Company: RETO
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001213900-25-041195
Chunk: 80

Company: ReTo Eco-Solutions, Inc.
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 80
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For the year ended December 31, 2024, the Company issued an aggregate
of1,659,520Class A shares for private placements with total net proceeds of $29,390,438.

Conversion of Convertible Debentures

During the year ended December 31, 2023, the Company
issued an aggregate of27,966common shares for conversion of the $4,111,082convertible debentures based on the conversion price ranging
from $87.1to $292(see Note 11).

During the year ended December 31, 2022, the Company
issued an aggregate of1,359common shares for conversion of $1,799,314convertible debentures based on the conversion price ranging from
$343.9to $1,401.4(see Note 11).

Purchase of Non-controlling Interest in Xinyi REIT

On April 8, 2022, the Company signed an agreement
with the minority shareholder of Xinyi REIT. Pursuant to the agreement, the Company agreed to purchase the minority shareholder’s30%
equity interest in Xinyi REIT for an aggregate consideration of RMB18million.

Non-controlling Shareholder Contribution

On April 6, 2022, Hainan Shi Yuan Tong Da Ye Feng
Private Equity Partnership (Limited Partnership) signed an investment agreement with REIT Mingde to invest RMB5million
(approximately $0.8million) into REIT Mingde’s then subsidiary Hainan Fangyuyuan in exchange for10% equity interest.

NOTE 17 - SUBSEQUENT EVENTS

On April 25, 2025, ReTo entered into a Share Exchange Agreement (the
“ Share Exchange Agreement”) to acquire51% equity interest in MeinMalzeBier, a British Virgin Islands business company, from
its original shareholders (the “ Seller”). Pursuant to the Share Exchange Agreement, subject to the terms and conditions set
forth therein, the purchase consideration consisted of (i) an amount in cash equal to $3,978,000(the “ Cash Consideration”)
and (ii) issuance of4,680,000of the Company’s Class A Shares (the “ Exchange Shares”) with earnout and escrow conditions
at a price $3.40per share (the “ Share Consideration” and together with the Cash Consideration, the “ Total Purchase
Consideration”). MeinMalzeBier, through its