Company: IMG
Filing Date: 2025-01-23
Form Type: 8-K
Source: 0001493152-25-003401
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Company: CIMG Inc.
Filing Date: 2025-01-23
Form: 8-K
Item: Item 1.01
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Item
1.01 Entry into a Material Definitive Agreement.

As
previously disclosed in the Current Report on Form 8-K filed by the Company with the SEC on December 17, 2024, on December 12, 2024,
CIMG Inc., a Nevada corporation (the “ Company”), entered into a convertible note and warrant purchase agreement (the “ Purchase
Agreement”) with certain non U. S. investors (the “ Investors”), providing for the private placement of convertible promissory
notes in the aggregate principal amount of $10,000,000 (the “ Notes”) and warrants (the “ Warrants”) to purchase
up to an aggregate of 25,641,023 shares of the Company’s common stock, par value $0.00001 per share (the “ Common Stock”)
in reliance on the registration exemptions of Regulation S. The Notes bear interest at an annual rate of 7% and have a maturity date
of one year from the issuance date. The Notes shall not be converted, and the Warrants may not be exercised until the Company obtains
shareholder approval for the issuance of shares underlying the Notes and the Warrants. Upon obtaining such approval, the holder may convert
the Notes into a number of shares of Common Stock equal to (i) the outstanding principal amount of the Notes, plus any accrued but unpaid
interest, divided by (ii) $0.52, the conversion price. The exercise price of the Warrants is $0.39 per share of Common Stock.

On
December 12, 2024, in connection with the Purchase Agreement, the Company entered into a Registration Rights Agreement with the Investors
(the “ Registration Rights Agreement”). The Company shall prepare and, as soon as practicable, but in no event later than
30 days subsequent to the filing of the Form 10-K for its audited financial statements for the fiscal year ended September 30, 2024,
or five business days after the approval by the Company’s stockholders of the transactions contemplated in the Purchase Agreement,
whichever is later, file with the SEC an initial Registration Statement on Form S-1 covering the resale of all of the registrable securities,
which includes all conversion shares from the conversion of the Notes and warrant shares from the exercise of the Warrants.

The
closings of the sale of the Notes and Warrants occurred on January 16, 2025 and January 17, 2025 (the “ Closings”). Purs