Company: GURE
Filing Date: 2025-04-11
Form Type: 10-K
Source: 0001193805-25-000461
Chunk: 8

Company: GULF RESOURCES, INC.
Filing Date: 2025-04-11
Form: 10-K
Item: Item 1
Chunk 8
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 shall be issued
by the Company to Seller E or Seller E's designated party within three months after SHSI has inspected and accepted the crude salt field
in writing; (2) the balance shall be paid in cash by SHSI to Seller E before December 31, 2028.

In accordance to each amendment,
the parties also acknowledged and agreed that, in compliance with the Nasdaq Listing Rule 5635, the issuance of shares pursuant to the
agreement may not exceed 19.9% of the total outstanding shares of common stock of the Company prior to the issuance of the shares (the
“19.9% Threshold”), unless such issuance is approved by the shareholders of the Company in accordance with the Nasdaq rules
and regulations. SHSI shall cause the Company to take all necessary steps to obtain such shareholder approval if the issuance of shares
under the agreement exceeds the 19.9% Threshold.

On December 30, 2024, SHSI
and each of the sellers mutually acknowledged and confirmed that the salt land provided by each seller meets the acquisition criteria,
is in the anticipated usable condition, and has been accepted and handed over to SHSI.

On February 28, 2025, the
transactions as contemplated by the acquisition agreements were closed. On the closing date, the Company issued a total of 2,059,694 shares
of the Company’s common stock at a price of $1.50 per share, to five individuals, who are citizens residing in the People’s
Republic of China, designated by each seller.

4 

 Nasdaq Compliance

The
Company received a notice (the “Initial Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC
(“Nasdaq”) on April 18, 2024 notifying the Company that due to the Company’s failure to timely file its Annual Report
on Form 10-K for the fiscal year ended December 31, 2023 (the “Form 10-K”), with the SEC, the Company was not in compliance
with Nasdaq’s continued listing requirements under Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule 5250(c)(1) Rule”),
which requires the timely filing of all required periodic reports with the SEC, and the Company subsequently received a notice (the “May
Notice”) from Nasdaq on May 21, 2024 due to the Company’s non-compliance with the Listing Rule 5250(c)(1)