Company: NEGG
Filing Date: 2025-08-19
Form Type: 6-K
Source: 0001213900-25-078137
Chunk: 1

Company: Newegg Commerce, Inc.
Filing Date: 2025-08-19
Form: 6-K
Chunk 1
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 to the Sales Agreement. The Board may
change the number of Common Shares authorized for sale at any time, and the actual number of shares issued, if any, pursuant to the Sales
Agreement will vary and, in any event, may not exceed the number of authorized and available shares under the Amended and Restated Memorandum and Articles of Association of the Company.

Update on Shareholder Loan Foreclosure

As previously disclosed,
the Company’s second largest shareholder, Mr. Fred Chang, had pledged 1,937,592 Common Shares beneficially owned by him to East
West Bank (“EWB”) as collateral to support loans provided by EWB to Tekhill USA LLC (“Tekhill”), an affiliate
of Mr. Chang. EWB informed us that the total principal, interest, fees and penalties owed by Tekhill under the EWB loan as of August 18,
2025 was approximately $6.5 million. In January 2025, EWB notified Tekhill that it was in default under the EWB loan, and this default
remained in effect as of August 18, 2025. EWB has begun to sell some or all of the Common Shares pledged by Mr. Chang. We have been informed
by Mr. Chang that on various dates in June 2025, EWB completed foreclosure sales of a total of 662,480 Common Shares held by Tekhill and
sold these shares on the open market. EWB has informed us that it is currently seeking foreclosure on an additional 100,000 Common Shares
held by Tekhill, which it intends to sell on the open market.

Election of Anthony Chow to the Board of Directors

As previously disclosed, on July 8, 2025,
Mr. Chang resigned from the Board,
leaving a casual vacancy on the Board. On August 9, 2025, the shareholders of the Company elected the Company’s Chief Executive
Officer, Mr. Anthony Chow, to fill the casual vacancy left by Mr. Chang’s resignation pursuant to Article 8.1(iii) of the Amended
and Restated Memorandum and Articles of Association of the Company.

Mr. Chow has served as the Chief Executive
Officer of the Company since 2020. In this role, he is responsible for setting the Company’s strategic direction and working closely
with the Company’s executives for consistent execution across the organization. Mr. Chow holds a Bachelor’s degree in Electrical & Electronics Engineering from the University of Toledo, and an