Company: IMG
Filing Date: 2025-07-21
Form Type: 10-K
Source: 0001641172-25-020300
Chunk: 884

Company: CIMG Inc.
Filing Date: 2025-07-21
Form: 10-K
Item: Item 7
Chunk 884
---
    8-K filed on December 17, 2024, Form 8-K/A filed on January 23, 2025, Form 8-K filed on April 3, 2025)

    $10,000,000
    for up to 25,641,023 shares of Common Stock, subject to shareholders’ approval
     
    The
    closings of the sale of the notes and warrants occurred on January 16, 2025 and January 17, 2025.
     
    On
    February 10, 2025, the Company obtained its shareholder approval for the issuance of shares underlying the notes and the warrants.
     
    On
    March 18, 2025, the investors submitted their respective conversion notices to the Company, converting their respective Notes.
     
    Upon
    receiving the conversion notices, the Company issued 19,457,618 shares of the Company’s common stock to the Investors pursuant
    to the same.

    June
    2, 2025
     
    Share
    Purchase Agreement
     
    (Form
    8-K filed on June 5, 2025 and June 10, 2025)
     
    $1,068,480
    for 6,000,000 shares of common stock
     
    The
    closing of the sale of the 6,000,000 shares of common stock occurred on June 9, 2025.
     
    6,000,000
    shares of common stock has been issued.

Legal
Proceedings

Kim
Litigation

On
October 3, 2024, Mr. Sooncha Kim filed a complaint against the Company in the Southern District of New York, (Case No. 1:24-cv-7485)
(the “Complaint”). The Complaint alleges that the Company breached a Convertible Note and Warrant Purchase Agreement, dated
June 6, 2024, between the Company and Mr. Kim, by, among other things, failing to deliver the registration rights agreement, excluding
Mr. Kim from the S1 registration statement, delaying conversion of Mr. Kim’s notes, undertaking steps to dilute Mr. Kim’s
shares, failing to honor Mr. Kim’s 50% participation right in any subsequent financing and failing to appoint a designated director,
as set forth in the parties’ agreement. Mr. Kim seeks specific performance of the Convertible Note and