Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 112

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 5
Chunk 112
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., Ltd. Hongchuangxin is engaged in AI education and hardware equipment sales. The fair value of the consideration for this acquisition
was approximately $13.9 million.

On May 16, 2024, we entered
into a standby equity purchase agreement with YA II PN, LTD. (“ YA”), pursuant to which YA purchased convertible promissory
notes (the “ YA 2024 Notes”) in the principal amount of $8,000,000, which shall be convertible into the Company’s ordinary
shares, for gross proceeds of approximately $7,425,000. The Offering will be conducted in four closings. The first closing consists of
offer and sale of a note in the principal amount of $4,756,986. The first closing occurred on May 16, 2024. The second closing consists
of offer and sale of a note in the principal amount of $1,500,000. The second closing occurred on June 17, 2024. On December 5, 2024,
the Company and YA entered into an omnibus amendment agreement. Pursuant to the omnibus amendment agreement, the floor price under the
YA 2024 Notes will be reduced from $0.1641 (post-reverse stock split adjusted to $0.98) to $0.10 (post-reverse stock split adjusted to
$0.6) per Ordinary share, subject to the adjustment to reflect any reverse stock split effectuated by the Company. On February 16, 2025,
the Company entered into a forbearance and repayment agreement (the “ Forbearance Agreement”) with YA, pursuant to which YA
agreed (a) to forbear from exercising certain of its rights and remedies as stipulated under the related agreements and (b) to forbear
from exercising conversion right under the outstanding YA 2024 Notes into the Company’s Ordinary shares in connection with the outstanding
amounts under the YA 2024 Notes as set forth in the Forbearance Agreement, subject to the conditions, amendments and modifications contained
in the Forbearance Agreement for the period commencing from February 16, 2025 to June 30, 2025, so long as (i) the Company strictly complies
with the terms of this Forbearance Agreement and (ii) that there is no occurrence or existence of any event of default as defined in the
related agreements or in the Forbearance Agreement, other than the existing defaults as stated