assets
The information set forth under Item 1.01 of this Current Report on Form 8-K is
incorporated into this Item 2.01 by reference.
Item 5.01. Changes in Control of Registrant
Pursuant to the SPA, the Purchasers acquired Shares, representing approximately
91.18% of the voting power of the Company on as converted basis, with respect to
all of the shares of common stock and preferred stock, voting as a single class,
with each share of common stock entitles to 1 vote and each share of preferred
stock entitles to 10 votes.
The purchase price for the Shares was paid in cash. The consideration for the
purchase of Shares was provided to the Purchasers from their individual's
private funds. The purchase of Shares was the result of a privately negotiated
transaction which consummation resulted in a change of control of the Company.
No shares of common stock was issued in the transaction.
In connection with the transaction, Mr. David Lazar, the President, CEO,
Treasurer, CFO, Secretary, sole director of the board of the Company (the
"Board"), resigned from all his positions with the Company.
Simultaneously with the Closing, Mr. Pengfei Zhou was appointed as the Company's
Chief Executive Officer, Chief Financial Officer, President, Treasurer,
Secretary and a director and chairman of the Board, effective upon the Closing
of the transaction contemplated in the SPA.
Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
(a) Resignation of Directors and Officers
Upon the Closing, Mr. David Lazar resigned from his positions as the President,
CEO, Treasurer, CFO, Secretary, sole director of the Board.
There was no disagreement between Mr. David Lazar and the Company.
(b) appointment of Directors and Officers
1
Upon closing, the following person was appointed as our directors and officers
effective upon the Closing of the transaction contemplated in the SPA:
Name Age Position
Chief Executive Officer, Chief Financial
Pengfei Zhou 29 Officer, President, Treasurer, Secretary
and a director and chairman of the Board
Mr. Pengfei Zhou, age 29, has served as the project manager and the assistant to
the chairman of the board of Sanmenxia Jiangfeng Earthwork Engineering Co.,
Ltd., a company that engages in construction business since September 2020,
where Mr. Zhou is responsible for coordinating civil engineering related
projects. From December 2013 to July 2017, he served as the assistant to the
chairman of the board of Sanmenxia Yuchen Real Estate Co., Ltd., responsible for
assisting with the chairman to participate in business negotiations or related
business activities. Mr. Zhou obtained his high school diploma from Sanmenxia
City Third Senior High School.
Mr. Pengfei Zhou does not have any family relationship with any director or
executive officer of the Company and has not been involved in any transaction
with the Company during the past two years that would require disclosure under
Item 404(a) of Regulation S-K.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
10.1 Spin-off Agreement dated December 9, 2020 by and among Custodian
Ventures LLC, Gushen Holding Limited, and Gushen Inc.
10.2 Stock Purchase Agreement dated December 9, 2020 by and among Custodian
Ventures LLC, Pengfei Zhou, and Gushen Inc.
2
© Edgar Online, source Glimpses