Company: GURE
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001193805-25-001627
Chunk: 55

Company: GULF RESOURCES, INC.
Filing Date: 2025-11-19
Form: 10-Q
Item: Item 1
Chunk 55
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 January 28, 2020 we completed a 1-for-5 reverse
stock split of our common stock, such that for each five shares outstanding prior to the stock split there was one share outstanding after
the reverse stock split.  All shares of common stock referenced in this report have been adjusted to reflect the stock split
figures.

On October 27, 2025, we completed a 1-for-10 reverse stock split of
our common stock, such that for each ten shares outstanding prior to the stock split there was one share outstanding after the reverse
stock split. All shares of common stock referenced in this report have been adjusted to reflect the stock split figures.

Recent Developments

Acquisition Agreements

In June
2024, a wholly owned subsidiary of the Company, Shouguang Hengde Salt Industry Co. Ltd ( “SHSI”) entered into crude salt field
acquisition agreements with Shouguang Qingshuibo Farm Co., LTD. (“Seller A”), Shouguang city Yangkou town Dingjia Zhuangzi
village stock economic cooperative (“Seller B”), Shouguang city Yangkou town Shanjia Zhuangzi village stock economic cooperative
(“Seller C”), Shouguang City Yangkou town Zhengjia Zhuangzi village stock economic cooperative (“Seller D”), and
Shouguang city Yangkou town Renjia Zhuangzi village stock economic cooperative (“Seller E”), respectively, as amended in December
2024. A summary of these agreements are set forth below:

On
June 26, 2024, SHSI entered into an acquisition agreement with Seller A, pursuant to which Seller A agrees to transfer to SHSI, and SHSI
agrees to purchase, 2,380,000 square meters of crude salt field (including the land lease fee) for RMB54.40 per square meter, with the
total transfer price of RMB129,472,000. The term of transfer is from June 29, 2024 to June 28, 2044. 80% of the transfer price shall be
paid upon the execution of the agreement, and the remaining 20% shall be paid in shares of common stock of the Company within three months
from the date of the agreement after SHSI has inspected the and accepted the crude salt field in writing. Subsequently,
on December 17, 2024, the parties entered into an amendment to