Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 4

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 1
Chunk 4
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 price difference between the original sale price of $10.00 (restated for the 1-for-5 reverse stock split in January
2020) and the $9.20 (restated for the 1-for-5 reverse stock split in January 2020) closing price of our stock on the closing date of the
agreement is solely for accounting purposes. There has been no change in the number of shares issued.

On November 24, 2015, Gulf Resources,
Inc., a Delaware corporation, consummated a merger with and into its wholly-owned subsidiary, Gulf Resources, Inc., a Nevada corporation.
As a result of the reincorporation, the Company is now a Nevada corporation.

On December 15, 2015, the Company
incorporated a new subsidiary in the Sichuan Province of the PRC named Daying County Haoyuan Chemical Company Limited (“DCHC”)
with registered capital of RMB50,000,000, and there was RMB14,848,730 capital contributed by SCHC as of December 31, 2021. DCHC was established
to further explore and develop natural gas and brine resources (including bromine and crude salt) in China.

On September 2, 2016, the Company
announced the planned merger of two of its 100% owned subsidiaries, SYCI and SCRC. On March 24, 2017, the legal process of the merger
was completed and SCRC was officially deregistered on March 28, 2017. The results of these two subsidiaries were reported under SYCI in
the fiscal year 2018.

On January 27, 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 January 28, 2020, our shares began trading on the NASDAQ Global Select Market under the new CUSIP # 40251W.

In April 2022, Shouguang Hengde
Salt Industry Co. Ltd, our subsidiary, was incorporated in Shandong Province, China, for crude salt production and trading.

Recent Developments

Acquisition Agreements

In June 2024, a wholly owned subsidiary of the Company,
Shouguang