Company: RHNO
Filing Date: 2025-08-08
Form Type: 8-K
Source: 0001641172-25-022641
Chunk: 0

Company: RHINO BITCOIN INC.
Filing Date: 2025-08-08
Form: 8-K
Item: Item 1.01
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Item
1.01 Entry into a Material Definitive Agreement.

On
August 5, 2025, Phoenix Plus Corp. (the “ Company”) entered into an agreement and plan of merger (the “ Merger Agreement”)
with Rhino Merger Acquisition Sub, Inc., a newly formed wholly-owned subsidiary of the Company (“ Merger Sub”), Rhino Digital
Inc. (“ Rhino”), and solely with respect to Section 9.1(d) of the Merger Agreement, the Selling Shareholders named therein.

Pursuant
to the Merger Agreement, effective upon the closing thereof, (i) Merger Sub will merge with and into Rhino, with Rhino surviving as the
wholly-owned subsidiary of the Company, (ii) each share of common stock of Rhino will convert into the right to receive two shares of
common stock of the Company, (iii) the outstanding shares of Series A Preferred Stock of Rhino will convert into an aggregate of 200,000
shares of newly created Series A Preferred Stock of the Company with substantially identical terms as the Rhino Series A Preferred Stock,
(iv) convertible notes of Rhino will convert into shares of common stock of the Company at a conversion price of $0.18 or $0.25, as applicable,
(v) options to purchase shares of common stock of Rhino will convert into options to purchase shares of common stock of the Company with
the same aggregate exercise price, (vi) the sole officer and director of the Company will resign and the sole officer and director of
Rhino will be appointed as the sole officer and director of the Company, and (vii) Rhino will purchase from the Selling Shareholders
an aggregate of 6,232,742 shares of common stock of the Company for an aggregate purchase price of $440,000 and will return such shares
to the Company for cancellation.

The
closing of the Merger Agreement is subject to customary closing conditions.

In
connection with the foregoing, the Company relied upon the exemption from registration provided by Section 4(a)(2) under the Securities
Act of 1933, as amended, for transactions not involving a public offering.

The
foregoing description of the Merger Agreement is qualified by reference to the full text of the Merger Agreement which is filed as an
exhibit to this report.

Item
3.02 Unregistered Sales of Equity Securities.