Company: MVNC
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001683168-25-003814
Chunk: 31

Company: Marvion Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 Inc., the Nevada holding company.

On August 15, 2024, the Company
and United Warehouse Management Corp., a British Virgin Island corporation (“UWMC”) and eleven shareholders of UWMC entered
into a Share Exchange Agreement (the “SEA”) pursuant to which the shareholders of UWMC agreed to transfer to the Company 4,000
shares of UWMC, constituting all of the issued and outstanding securities of UWMC, in exchange for 148,148,150 shares of common stock
of the Company, par value $0.0001 per share (the “share exchange transaction”).

In addition to the Acquisition
Shares, the Company agreed to make earnout payments in the aggregate amount of $5.5 million (collectively, the “Earn Out Payments”)
upon UWMC’s achievement of certain net income performance milestones during each six month period ending June 30 and December 31
(each, a “Performance Period”) for a total of nine Performance Periods. The Earn Out Payments will be payable in the form
of interest free promissory notes and shared equally among Chan Sze Yu, Fong Hiu Ching and Young Chi Kin Eric who are also shareholders
of UWMC. The Acquisition transactions contemplated by the SEA were consummated on September 12, 2024.

As a result of the Acquisition,
Marvion became engaged in the business of logistics and warehousing services. Concurrently with the acquisition of UWMC, the Company also
divested its ownership of Marvion Holdings Limited and all of its subsidiaries and ceased its the lifestyle, media and entertainment creation
and distribution, and technology businesses.

Chan Sze Yu is our Chief Executive
Officer, Chief Financial Officer, Secretary and Director, Young Chi Kin Eric holds 10,000,000 shares of the Company’s Series A Preferred
Stock which entitles him to vote on all matters submitted to a vote of the shareholders together with the Common Stock holders with each
one share of Series A Preferred Stock having 200 votes.

 34 

The foregoing descriptions of
the SEA and the Promissory Notes are qualified in their entirety by reference to the SEA and the Promissory Notes, which are filed as
Exhibits 10.1 through and including 10.4 and incorporated herein by reference.

The share exchange transaction
has been accounted for as a reverse merger and recapitalization of the Company, whereby UWMC is deemed to be the accounting acquirer (legal
acquire