Marvion Inc. (OTC: MVNC), a Nevada-based finance services company, has entered into a significant stock purchase agreement, according to a recent SEC filing. On July 3, 2024, Marvion and individuals LEE Ying Chiu Herbert and Young Chi Kin Eric finalized a deal involving the transfer of 10 million shares of Series A Preferred Stock, representing all issued and outstanding shares of this class.
Under the terms of the agreement, Mr. Young will assume approximately $288,089 in liabilities, which are to be settled in installments as stipulated in the agreement. Concurrently, the parties have agreed to appoint Chan Sze Yu as the Chief Executive Officer, Chief Financial Officer, Secretary, and Director of Marvion Inc.
The company is currently in active discussions with Mr. Young about the potential acquisition of one or more operating businesses. These acquisitions are anticipated to occur following the completion of the transactions outlined in the stock purchase agreement.
This strategic move is part of Marvion's broader objective to expand its business operations. The details of the agreement are available in Exhibit 10.1 of the SEC filing, providing transparency to investors and stakeholders regarding the company's direction and governance changes.
Investors and market watchers will be keeping a close eye on Marvion's future announcements to understand the impact of these developments on the company's performance and strategy. The information for this report is based on a press release statement.
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