Company: IMG
Filing Date: 2025-02-12
Form Type: 8-K
Source: 0001493152-25-006124
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Company: CIMG Inc.
Filing Date: 2025-02-12
Form: 8-K
Item: Item 1.01
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Item
1.01 Entry into a Material Definitive Agreement.

On
December 17, 2024, CIMG Inc., a Nevada corporation (the “ Company”), filed a Current Report on Form 8-K (the “ Report”)
pertaining to the Convertible Note and Warrant Purchase Agreement dated December 12, 2024 (the “ SPA”). On January 23, 2025,
the Company filed an amended Form 8-K (the “8-K/A”) to correct the number of warrant shares from 19,230,767 to 25,641,023,
which the Company believes resulted from a clerical error in the original Report. Upon further review, the Company believes the description
in Section 1(b) of the SPA, regarding the calculation of the warrant shares, is inconsistent with the mutual understanding between the
Company and the investors therein (the “ Investors”).

Therefore,
on February 11, 2025, based on mutual agreement between the Company and the Investors, the Company and the Investors entered into the
Amendment No. 1 to the SPA (the “ Amendment”) and agreed to revise and replace Section 1(b) of the SPA as follows:

“(b)
Issuance of Warrants. Subject to all of the terms and conditions hereof, the Company has authorized the issuance of Warrants to purchase
up to that number of shares of common stock of the Company equal to the principal amount of the Notes they each hold, divided by the
exercise price of the Warrants, being $0.39 per share, excluding interest to be accrued on the Notes, as set forth in more detail in
this Agreement and in the Warrants dated on or around the date of this Agreement. The Company agrees to issue to each Investor the Warrants
exercisable for a number of Common Stock equal to 100% of the principal amount of the Notes they each hold, divided by the exercise price
of the Warrant, being $[0.39] per share, excluding interest to be accrued on the Notes (the “ Warrant Coverage Amount”). The
Warrants shall be in the form set forth in Exhibit B attached hereto.”

The
Warrants issued to the Investors pursuant to the SPA and the Amendment entitle the Investors to purchase up to an aggregate of 25,641,023
shares of common stock of the Company each at an exercise price of $0.39 per share, subject to fulfilment of the conditions precedent