Company: MKDWW
Filing Date: 2025-02-21
Form Type: F-1/A
Source: 0001493152-25-007784
Chunk: 182

Company: MKDWELL Tech Inc.
Filing Date: 2025-02-21
Form: F-1/A
Chunk 182
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holders of Cetus Capital in exchange for shares of common stock of Cetus Capital held, 958,333ordinary shares to the holders of rights of Cetus Capital (with each six rights converting into one ordinary share of MKDWELL Tech Inc.), 1,772,187ordinary shares to Cetus Sponsor LLC in exchange for shares of common stock and rights of Cetus Capital held, a total of 172,500ordinary shares to EF Hutton LLC, the underwriter for the initial public offering of Cetus Capital, and 6,036,875warrants in exchange for each of the warrants of Cetus Capital, with each warrant exercisable to purchase one ordinary share of MKDWELL Tech Inc. at $ 11.50, subject to adjustment in accordance with the Warrant terms.

On the Closing Date, MKDWELL Tech Inc. consummated the Business Combination pursuant to the terms of the Business Combination Agreement and Cetus Capital became a wholly owned subsidiary of MKDWELL Tech Inc.

As a result of the foregoing, as of August 9, 2024, MKDWELL Tech Inc. had a total of 16,788,342ordinary shares and 6,036,875warrants outstanding.The Business
Combination would be accounted for as reverse recapitalizations, the financial statements of the combined company represent a continuation
of the financial statements of the target.

The Convertible Note Financing with Investor

On July 24, 2024, MKD Taiwan and its subsidiary MKD Jiaxing (the “Borrower”) entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with an investor (the “Investor”), pursuant to which the Investor agreed to purchase from the Borrower a convertible promissory note in the aggregate principal amount of RMB 35,000,000(approximately $ 4.8million) (the “Convertible Note”) (the “Convertible Note Financing”) with a 10% annual non-compound interest.

The Convertible Note Financing closed on August 12, 2024 and the Borrower received gross proceeds of RMB 35,000,000(approximately $ 4.8million). Under the Securities Purchase Agreement, the Company would issue an additional 150,000of its ordinary shares to the Investor within ten business days after the Investor receives and provides to the Company the applicable permit or approval from the People’s Republic of China authority with respect to the foreign currency exchange regulations to hold such shares, including such required