# EDGAR Filing Document

**Accession Number:** 0002020987
**File Stem:** 0001683168-25-008142
**Filing Date:** 2025-11
**Character Count:** 21518
**Document Hash:** 92fbc294ff8c5cbc6c57d855e767c78e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-25-008142.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001683168-25-008142

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251107

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** YHN Acquisition I Ltd
- **CENTRAL INDEX KEY:** 0002020987
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42251
- **FILM NUMBER:** 251466281

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2/F, HANG SENG BUILDING
- **STREET 2:** 200 HENNESSY ROAD
- **CITY:** WANCHAI
- **PROVINCE COUNTRY:** K3
- **BUSINESS PHONE:** 852 54998101

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2/F, HANG SENG BUILDING
- **STREET 2:** 200 HENNESSY ROAD
- **CITY:** WANCHAI
- **PROVINCE COUNTRY:** K3

?xml version='1.0' encoding='ASCII'? YHN 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 8-K**

**Current Report**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**November 7, 2025**

Date of Report (Date of earliest event reported)

**<u>YHN Acquisition I Limited</u>**

(Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **British Virgin Islands** | **001-42251** | **n/a** |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (I.R.S. Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **2/F, Hang Seng Building<br> 200 Hennessy Road, Wanchai**<br> **Hong Kong** | **n/a** **0000** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **+852 5499 8101**

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Units, each consisting of one Ordinary Share, no par value, and one Right entitling the holder to receive one-tenth of an Ordinary Share | YHNAU | The Nasdaq Stock Market LLC |
| Ordinary Share | YHNA | The Nasdaq Stock Market LLC |
| Rights | YHNAR | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01. Entry into a Material Definitive Agreement.** 

*This section describes the material provisions of the Amended and Restated Business Combination Agreement (as defined below), Amendment No. 1 to Amended and Restated Business Combination Agreement and certain related documents but does not purport to describe all of the terms thereof. Shareholders, rights holders and other interested parties of YHN Acquisition I Limited, a British Virgin Islands company and Mingde Technology Limited, a Cayman Islands company are urged to read such agreement in its entirety. The following summary is qualified in its entirety by reference to the complete text of the following agreements, copies of which (or forms of which) are attached as exhibits hereto or to the current reports on Form 8-K previously filed by YHN. Unless otherwise defined herein, the capitalized terms used below are defined in the Amended and Restated Business Combination Agreement.* 

As previously disclosed, on April 3, 2025, YHN Acquisition I Limited, a British Virgin Islands company ("YHN" or "Parent") entered into that certain Business Combination Agreement with Mingde Technology Limited, a Cayman Islands company ("Mingde" or the "Company"), pursuant to which, (a) immediately prior to the Closing, Parent will merge with and into Purchaser, with Purchaser continuing as the surviving entity (the "Reincorporation Merger"), (b) at the Closing, the parties will effect a merger of Merger Sub, a Cayman Islands company and wholly owned subsidiary of Purchaser (the "Merger Sub"), formed for the sole purpose of merging with and into the Company (the "Acquisition Merger") in which the Company will be the surviving entity and a wholly owned subsidiary of Purchaser (the Acquisition Merger, together with the Reincorporation Merger and the other transactions contemplated by the Business Combination Agreement and the Additional Agreements, the "Transactions"); and (c) following the Closing, Purchaser will be a publicly traded company listed on Nasdaq.

As previously disclosed, on May 8, 2025, each of Purchaser, Merger Sub, YHN and the Company executed that certain Joinder Agreement to the Business Combination Agreement (the "Joinder Agreement"), whereby each of Purchaser and Merger Sub have agreed, effective upon execution, that it shall become a party to the Business Combination Agreement and shall be fully bound by, and subject to, all of the covenants, terms, representations, warranties, rights, obligations and conditions of the Business Combination Agreement as though an original party thereto.

As previously disclosed, on June 3, 2025, each of Purchaser, Merger Sub, YHN and the Company executed that certain Amended and Restated Business Combination Agreement (the "Amended and Restated Business Combination Agreement") to provide for an earnout mechanism whereby up to an additional $70,000,000 worth of Earnout Consideration Shares may be paid to the Company Shareholders as contingent post-closing earnout consideration. As a result, the aggregate consideration for the Acquisition Merger is $326,000,000 plus up to $70,000,000 worth of Earnout Consideration Shares. The Merger Consideration will be paid in the form of (1) 32,600,000 newly issued PubCo Ordinary Shares valued at $10.00 per share, which are comprised of (A) 30,970,000 PubCo Ordinary Shares as the Closing Payment Shares and (B) 1,630,000 PubCo Ordinary Shares to be issued to the Company Shareholders at the Closing and held back as security for the Company's representations and warranties as further set forth in Article XI of the Business Combination Agreement as the Holdback Shares; and (2) an addition of up to 7,000,000 PubCo Ordinary Shares valued at $10.00 per share as contingent post-closing earnout consideration subject to the earnout mechanism.

On November 7, 2025, the parties to the Amended and Restated Business Combination Agreement entered into Amendment No. 1 to Amended and Restated Business Combination Agreement (the "Amendment No. 1"), which serves to adjust the Merger Consideration and the contingency basis of the Earnout Consideration from future revenue performance to post-closing share price performance of the Purchaser Ordinary Shares.

The foregoing description of the Amendment No. 1 does not purport to be complete and is qualified in its entirety by the full text of the Amendment No. 1, which is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

**(c) Exhibits:**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Amendment No. 1 to Amended and Restated Business Combination Agreement, dated November 7, 2025, by and among YHN Acquisition I Limited, YHNA MS I Limited, YHNA MS II Limited and Mingde Technology Limited](yhn_ex1001.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| Dated: November 10, 2025 | Dated: November 10, 2025 |
| YHN ACQUISITION I LIMITED | YHN ACQUISITION I LIMITED |
| By: | */s/ Poon Man Ka, Christy* |
| Name: | Poon Man Ka, Christy |
| Title: | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**AMENDMENT No. 1 TO AMENDED AND RESTATED BUSINESS COMBINATION AGREEMENT**

This Amendment No. 1 to Amended and Restated Business Combination Agreement, dated as of November 7, 2025 (the "<u>Amendment</u>"), is to amend the Amended and Restated Business Combination Agreement, which was made and entered into as of June 3, 2025 (the "<u>Existing BCA</u>", and as amended by this Amendment and as it may further be amended in accordance with its terms after the date hereof, the "<u>BCA</u>"), by and among YHN Acquisition I Limited, a British Virgin Islands business company (the "<u>Parent</u>"), YHNA MS I Limited (the "<u>Purchaser</u>"), YHNA MS II Limited (the "<u>Merger Sub</u>") and Mingde Technology Limited, a Cayman Islands exempted company (the "<u>Company</u>"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Existing BCA.

<u>Recitals</u>

WHEREAS, pursuant to Section 14.2(a) of the Existing BCA, the Existing BCA may be amended by a writing signed by each of the Purchaser Parties and the Company; and

WHEREAS, the Purchaser Parties and the Company desire to amend the Existing BCA to reflect the changes agreed between the parties and to clarify certain terms and conditions set forth therein.

NOW, THEREFORE, in consideration of the mutual covenants and promises set forth in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

**1. Amendment of Certain Provisions.**

 

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Preamble and WHEREAS Clauses.* Clause G of the WHEREAS clauses of the Agreement is hereby amended
in its entirety to read as follows:

"G. The Company Shareholders will be eligible to receive Earnout Consideration which will be contingent on the future share price performance of the Purchaser Ordinary Shares after the Closing, as further provided in this Agreement;"

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Definitions. (i)* The following definitions are hereby added and/or amended in their entirety to
read as follows:

"<u>Closing Payment Shares</u>" means Nineteen Million (19,000,000) Purchaser Ordinary Shares, which is equal to the Initial Merger Consideration Shares minus the Holdback Shares.

"<u>Earnout Consideration</u>" means a contingent amount of up to Eighty Million Dollars ($80,000,000), payable in Purchaser Ordinary Shares, subject to the terms and conditions set forth in Sections 4.3 and 4.4.

"<u>Earnout Shares</u>" means an aggregate of up to Eight Million (8,000,000) Purchaser Ordinary Shares that may be issued to the Company Shareholders on a contingent basis as Earnout Consideration.

"<u>Earnout Period</u>" means the three year period commencing on the Closing Date.

"<u>Initial Merger Consideration</u>" means Two Hundred Million Dollars ($200,000,000), payable in Purchaser Ordinary Shares.

"<u>Initial Merger Consideration Shares</u>" means Twenty Million (20,000,000) Purchaser Ordinary Shares, to be allocated among the Company Shareholders per their respective Company Ordinary Shares Ownership Percentages as provided on <u>Schedule A</u> hereto.

"<u>Merger Consideration</u>" means the sum of (i) Two Hundred Million Dollars ($200,000,000), which represents the Initial Merger Consideration, plus (ii) up to an additional Eighty Million Dollars ($80,000,000), which represents the maximum Earnout Consideration, for an aggregate maximum total Merger Consideration of Two Hundred Eighty Million Dollars ($280,000,000).

"<u>Nasdaq</u>" means the Nasdaq Stock Market LLC, and includes either the Nasdaq Global Market or the Nasdaq Capital Market, as applicable to the relevant listing.

"<u>Trading Market</u>" means from and after the Closing, at any particular time of determination, the principal securities exchange or securities market on which the Purchaser Ordinary Shares are then traded.

*(ii)* The following definitions are hereby deleted in their entirety:

"<u>Earnout Year</u>" means each of FY2026 and FY2027.

"<u>FY2026</u>" means the Company's fiscal year ending March 31, 2027.

"<u>FY2026 Baseline Earnout Target</u>" means Thirty Million Six Hundred Thousand Dollars ($30,600,000) of Revenue.

"<u>FY2026 Stretch Earnout Target</u>" means Thirty Eight Million Three Hundred Thousand Dollars ($38,300,000) of Revenue.

"<u>FY2027</u>" means the Company's fiscal year ending March 31, 2028.

"<u>FY2027 Baseline Earnout Target</u>" means Fifty Six Million Three Hundred Thousand Dollars ($56,300,000) of Revenue.

"<u>FY2027 Stretch Earnout Target</u>" means Seventy Million Four Hundred Thousand Dollars ($70,400,000) of Revenue.

*(iii)* The following cross reference is added to the Glossary:

" '<u>Earnout Milestone</u>' <u>Section 4.3"</u>

*(iv)* The following cross reference in the Glossary is hereby deleted in its entirety:

" '<u>Earnout Statement</u>' <u>Section 4.4"</u>

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Section 4.1(a).* Section 4.1(a) is hereby deleted in its entirety and replaced with the following:

*"*(a) <u>Conversion of Shares</u>. At the Effective Time, by virtue of this Agreement and the Acquisition Merger and without any action on the part of the Merger Sub, the Company or the Company Shareholders, the Purchaser shall issue the full amount of the Initial Merger Consideration Shares, on the basis that each Company Ordinary Share issued and outstanding immediately prior to the Effective Time (other than any Excluded Shares and Appraisal Shares, if any) shall be canceled and automatically converted into the right to receive, without interest, its pro rata portion (equal to its Company Ordinary Shares Ownership Percentage) of the Initial Merger Consideration Shares, which are comprised of (i) 19,000,000 Purchaser Ordinary Shares as the Closing Payment Shares and (ii) 1,000,000 Purchaser Ordinary Shares to be issued to the Company Shareholders at the Closing and held back as security for the Company's representations and warranties as further set forth in Article XI (the "<u>Holdback Shares</u>") as the Holdback Shares. For avoidance of any doubt, after the Effective Time, each Company Shareholder will cease to have any rights with respect to the Company Ordinary Shares, except the right to receive the Initial Merger Consideration (and, subject to the terms of Sections 4.3 and 4.4, the Earnout Consideration)."

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Section 4.3.* Section 4.3 is hereby deleted in its entirety and replaced with the following:

"4.3 <u>Earnout</u>. Earnout Shares may be paid to the Company Shareholders as contingent post-closing earnout consideration. The Earnout Shares shall be payable upon the achievement of three separate milestones, if and to the extent any are achieved, and which shall be measured during Earnout Period (each, an "<u>Earnout Milestone</u>"), as follows:

*(i) First Earnout Milestone **–*** 3,000,000 Earnout Shares shall become payable upon the closing price of Purchaser Ordinary Shares, as reported on the Trading Market, reaching or exceeding a bid price of $15.00 per share for 60 consecutive trading days occurring at any time during the Earnout Period.

(ii) *Second Earnout Milestone **–*** 3,000,000 Earnout Shares shall become payable upon the closing price of Purchaser Ordinary Shares, as reported on the Trading Market, reaching or exceeding a bid price of $20.00 per share for 60 consecutive trading days occurring at any time during the Earnout Period.

(iii) *Third Earnout Milestone **–*** 2,000,000 Earnout Shares shall become payable upon the closing price of Purchaser Ordinary Shares, as reported on the Trading Market, reaching or exceeding a bid price of $25.00 per share for 60 consecutive trading days occurring at any time during the Earnout Period.

For the avoidance of doubt, any of the above Earnout Milestones can be achieved over periods of 60 consecutive trading days that overlap in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Section 4.4.* Section 4.4 is hereby deleted in its entirety and replaced with the following:

"4.4 <u>Earnout Procedures</u>. As soon as practicable (but in any event within five (5) Business Days) after the achievement of any of the above Earnout Milestones, the Purchaser shall issue the applicable number of Earnout Shares to the Company Shareholders, pro rata (equal to their respective Company Ordinary Shares Ownership Percentage).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Part 2 of Schedule A is hereby amended in its entirety to read as provided in Annex A to this Amendment.

**2. Miscellaneous.**

(a) Except as expressly provided in this Amendment, the Existing BCA shall remain in full force and effect, and all references to "this Agreement," "herein" or using similar terms in the Existing BCA shall mean the Existing BCA as further amended by this Amendment. In the event of a conflict between the terms of this Amendment and the Existing BCA, the terms of this Amendment shall prevail over and supersede the conflicting terms in the Existing BCA.

(b) This Amendment shall be governed, enforced, interpreted and construed in a manner consistent with the Existing BCA. Without limiting the foregoing, Section 9.6 (Confidentiality), Article XI, Section 13.1 (Notices), Section 13.2 (Amendments; No Waivers; Remedies), Section 13.4 (Publicity), Section 13.7 (Governing Law), Section 13.10 (Severability) and Section 13.11 (Construction) of the Existing BCA shall apply to this Amendment *mutatis mutandis* as if set out herein.

(c) This Amendment may be executed in any number of counterparts, each of which will be deemed an original, but all of which together will constitute but one and the same instrument. This Amendment will become effective when duly executed and delivered by each of the parties hereto. Counterpart signature pages to this Amendment may be delivered by electronic delivery (i.e., by email of a PDF signature page) and each such counterpart signature page will constitute an original for all purposes.

[*The remainder of this page intentionally left blank; signature pages to follow*]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

Parent:

**YHN Acquisition I Limited**

By: <u>/s/ Christy Man Ka Poon</u> 

Name: Christy Man Ka Poon

Title: Chief Executive Officer and Director

Purchaser:

**YHNA MS I Limited**

By: <u>/s/ Yangyujia An</u> 

Name: Yangyujia An

Title: Director

Merger Sub:

**YHNA MS II Limited**

By: <u>/s/ Yangyujia An</u> 

Name: Yangyujia An

Title: Director

Signature Page to Merger Agreement

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

Company:

**Mingde Technology Limited**

By: <u>/s/ Liu Lirong</u> 

Name: Liu Lirong

Title: Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Signature Page to Merger Agreement*

 ****

**ANNEX A TO AMENDMENT**

**Schedule A**

**<u>Part 2 – Company Shareholders as of the Closing Date</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Shareholder** | **Number of Company Ordinary Shares** | **Shares Ownership Percentage** | **Closing Payment Shares** | **Holdback Shares** |
| Following wind Limited | 29000000 | 58.00% | 11020000 | 580000 |
| Xiangyun Capital Limited | 3000000 | 6.00% | 1140000 | 60000 |
| Jizhao Limited | 2650000 | 5.30% | 1007000 | 53000 |
| Auspicious scene Limited | 2500000 | 5.00% | 950000 | 50000 |
| Fule Capital Limited | 2500000 | 5.00% | 950000 | 50000 |
| Auspicious omen Limited | 2000000 | 4.00% | 760000 | 40000 |
| Fengze Technology Limited | 1000000 | 2.00% | 380000 | 20000 |
| Auspicious snow Limited | 1000000 | 2.00% | 380000 | 20000 |
| Prosperous times Limited | 1000000 | 2.00% | 380000 | 20000 |
| Fuman Capital Limited | 1000000 | 2.00% | 380000 | 20000 |
| Propitious cloud Capital Limited | 1000000 | 2.00% | 380000 | 20000 |
| Fuqing International Limited | 1000000 | 2.00% | 380000 | 20000 |
| Shengyun Capital Limited | 1000000 | 2.00% | 380000 | 20000 |
| Frae Capital Limited | 1000000 | 2.00% | 380000 | 20000 |
| Full of blessings Limited | 200000 | 0.40% | 76000 | 4000 |
| Jishun Holding Limited | 150000 | 0.30% | 57000 | 3000 |
| **Total** | **50000000** | **100.00%** | **19000000** | **1000000** |

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