Company: MKDWW
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001641172-25-002610
Chunk: 141

Company: MKDWELL Tech Inc.
Filing Date: 2025-04-03
Form: F-1
Chunk 141
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 to receive the interests before December 31, 2025.

In order to finance transaction costs in connection with the Business Combination, Cetus Sponsor LLC and Awinner Limited provided the interest free loans to the Company. As of December 31, 2024, the amount of loans from Cetus Sponsor LLC and Awinner Limited were US$914,000 and US$235,737, respectively. On March 13, 2025, Cetus Sponsor LLC, Awinner Limited, and MKD entered into a debt transfer agreement, pursuant to which the debt of US$875,000 owed by Cetus Sponsor LLC was transferred to Awinner Limited. On March 19, 2025, Awinner Limited and MKD entered into a debt conversion agreement to convert the loans amounting to US$1,110,000 into 11,110,000 new ordinary shares of the Company. Regarding the remaining loan of US$39,000 from Cetus Sponsor LLC and US$737 from Awinner Limited, the Company will repay in cash. The specific repayment date is currently being negotiated with Cetus Sponsor LLC and Awinner Limited.

On March 19, 2025, the debt of $473,100 related to equipment purchase payable were transferred to Ming-Chia Huang and subsequently converted into equity with the Company entering into debt conversion agreement with Ming-Chia Huang. According to debt conversion agreements, the debt will be converted into 4,731,000 new ordinary shares of the Company for Ming-Chia Huang.

Certain Transactions of Cetus Capital

Prior to the business combination of MKD and Cetus Capital in July 2024, Cetus Capital was a reporting company and a blank check company listed on Nasdaq.

On June 10, 2022, Cetus Sponsor LLC (the “Sponsor”) subscribed to purchase 1,725,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.014 per share. On August 31, 2022, the Sponsor converted all of its founder shares, which were originally issued as shares of Class B common stock, into an equal number of shares of Class A common stock on a one-for-one basis. On December 30, 2022, the Sponsor surrendered to Cetus Capital for cancellation 287,500 shares of Class A common stock for no consideration, resulting in the Sponsor owning 1,437,500 shares of Class A common stock of Cetus Capital. The number of founder shares issued was determined based on