Company: KPEA
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002124
Chunk: 422

Company: Kun Peng International Ltd.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 1
Chunk 422
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 agreement (the “Spin-Off Agreement”) with CX Cayman
(the “Spin-Off Subsidiary”) and Continent Investment Management Limited and Golden Fish Capital Investment Limited, (together,
the “Spin-Off Subsidiary Buyers”). Pursuant to the Spin-Off Agreement, the Spin-Off Subsidiary Buyers received all of the
issued and outstanding capital stock of the Spin-Off Subsidiary for an aggregate purchase price of $1. As a result, the Spin-Off Subsidiary
Buyers became the sole equity owners of the Spin-Off Subsidiary and the Company has no further interest in the Spin-Off Subsidiary.

On
May 17, 2021, we entered into a Share Cancellation Agreement with a stockholder, Wenhai Xia, to cancel an aggregate of 15,535,309 shares
of the Company’s common stock owned by the stockholder.

11

On
May 17, 2021, we entered into a Share Exchange Agreement with Kun Peng International Holding and the holders of all of the outstanding capital stock of KP International Holding. Pursuant to the Share Exchange Agreement, we acquired
100% of the outstanding capital stock of KP International Holding and, in exchange, we issued to the five former shareholders of KP International
Holding an aggregate of 34,158,391 shares of the Company’s common stock. As a result of the share exchange (the “2021 Share
Exchange”), on May 17, 2021, KP International Holding became our wholly owned subsidiary and the former shareholders of KP International
Holding became the holders of approximately 85% of our issued and outstanding capital stock on a fully diluted basis. For accounting
purposes, the transaction with KP International Holding was treated as a reverse acquisition, with KP International Holding as the acquirer
and the Company as the acquired party. Unless the context suggests otherwise, when we refer in this report to business and financial
information for periods prior to the consummation of the reverse acquisition, we are referring to the business and financial information
of KP International Holding and its subsidiaries and consolidated entities. As a result of the reverse acquisition, the Company is engaged
in the sale of health care products and services through its online platform in the PRC.

Effective
October 12, 2022, we increased our authorized common stock from 200,000,000 shares, par value $0.0001, to 1,000