Company: RHNO
Filing Date: 2025-08-21
Form Type: 8-K
Source: 0001641172-25-025003
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Company: RHINO BITCOIN INC.
Filing Date: 2025-08-21
Form: 8-K
Item: Item 2.01
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Item
2.01 Completion of Acquisition or Disposition of Assets.

On
August 19, 2025, Phoenix Plus Corp. (the “ Company”) closed its previously disclosed agreement and plan of merger (the “ Merger
Agreement”) among the Company, 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 merged with and into Rhino, with Rhino surviving as the wholly-owned
subsidiary of the Company, (ii) each share of common stock of Rhino converted into the right to receive two shares of common stock of
the Company, (iii) the outstanding shares of Series A Preferred Stock of Rhino converted 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 converted 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 converted 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 (Lee Chong Chow) resigned and the sole officer and director of Rhino,
Lyle Hauser was appointed as the chief executive officer, president, secretary and director of the Company, (vii) Rhino purchased 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 returned such shares to the Company for cancellation. In accordance with the foregoing, the Company issued an aggregate of 73,295,981
shares of common stock to stockholders and note holders of Rhino. Concurrently with the closing of the Merger Agreement, all outstanding
shares of the Company’s wholly-owned subsidiary, Phoenix Plus Corp., a Labuan, Malaysia corporation (“ Phoenix Plus Labuan”),
were transferred to Mr. Lee.

In
connection with the closing of the Merger Agreement, the Company filed a certificate of designation of Series A Preferred Stock with
Secretary of State of Nevada, pursuant to which the Company designated 200,000