Company: NTCL
Filing Date: 2025-02-18
Form Type: 20-F
Source: 0001410578-25-000153
Chunk: 136

Company: NetClass Technology Inc
Filing Date: 2025-02-18
Form: 20-F
Item: Item 7
Chunk 136
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,951         ​         $180,101
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Private Placement Subscription Agreement
On September 20, 2023, the Company entered into a private placement with Dragonsoft Holding Limited, a company wholly owned by Mr. Jianbiao Dai (Chief Executive Officer and Chairman of the Company), pursuant to which we issued 760,000 Class A ordinary shares of the Company to Dragonsoft Holding Limited, for $1,900,000.
On October 5, 2023, instead of direct capital injection to the Company, Dragonsoft Holding Limited made the payment of HK$15,000,000 ($1,900,000, equivalent to the cash consideration for sale of shares) to an AI development supplier (an independent third party) on behalf of the Company as a deposit for an AI Technical Development Service Agreement entered on October 2, 2023, approved by the Board of Directors.
7.C. Interests of Experts and Counsel
Not applicable.