Company: MKDWW
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001641172-25-002607
Chunk: 57

Company: MKDWELL Tech Inc.
Filing Date: 2025-04-03
Form: 20-F
Item: Item 4
Chunk 57
---
F-1 with the SEC to register the shares sold. The Company will use commercially reasonable efforts to cause the Registration Statement
to become effective within 90 days following its filing with the SEC, or, in the event of a “full review” by the SEC, within
120 days following its filing.

On
March 19, 2025, the Company entered into three separate debt conversion agreements (the “ Debt Conversion Agreements”) with
three creditors of the Company, being Mr. Ming-Chia Huang, a director and the chief executive officer of the Company, Ms. Ya-Hui Wu,
the spouse of Mr. Huang, and AWinner Limited, which is controlled by Mr. Chung-Yi Sun, a director of the Company, to convert such debts
owed into equity of the Company. Among these, (i) an amount of $823,100 owed to Mr. Ming-Chia Huang will be converted into 8,231,000
new ordinary shares of the Company, which will be redesignated into 8,231,000 new Class A preferred shares, each having the right to
100 votes at a meeting of the shareholders of the Company or on any resolution of shareholders, subject to approval by shareholders of
the Company by an ordinary resolution; (ii) an amount of $550,000 owed to Ms. Ya-Hui Wu will be converted into 5,500,000 new ordinary
shares of the Company; and (iii) an amount of $1,110,000 owed to AWinner Limited will be converted into 11,100,000 new ordinary shares
of the Company.

  32  

Previously,
the Company received a notification letter from Nasdaq on September 19, 2024 indicating that the Company was no longer in compliance
with the minimum Market Value of Listed Securities (“ MVLS”) of $50,000,000 required for continued listing on The Nasdaq Global
Market (the “ Global Market”), as set forth in Nasdaq Listing Rule 5450(b)(2)(A) (the “ MVLS Requirement”) since
the Company failed to meet the MVLS Requirement for a period of 30 consecutive business days from August 5, 2024 to September 18, 2024.
The Company thereafter had a period of 180 calendar days, or until March 18, 2025, to regain compliance with the MVLS Requirement or
to transfer to the Nasdaq Capital Market. On March 20, 2025, Nas