Company: MKDWW
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001641172-25-002607
Chunk: 54

Company: MKDWELL Tech Inc.
Filing Date: 2025-04-03
Form: 20-F
Item: Item 4
Chunk 54
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the offer received one MKD BVI share for each MKD Taiwan share they held. As of August 2023 and the date of this report, MKD BVI owns
approximately 62.36% of the issued and outstanding shares of MKD Taiwan.

On
June 20, 2023, we entered into a business combination agreement with Cetus Capital Acquisition Corp., and in connection therewith, Mr.
Ming-Chia Huang incorporated MKDWELL Technology Inc., or the Company, in the BVI, to serve as the publicly traded company of our Group
following closing of the Business Combination. Concurrently, the Company incorporated Merger Sub 1 and Merger Sub 2 in the BVI, solely
for the purpose of being merged with MKD BVI and Cetus Capital Acquisition Corp. respectively. Following the consummation of such mergers,
and immediately following the closing of the Business Combination on July 31, 2024, our corporate structure is as set out in the section
“ Item 4C. Organizational Structure” of this report.

On
November 14, 2024, the Company received a deficiency notice from Nasdaq notifying the Company that for the last 30 consecutive business
days, or from October 3, 2024 to November 13, 2024, the Company’s Market Value of Publicly Held Shares (“ MVPHS”) was
below the minimum of $15 million required for continued listing on the Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(C)
(the “ MVPHS Requirement”).

On
November 26, 2024, the Company entered into a securities purchase agreement with Streeterville Capital, LLC, a Utah limited liability
company (“ Streeterville”), pursuant to which the Company issued to Streeterville an unsecured promissory note, on November
26, 2024, in the principal amount of $1,851,000 (the “ Note”), convertible into Ordinary Shares, for a purchase price of $1,700,000.
As part of the consideration for entering into the securities purchase agreement, the Company will issue a total of 1,800,000 Ordinary
Shares (the “ Pre-Delivery Shares”) to the Investor. Upon full repayment of the Note, the Company has the right to repurchase
the Pre-Delivery Shares at the price of $0.0001 per share. Pursuant to the securities purchase agreement, within forty-five (45