Company: MKDWW
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001641172-25-002607
Chunk: 103

Company: MKDWELL Tech Inc.
Filing Date: 2025-04-03
Form: 20-F
Item: Item 7
Chunk 103
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 demand.

Following
the approval by Cetus Capital’s Board of Directors of an extension of an additional three (3) months from November 2, 2023 to February
2, 2024 for the completion of a business combination (the “ Extension”), on October 31, 2023, the Sponsor deposited an aggregate
of $575,000 into the Cetus Capital’s trust account. This deposit was made in respect of a loan to the Cetus Capital (the “ Extension
Loan”), which Extension Loan is evidenced by an unsecured promissory note issued by Cetus Capital to the Sponsor (the “ Extension
Note”).

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On
December 14, 2023, Cetus Capital, the Sponsor, the members of Cetus Capital’s Board of Directors (the “ Insiders”) and
EF Hutton LLC executed and delivered a Letter of Consent and Waiver (the “ Consent and Waiver”), agreeing that notwithstanding
anything to the contrary in the Insider Letter among the Insiders, Cetus Capital, the Sponsor and EF Hutton LLC, the Sponsor may pledge
as security and/or transfer any shares of the common stock of Cetus Capital held by the Sponsor in connection with the obtaining of loans
towards payment of the fees for the extension of the business combination deadline of the Company, including but not limited to those
shares of the common stock of Cetus Capital pledged in connection with the MKD Loan.

On
January 31, 2024, Cetus Capital held the Extension Meeting, at which the stockholders of Cetus Capital approved an amendment (the “ Extension
Amendment”) to Cetus Capital’s amended and restated certificate of incorporation to extend the date by which Cetus Capital
must consummate its initial business combination from February 3, 2024 up to six (6) one-month extensions to August 3, 2024, provided
that an additional amount equal to the lesser of $0.03 per outstanding public share and $50,000 for each month extended is deposited
into the trust account, or such earlier date as determined by the Cetus Board (the “2024 Extension”). Cetus Capital implemented
the 2024 Extension by (A) filing the Extension Amendment with the Secretary of State of the State of Delaware on February 2, 2024 and
(B) entering into an Amendment No. 1 of the Trust Agreement that reflects the 2024 Extension. In connection with the Extension Meeting,
an