Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 39

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 39
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the “Buyer”), entered into
a Note Purchase Agreement (the “Agreement”), pursuant to which the Seller agreed to sell, transfer and assign to the Buyer,
and the Buyer agreed to purchase from the Seller, a portion of the Note representing US$51,988,242.00 of the Outstanding Amount, of which
the unpaid principal is US$50,000,000.00 and the unpaid interest is US$1,988,242.00 as of the date of the Agreement.

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The Company has not issued any securities
to MMTEC, Inc. (“MMTEC”), the other prior shareholder of Alpha Mind.

On May 9, 2025, the Company and Infinity Asset
entered into a share subscription agreement and a payoff letter (collectively, the “Conversion Documents”), pursuant to which,
the Company agreed to issue to Infinity Asset and Infinity Asset agreed to subscribe from the Company, 108,027,515,844 Class A ordinary
shares, par value US$0.0000001 per share, of the Company (the “Converted Shares”), as the repayment by the Company to Infinity
Asset of all outstanding principal amount and accrued interest under the Note with a total amount of US$51,988,242. On the same date,
the Company consummated the issuance of the Converted Shares. The Converted Shares were issued in reliance upon the exemption from securities
registration pursuant to Regulation S promulgated under the Securities Act of 1933, as amended (the “Securities Act”).

To date, the Company has paid off a total
principal amount of US$77,000,000 by issuing Class A ordinary shares of the Company to the noteholders. The Company intends to pay the
rest of the promissory notes by either using the cash flow generated by the Company’s operations or through debt or equity offerings
or loans; however, depending on market conditions, the Company may also choose to pay a portion of the promissory notes through issuance
of Class A ordinary shares.

Nasdaq Trading Suspension, Appeal and Reinstation

On November 13, 2024, XChange TEC.INC (the
“Company”) received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”)
regarding the Company’s failure to comply with Nasdaq Continued Listing Rule 5550(b)(2) (the “MVLS Rule”), which requires
the Company to