Company: MKDWW
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001641172-25-002607
Chunk: 104

Company: MKDWELL Tech Inc.
Filing Date: 2025-04-03
Form: 20-F
Item: Item 7
Chunk 104
---
 aggregate of 3,691,066 Public Shares were redeemed, as a result of which redemptions $38,792,466 was removed from the Trust Account.

In
connection with the Extension Amendment, the Sponsor caused four additional deposits, each in the amount of $50,000, for an aggregate
of $200,000, to be deposited into the Trust Account to extend the Business Combination Period for four additional one month periods,
until June 3, 2024. These deposits were made in respect of a loan to Cetus Capital in the aggregate principal amount of up to $300,000
(the “ Sponsor Loan”), which Sponsor Loan is evidenced by an unsecured promissory note issued by Cetus Capital to the Sponsor
(the “ Sponsor Note”). The funds that were used by the Sponsor to make the Sponsor Loan were provided by MKD BVI (the loan
made by MKD BVI to the Sponsor being referred to herein as the “ Second MKD Loan”). The Second MKD Loan is evidenced by a
note issued by the Sponsor to MKD BVI in the aggregate principal amount of up to $300,000 containing substantially the same terms as
the Sponsor Note. As a condition for MKD BVI to make the Second MKD Loan to the Sponsor, the Sponsor granted to MKD BVI a security interest
in 300,000 of the shares of Cetus Common Stock held by the Sponsor (the “ Pledged Shares”). In addition, the Sponsor and Cetus
Capital entered into a Stock Pledge Agreement with respect to the pledge of the Pledged Shares.

On
February 1, 2024, the parties to the Business Combination Agreement entered into a Fourth Addendum to the Business Combination Agreement
to extend the Termination Date from February 1, 2023 to April 30, 2024.

On
April 30, 2024, the parties to the Business Combination Agreement executed and delivered a Fifth Addendum to the Business Combination
Agreement to extend the “ Outside Date”, as set forth in the Business Combination Agreement, from April 30, 2024 to June 30,
2024. On June 30, 2024, the parties to the Business Combination Agreement executed and delivered a Sixth Addendum to the Business Combination
Agreement (the “ Sixth Addendum”) to extend the “ Outside Date”, as set forth in the Business Combination Agreement,
from June 30, 2024 to August 5, 2024.