# EDGAR Filing Document

**Accession Number:** 0001972234
**File Stem:** 0000000000-25-008316
**Filing Date:** 2025-8
**Character Count:** 27316
**Document Hash:** 514c2701f80c4044a5d1e477758dc793
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-008316.hdr.sgml**: 20260521

**ACCESSION NUMBER**: 0000000000-25-008316

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250807

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VenHub Global, Inc.
- **CENTRAL INDEX KEY:** 0001972234
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 922083580
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-08211

**BUSINESS ADDRESS:**
- **STREET 1:** 5360 PROCYON ST
- **CITY:** LAS VEGAS
- **STATE:** NV
- **BUSINESS PHONE:** 8885854999

**MAIL ADDRESS:**
- **STREET 1:** 5360 PROCYON ST
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89118

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Autonomous Solutions, Inc.
- **DATE OF NAME CHANGE:** 20230404
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-25-064000

## Text-Extract

```

                                                              August 7, 2025

Shahan Ohanessian
Chief Executive Officer
VenHub Global, Inc.
518 S. Fair Oaks Ave
Pasadena, CA

       Re: VenHub Global, Inc.
           Draft Registration Statement on Form S-1
           Submitted July 15, 2025
           CIK No. 0001972234
Dear Shahan Ohanessian:

       We have reviewed your draft registration statement and have the
following comments.

       Please respond to this letter by providing the requested information and
either
submitting an amended draft registration statement or publicly filing your
registration
statement on EDGAR. If you do not believe a comment applies to your facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

      After reviewing the information you provide in response to this letter
and your
amended draft registration statement or filed registration statement, we may
have additional
comments.

Draft Registration Statement Submitted July 15, 2025
Cover page

1.     Please revise to disclose the sales prices in recent private
transactions of your
       securities.
2.     It appears that you have an ongoing CF Offering which will run
concurrently with this
       offering. Tell us whether you intend to include the shares issued in the
crowdfunding
       in this registration statement.
3.     Please clarify what will occur if the financial advisor does not approve
the Current
       Reference Price.
 August 7, 2025
Page 2
Prospectus Summary, page 1

4.     Please describe in more detail how each store's AI algorithm will tailor
its offerings to
       meet individual customers' preferences.
5.     We note your disclosure that you intend to rely primarily on debt
financing to
       supplement cash flows generated by services. This does not appear to be
consistent
       with your disclosure on pages F-8 and F-25 that you intend to fund your
operations
       with funding from a crowdfunding campaign. Please revise or advise.
Summary Financial Information, page 2

6.     Please revise to ensure that all amounts and column headings presented
are consistent
       with your annual and interim financial statements. For example, we note
that the
       March 31, 2025 total liabilities and total stockholders' (deficit)
amounts presented on
       page 3 are different than those presented on page F-3.
Risk Factors, page 5

7.     Please disclose material risks resulting from the structure of your
offering. For
       example, consider addressing increased price and market volatility; the
novel process
       of the listing and setting the opening trading price; that the opening
trading price may
       not be related to historical sales prices; lack of safeguards associated
with a traditional
       underwritten offering (i.e., no price stabilization, no greenshoe, no
book building, no
       lock-ups); uncertainty associated with the fact that few companies have
undertaken
       direct listings to date; and any impact of your brand and consumer
recognition on the
       demand for shares.
8.     Please tell us what consideration you have given to including a risk
factor discussing
       the differences a tracing requirement could pose to securities liability
challenges
       brought under Section 11 and Section 12 for a direct listing versus a
traditional IPO
       and the impact that it would have on you and potential investors. We
note the courts
       have addressed whether a plaintiff is required to trace their purchase
of shares to the
       shares registered pursuant to the registration statement in a direct
listing. See Slack
       Techs., LLC v. Pirani, 598 U.S. 579 (2023) and Pirani v. Slack Techs.,
Inc., 127 F.4th
       1183 (9th Cir. 2025).
Our revenues and profits are subject to fluctuations., page 6

9.     Your disclosure that you have not yet deployed units to any customers
does not appear
       to be consistent with your disclosure on page 40 that you have sold two
stores to
       customers. Please revise or advise.
Our business plans require a significant amount of capital..., page 13

10.    Please explain the basis for your statement that you expect that you
will have
       sufficient capital to fund your currently planned operations. In this
regard, we note
       your disclosure on the same page and on page 13 stating that you will
need additional
       capital to develop your business.
 August 7, 2025
Page 3
Our status as an "emerging growth company" under the JOBS Act Of 2012..., page
24

11.    Your disclosure indicating that you will use the extended transition
period for
       complying with any new or revised financial accounting standards is not
consistent
       with your disclosure on the cover page. Please revise or advise. In
addition, please
       disclose the circumstances in which you would no longer be eligible to
be an
       emerging growth company.
The Company's management has broad discretion over the use of proceeds from
this
offering..., page 26

12.    Your disclosure in this risk factor is not consistent with your
disclosure elsewhere in
       the registration statement that you will not receive any proceeds from
this offering.
       Please revise or advise.
We currently have no requirements to make any reports to the Securities and
Exchange
Commission, page 27

13.    Given that you will incur reporting obligations upon effectiveness of
this registration
       statement, this risk factor does not appear to be correct. Please remove
this disclosure
       or advise.
Determination of Offering Price, page 29

14.    In a direct listing, the pricing mechanism is a product of market
demand, and there is
       no offering price "arbitrarily determined by the Company..." Please
revise this section
       to disclose a history of private transactions in your stock, including a
range of recent
       crowdfunding sales. Explain how these transactions relate to the
establishment of the
       Current Reference Price on the first day of trading of the company's
stock on the
       Nasdaq Global Market.
Plan of Distribution; Terms of the Offering, page 31

15.    Please disclose any compensation that your Advisor will receive in
connection with
       the offering. Please disclose whether the fee paid to the Advisor is
entirely contingent
       on the successful consummation of the direct listing or whether any
portion of the fee
       is required to be paid regardless of whether the direct listing is
completed.
Market for Common Equity and Related Stockholder Matters, page 37

16.    Please revise to clarify your statement that the "Series A Preferred
Stock and Series B
       Preferred Stock will convert into common stock upon effectiveness of
this
       Registration Statement that are owned by 1 shareholder."
17.    Your disclosure that you intend to apply for the listing of your common
stock on
       Nasdaq after the completion of this offering is not consistent with your
disclosure on
       the cover page that Nasdaq listing is a condition to the offering.
Please revise or
       advise.
18.    You disclose that as of the date of effectiveness of this registration
statement, there
       will be 100,000 shares of Series C Preferred Stock issued and
outstanding. To the
       extent that you expect changes in your capitalization after your most
recent balance
       sheet date, please tell us how you considered providing pro forma
information that
 August 7, 2025
Page 4

       gives effect to the change in capitalization. Refer to Rule 11-01(a)(8)
of Regulation S-
       X.
VenHub Global, Inc.'s Management's Discussion and Analysis of Financial
Condition and
Results of Operations
Key Components of Results of Operations, page 40

19.    Please provide narrative disclosure explaining the trends in operating
results between
       periods. Refer to Item 303(b) of Regulation S-K. In addition, please
provide
       additional disclosure regarding the breakdown in operating expenses. In
this regard,
       we note that approximately 1%, 9%, and 2% of your operating expenses
went
       toward research and development for the year ended December 31, 2023,
the
       year ended December 31, 2024, and the three months ended March 31, 2025,
       respectively.
For the period January 31, 2023 (inception) to December 31, 2023 and the year
ended
December 31, 2024, page 40

20.    Please provide detailed disclosure regarding your incursion of
convertible debt, either
       here or in a separate section. Refer to Item 303(b)(1)(ii)(B).
For the three months ended March 31, 2024 and March 31, 2025
Liquidity and Capital Resources, page 42

21.    Please revise to provide disclosure of the $2.5 million secured
promissory note that
       you issued to Target Global Acquisition I Corp. on May 16, 2025.
Liquidity and Capital Resources, page 42

22.    We note your disclosure on page 13 that you will require significant
capital to operate
       your business and fund your capital expenditures for the next several
years. Please
       revise to provide an analysis of your ability to generate and obtain
adequate amounts
       of cash to meet your requirements for the next 12 months and beyond.
Please ensure
       that your discussion analyzes material cash requirements from known
contractual and
       other obligations and the anticipated source of funds needed to satisfy
such cash
       requirements. If a material deficiency is identified, revise to indicate
the course of
       action that you have taken to or propose to take to remedy the
deficiency. Please refer
       to Item 303(b)(1) of Regulation S-K.
Directors and Executive Officers, page 45

23.    Please revise to disclose whether Ann Neidenbach will serve on your
board of
       directors. In this regard, you disclose her inclusion on the board in
some, but not all,
       sections of your disclosure.
Security Ownership of Certain Beneficial Owners and Management, page 52

24.    Please revise to disclose any persons who beneficially own five percent
or more of
       any of your voting securities. Refer to Item 403(a) of Regulation S-K.
If Series C
       Preferred shares will be issued in conjunction with this offering,
please include such
       shares in the tabular disclosure. In addition, revise to include the
holdings of SSO,
       LLC in the aggregate beneficial ownership of Shahan Ohanessian and
Shoushana
 August 7, 2025
Page 5

       Ohanessian. Finally, the column labeled "Amount and nature of beneficial
ownership
       once trading commences" indicates that none of your officers or
directors will sell any
       shares of common stock as part of this offering. Please confirm that
your officers and
       directors do not intend to sell any shares as part of this offering or
revise.
Certain Relationships and Related Transactions, page 53

25.    Please revise to include all disclosure required by Item 404 of
Regulation S-K.
Business of VenHub and Certain Information About VenHub, page 56

26.    Please revise the discussion of your business throughout to more clearly
distinguish
       between the products, services, and features that are currently
available, those that are
       currently in development and those that may be available in the future.
For example,
       on page 60, you disclose that you "will offer" round-the-clock customer
support and
       "will provide" detailed training materials to customers. We also note
from the FAQ
       section of your website that your current "Version 1" Smart Stores do
not include ID
       verification technology that would enable sales of age-restricted
products such as
       alcohol or tobacco. Your revised disclosures should also describe the
timelines and
       expected cost to develop products, services and/or features that are
under development
       but not yet available.
27.    Please revise to more fully describe your plans for "initial commercial
deployments"
       in 2025 and "ramp up of production" in 2026 and 2027. We note your
discussion on
       page 66 about the expected capacity of various facilities once
developed. However, it
       is unclear when production is expected to come online at each of those
facilities and
       when they are expected to reach the full annual production capacity
referenced on
       page 67. Your revised disclosures should describe the specific
milestones associated
       with the development of your production facilities and the capital
resources needed to
       achieve those milestones.
Smart Store Pre-Orders, page 60

28.    We note your 1,453    pre-orders    as of March 31, 2025. To enhance
transparency for
       investors, please revise your discussion of pre-orders as follows:
           Define pre-orders and explain the steps that must be taken by you
and the
           customer to result in pre-orders becoming orders;
           Describe the rights and obligations of both you and the customer
associated with
           pre-orders as compared to signed purchase contracts;
           Disclose the number of pre-orders that have been converted into
signed purchase
           contracts and, separately, into completed Smart Stores sales as of
the most recent
           balance sheet date;
           Quantify the dollar amount of deposits collected in connection with
pre-orders as
           of the most recent balance sheet date; and
           Identify the number of pre-orders associated with each of your
primary target
           markets. For example, we note that you plan to target your initial
commercial
           deployments in Los Angeles and Las Vegas.
 August 7, 2025
Page 6
29.    Your disclosure indicates that you have received over 1,000 pre-orders
for Smart
       Stores but that deposits have not yet been collected. Please tell us how
this is
       consistent with the claim on your website that you have received over
$300 million in
       pre-orders for Smart Stores.
Intellectual Property, page 64

30.    You indicate that intellectual property is critical to your strategy.
Please revise your
       disclosures on page 66 to indicate (as you mention on page 11) that your
trademark is
       facing an objection. Please also disclose the extent to which any of the
patents listed
       on pages 65-66 are also facing objection. As a related matter, we note
that several of
       your provisional patent applications have expired. Please revise to
explain how these
       objections and expired patent applications may impact your business.
Manufacturing and Supply, page 66

31.    Please revise to provide disclosure about the actual availability of the
raw materials
       material to your business. Refer to Item 101(c)(1)(iii)(A) of Regulation
S-K. Please
       disclose whether you have experienced supplier concentration and provide
related risk
       factor disclosure to the extent material.
Condensed Consolidated Financial Statements
Condensed Consolidated Statement of Operations, page F-4

32.    When you update your interim financial statements, please revise the
column headings
       above the two columns on the right side to indicate that these figures
represent year-
       to-date results. For example, revise to indicate that these columns
represent results for
       the six months ended June 30, 2025 and 2024. As a related matter, please
revise the
       column headings throughout your interim financial statements to clearly
distinguish
       between audited and unaudited periods.
Condensed Consolidated Statements of Stockholders' (Deficit), page F-5

33.    It is unclear why you included condensed consolidated statements of
stockholders'
       (deficit) for periods other than the three months ended March 31, 2025
and 2024. It
       also appears that you have a typo in the dates used within your
condensed
       consolidated statement of stockholders' (deficit) for the quarter ended
March 31, 2025.
       Please advise or revise.
Condensed Consolidated Statements of Cash Flows, page F-7

34.    Please revise the descriptions of your adjustments to reconcile net loss
to net cash
       used in operating activities so that it is more clear which line items
represent changes
       in assets or liabilities between periods and which represent adjustments
for items
       included in net loss that do not affect net cash used in operating
activities.
35.    It appears that you present proceeds from the sale of Series B preferred
stock both
       within cash flows from financing activities and as a supplemental
non-cash financing
       activity on page F-7. Please revise as needed to appropriately reflect
the nature of
       these transactions.
 August 7, 2025
Page 7
2. Summary of Significant Accounting Policies
Basis of Presentation, page F-8

36.    Since your audited financial statements for the year ended December 31,
2024 are
       included within this filing, please revise to remove the reference to
your 2024 annual
       report filed on Form C.
Inventory, page F-9

37.    Please revise to disclose the nature of your raw materials and work in
progress
       inventory. Please also revise to include your accounting policies for
cost of goods
       sold. Similar revisions should be made to your annual financial
statements.
Revenue Recognition, page F-11

38.    We note that you sold two Smart Store products during the quarter ended
March 31,
       2025. So that we can better understand your revenue recognition policies
for these
       products, please tell us all of the material promised goods and/or
services included
       within your contracts with customers (including your contracts for SaaS
and
       maintenance services). Please also tell us how you considered ASC
606-10-25 in
       determining whether each promised good and service was a distinct
performance
       obligation or part of a bundle of goods and services that is distinct.
3. Commitments and Contingencies, page F-13

39.    You disclose on page F-18 that you entered into a settlement agreement
with Target
       Global Acquisition I Corp on May 16, 2025. We note that you delivered
consideration
       payable under this arrangement on May 21, 2025, including $225,000 in
cash, a $2.5
       million secured note payable and 3,462,375 shares of common stock.
Please refer to
       ASC 450-20-25-2 and tell us how you considered the need to recognize a
loss related
       to this settlement as of March 31, 2025. Please also revise your
disclosures on page F-
       18 to describe the circumstances under which repayment of the note could
be
       accelerated.
5. Related Party Transactions, page F-13

40.    Please revise to clarify that your CEO and President are married to each
other and
       similarly revise the footnotes of your condensed consolidated financial
statements on
       page F-30.
Crowdfunding Offering, page F-14

41.    Your disclosure about the $5 million maximum crowdfunding offering size
appears
       inconsistent with the $4,351,563 maximum offering disclosed in your
amended Form
       C filed April 29, 2025. Please advise or revise accordingly.
Share Based Compensation, page F-15

42.    Please tell us how you considered the need to provide the disclosures
described in
       ASC 718-10-50 for both your annual and interim financial statements.
 August 7, 2025
Page 8
Audited Financial Statements
Report of Independent Registered Public Accounting Firm, page F-19

43.    Please include a report from your independent auditor that is dated and
identifies the
       firm by name. If your auditor also audited the financial statements as
of and for the
       period from inception to December 31, 2023, that period should also be
referenced in
       their report. Refer to Rule 2-02(a) of Regulation S-X. Please also
revise your
       disclosure on page 54 to include the date of your former accountant's
audit report and
       the periods covered by the report.
Consolidated Statement of Operations, page F-21

44.    We note that the three month periods ended December 31, 2023 and 2024
were not
       referenced in the audit report on page F-19. If you choose to include
these columns
       within your audited financial statements, please consider if the column
headers should
       be revised to indicate that the amounts presented are unaudited.
45.    Please revise to present basic and diluted earnings per share on the
face of your
       statement of operations for all periods presented. Refer to ASC
260-10-45-2. Please
       also revise your footnotes to include disclosures required by ASC
260-10-50. Similar
       revisions should also be made to your interim financial statements.
Consolidated Statements of Stockholders' (Deficit), page F-23

46.    Please revise your statement of stockholders' deficit to include the
entire fiscal 2023
       period.
Recent Sales of Unregistered Securities, page II-1

47.    Please provide all the information required by Item 701 of Regulation
S-K for all
       securities sold by the company within the past three years that were not
registered
       under the Securities Act, including the date(s) of sale, the title and
the dollar amount
       of securities sold in reliance on Regulation Crowdfunding. Please also
ensure that you
       include the units sold on June 27, 2025; convertible notes executed on
August 16,
       2024, December 2, 2024 and February 14, 2025; the stock purchase
agreements
       signed on January 21, 2024, April 10, 2024, and July 15, 2024; and any
other
       securities sold in the past three years.
Signatures, page II-4

48.    When publicly filed, please ensure that the registration statement is
signed by
       your principal executive officer, principal financial officer, and
principal accounting
       officer. Refer to Instruction 1 to Signatures on Form S-1.
General

49.    Please revise to ensure that disclosure regarding your classes of
securities is consistent
       throughout your filing. In this regard, we note that:
           Your disclosure on the cover that the Series C Preferred Shares will
convert in
           connection with this registration statement is not consistent with
your disclosure
           on page 34 that the Series C Preferred Stock shall have no
conversion rights.
           Your disclosure on the cover that the Series B Preferred shares will
convert "upon
 August 7, 2025
Page 9

           Nasdaq listing" is not consistent with your disclosure on page 34
that the Series B
           Preferred Stock convert solely at the discretion of your board of
directors.
             Your disclosure regarding when the Series A Preferred Stock will
convert into
           shares of common stock is not clear. You disclose on the cover that
such
           conversion will occur "upon Nasdaq listing," on pages 4 and 37 that
it will occur
           "upon effectiveness of this Registration Statement," and on pages 17
and 34 that it
           will occur "immediately prior to commencing trading."
             You disclose that the Series A Preferred shares will convert
           into 37,935,029 shares of common stock on the cover page and that
they will
           convert into 57,935,029 shares of common stock on page 34.
             You disclose on the cover that there are currently 607,986 shares
of Series B
           Preferred Stock outstanding but on page 4 that there are 615,418
shares
           outstanding. Similar discrepancies appear elsewhere in the filing.
             Your disclosure on page 34 states only that you will "establish"
the Series
           C Preferred Stock upon effectiveness of this Registration Statement,
but implies
           on pages 17 and 37 that that all authorized Series C Preferred
shares will
           simultaneously be issued and outstanding.
50.    Please revise to identify the selling shareholders participating in this
offering. Revise
       the cover page and each relevant section throughout the prospectus to
clarify the
       number of shares that are held by selling shareholders, the percentage
the shares held
       by selling shareholders represents of all restricted shares outstanding,
and the number
       of shares not being registered that may be freely sold upon
effectiveness of the
       registration statement.
51.    We note that you have applied to list your shares on the Nasdaq Global
Market. Please
       tell us the direct listing standard you intend to rely upon in listing
your common stock
       and specifically confirm whether and how you meet each of the
quantitative
       requirements. If you do not meet such quantitative requirements, please
explain how
       you expect to do so. For example, if you plan to conduct a reverse stock
split
       contemporaneously with this offering, you should include disclosure
highlighting this
       anticipated step and the possible negative effects to shareholders of
doing so. Also,
       please revise to include a risk factor that discusses the risks
associated with your
       ability to meet such quantitative requirements and any related risks to
your
       shareholders.
52.    We note recent statements by your CEO that you plan to go public through
a direct
       listing and that your shares "could begin trading publicly either next
month or in early
       October." We also note that your crowdfunding offering is ongoing.
Please explain
       how you are complying and intend to comply with the integration rules
set forth in
       Rule 152, as well as Section 5(c) of the Securities Act.
        Please contact Lisa Etheredge at 202-551-3424 or Robert Littlepage at
202-551-3361
if you have questions regarding comments on the financial statements and
related
matters. Please contact Lauren Pierce at 202-551-3887 or Larry Spirgel at
202-551-3815 with
any other questions.
 August 7, 2025
Page 10

                       Sincerely,

                       Division of Corporation Finance
                       Office of Technology
cc:   William Eilers

```

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