# EDGAR Filing Document

**Accession Number:** 0001641398
**File Stem:** 0001213900-25-087946
**Filing Date:** 2025-9
**Character Count:** 85772
**Document Hash:** 887f4637680aaff4c037fe4e20a9fae6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-087946.hdr.sgml**: 20250916

**ACCESSION NUMBER**: 0001213900-25-087946

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250910

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

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250916

**DATE AS OF CHANGE**: 20250916

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GD Culture Group Ltd
- **CENTRAL INDEX KEY:** 0001641398
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-METALS, MINERALS (NO PETROLEUM) [5050]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 473709051
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37513
- **FILM NUMBER:** 251315948

**BUSINESS ADDRESS:**
- **STREET 1:** 22F-810 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 1-347-259-0292

**MAIL ADDRESS:**
- **STREET 1:** 22F-810 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Code Chain New Continent Ltd
- **DATE OF NAME CHANGE:** 20200518

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TMSR HOLDING Co Ltd
- **DATE OF NAME CHANGE:** 20180207

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JM Global Holding Co
- **DATE OF NAME CHANGE:** 20150505

?xml version='1.0' encoding='ASCII'?

**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**

Date of report (Date of earliest event reported): September 10, 2025

**GD Culture Group Limited**

**(Exact name of Company as specified in charter)**

---

| | | |
|:---|:---|:---|
| Nevada | 001-37513 | 47-3709051 |
| **(State or other jurisdiction <br> of incorporation)** | **(Commission File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

22F - 810 Seventh Avenue,

New York, NY 10019

**(Address of principal executive offices) (Zip code)**

+1-347-2590292

**(Registrant's Telephone number, including area code)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock, par value $0.0001 GDC | Nasdaq Capital Market |

---

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

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.**

On September 10, 2025, GD Culture Group Limited, a Nevada corporation (the "Company"), Pallas Capital Holding Ltd, a British Virgin Islands company (the "Target"), Yan Wang, Qing Wang, WEALTHY CONCORD LIMITED, East Valley Technology Limited, Ocean Harbor Technology Limited, WIN SUPERB INTERNATIONAL LIMITED, DIVINE SKY INTERNATIONAL LIMITED, FORTUNE LIGHT ENTERPRISES LIMITED, PERFECT LINKAGE GROUP LIMITED, PRIMAL CRYSTAL LIMITED (each a "Seller" and, collectively the "Sellers"), entered into a share exchange agreement (the "Agreement"), pursuant to which the Company will acquire 100% of the issued and outstanding ordinary shares of the Target from the Sellers (the "Transaction"). Prior to the Effective Date (as defined in the Agreement), the Sellers collectively owned 100% of the issued and outstanding ordinary shares of the Target.

Under the terms of the Agreement, upon the consummation of the Transaction, in exchange for all of 100% of the issued and outstanding ordinary shares of the Target at the Effective Date, the Company will issue to the Sellers an aggregate of 39,189,344 shares of common stock, par value $0.0001 per share, representing 233.33% of the outstanding shares of common stock immediately before the Effective Date. Following the issuance of the shares of common stock pursuant to the Agreement, the Company will have 55,984,777 shares of common stock issued and outstanding. As a result of the Transaction, the Target will become a wholly owned subsidiary of the Company. The Transaction is intended to be treated as a tax-free exchange for U.S. federal income tax purposes.

Yan Wang and Qing Wang, who beneficially own 4.12% and 7.28% of the outstanding shares of common stock of the Company, respectively, immediately before the Effective Date, are the directors and share voting and dispositive power over the shares held by of the Target. Accordingly, the Transaction constitutes a related party transaction for the Company pursuant to Item 404 of Regulation S-K. In accordance with the Audit Committee Charter adopted by the board of directors of the Company (the "Board"), the terms of the Agreement and the Transaction were reviewed and unanimously approved by the Audit Committee of the Board, which is composed entirely of independent directors. The Board, which is composed of a majority of independent directors, obtained a third-party fairness opinion in connection with the Transaction and unanimously approved the Agreement and the related transactions on September 8, 2025, and the consummation of the Transaction was approved by the majority shareholders of the Company in accordance with the Nevada Revised Statutes, as amended, on the same date.

The Agreement contains standard representations, warranties, covenants, indemnification and other terms customary in similar transactions. The Agreement has been filed herewith to provide investors and security holders with information regarding its terms. It is not intended to provide any other factual information about the Company, on the one hand, or the Target and the Sellers, on the other hand. The assertions embodied in those representations, warranties and covenants in the Agreement were made by the Company and the Target and the Sellers to each other as of specific dates, and solely for purposes of the Agreement between the Company, the Target and the Sellers and may be subject to important qualifications and limitations agreed to by the Company, the Target and the Sellers in connection with negotiating its terms, including being qualified by confidential disclosures exchanged between the parties in connection with the execution of the Agreement. Further, the representations and warranties may be subject to a contractual standard of materiality that may be different from what may be viewed as material to investors or securityholders. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Agreement, which subsequent information may or may not be fully reflected in the Company's public disclosures. For the foregoing reasons, no person should rely on the representations and warranties as statements of factual information at the time they were made or otherwise.

The foregoing description of the Transaction and the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is filed as Exhibit 2.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 **Item 2.01 Completion of Acquisition or Disposition of Assets.**

The information contained in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.01.

 **Item 3.02 Unregistered Sales of Equity Securities.**

The information contained in Item 1.01 and Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.

Pursuant to the Agreement, the Company's issuances shares of common stock were exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act") in reliance on Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder for transactions not involving a public offering.

The shares of common stock issued in the Transaction have not been registered under the Securities Act and none of such Securities may be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws.

Neither this Current Report on Form 8-K nor any of the exhibits attached hereto will constitute an offer to sell or the solicitation of an offer to buy shares of common stock or any other securities of the Company.

 **Item 7.01 Regulation FD Disclosure.**

On September 16, 2025, the Company issued a press release announcing the Transaction described in this Current Report on Form 8-K. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 7.01 of this Current Report on Form 8-K, including the information in the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Furthermore, the information in Item 7.01 of this Current Report on Form 8-K, shall not be deemed to be incorporated by reference in the filings of the Company under the Securities Act.

 **Item 9.01 Financial Statements and Exhibits.**

**(b) Pro forma financial information**

Filed herewith as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference is Unaudited Pro Forma Condensed Combined Financial Information as of June 30, 2025 of the Company, with respect to the Transaction described in Item 2.01 herein.

**(d) Exhibits**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| 2.1 | [Share Exchange Agreement, dated September 10, 2025, by and among GD Culture Group Limited, Pallas Capital Holding Ltd and the shareholders of Pallas Capital Holding Ltd as set out on the signature page thereto](ea025752801ex2-1_gdculture.htm) |
| 99.1 | [Press release entitled "GD Culture Enters into Share Exchange Agreement to Acquire Pallas Capital's Assets, Including 7,500 Bitcoin, for 39,189,344 Shares", furnished herewith](ea025752801ex99-1_gdculture.htm) |
| 99.2 | [Unaudited Pro Forma Condensed Combined Financial Information as of June 30, 2025 of the Company](ea025752801ex99-2_gdculture.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS**

This Current Report on Form 8-K contains forward looking statements that involve risks and uncertainties. All statements other than statements of historical fact contained in this Form 8-K, including statements regarding future events, our future financial performance, business strategy and plans and objectives of management for future operations, are forward-looking statements. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Although we do not make forward looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks outlined under "Risk Factors" or elsewhere in this Form 8-K, which may cause our or our industry's actual results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time and it is not possible for us to predict all risk factors, nor can we address the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assumes no obligation to update any such forward-looking statements.

You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this Form 8-K. Before you invest in our securities, you should be aware that the occurrence of the events described in the section entitled "Risk Factors" as well as other risks and factors identified from time to time in the Company's SEC filings could negatively affect our business, operating results, financial condition and stock price. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this Form 8-K to conform our statements to actual results or changed expectations.

**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.

---

| | | |
|:---|:---|:---|
|  | **GD CULTURE GROUP LIMITED** | **GD CULTURE GROUP LIMITED** |
| Date: September 16, 2025 | By: | /s/ Xiaojian Wang |
|  | Name: | Xiaojian Wang |
|  | Title: | Chief Executive Officer, President and<br> Chairman of the Board |

---

## Exhibit 2.1

**Exhibit 2.1**

**<u>AGREEMENT AND PLAN OF SECURITIES EXCHANGE</u>**

This Securities Exchange Agreement (this "**Agreement**"), dated as of September 10, 2025 (the "**Effective Date**") by and between **GD Culture Group Limited**, a Nevada corporation (the "**Buyer**"), and **Pallas Capital Holding Ltd**, a British Virgin Islands company (the "**Target**"), and the shareholders of the Target as set out on the signature page hereto (each a "**Seller**" and collectively, the "**Sellers**").

**RECITALS**

WHEREAS, the Sellers collectively own, beneficially and of record, 100% of all the issued and outstanding ordinary shares in the Target (the "**Target Shares**");

WHEREAS, subject to the terms and conditions set forth herein, each Seller wishes to sell to the Buyer, and the Buyer wishes to purchase from the Sellers, such Seller's right, title and interest in and to the Target Shares, free and clear of all claims, liens and encumbrances;

WHEREAS, the Buyer's board of directors has (i) determined that the contemplated transactions are fair to, advisable and in the best interests of Buyer and its stockholders, (ii) approved and declared advisable this Agreement and the contemplated transactions, including the issuance of the GDC Shares to Sellers, pursuant to the terms of this Agreement, and (iii) determined to recommend, upon the terms and subject to the conditions set forth in this Agreement, that the majority of stockholders of Buyer consent to approve the contemplated transactions; and

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

**ARTICLE I** 

**DEFINITIONS**

The following terms have the meanings specified or referred to in this **Article I**:

"**Action**" means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation, citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity.

"**Affiliate**" of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. The term "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

<br> "**Contracts**" means all contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments, undertakings, indentures, joint ventures, understanding or permit, and all other agreements, commitments and legally binding arrangements, whether written or oral.

"**Encumbrance**" means any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option, security interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

**"GDC Shares"** shall have the meaning as set forth in Section 2.02 hereof.

"**Governmental Authority**" means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

"**Governmental Order**" means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority.

"**Law**" means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of law of any Governmental Authority.

"**Material Adverse Effect**" means, as applicable, any event, occurrence, fact, condition or change that is, or could reasonably be expected to become, individually or in the aggregate, materially adverse to (a) assets, operations or financial condition of the Target, (b) assets, operations or financial condition of the Buyer or (c) the ability of each Seller to consummate the transactions contemplated hereby on a timely basis.

"**Target Shares**" means 100% of the issued and outstanding ordinary shares in the Target.

"**Organizational Documents**" means (a) in the case of a Person that is a corporation, its articles or certificate of incorporation and its memorandum and articles, by-laws, regulations or similar governing instruments required by the laws of its jurisdiction of formation or organization; (b) in the case of a Person that is a partnership, its articles or certificate of partnership, formation or association, and its partnership agreement (in each case, limited, limited liability, general or otherwise); (c) in the case of a Person that is a limited liability company, its articles or certificate of formation or organization, and its limited liability company agreement or operating agreement; and (d) in the case of a Person that is none of a corporation, partnership (limited, limited liability, general or otherwise), limited liability company or natural person, its governing instruments as required or contemplated by the laws of its jurisdiction of organization, in each case, as amended or supplemented from time to time.

"**Person**" means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association or other entity.

"**Transaction Documents**" means this Agreement and other documents required to effect the Closing.

**ARTICLE II** 

**PURCHASE AND SALE**

**Section 2.01. Purchase and Sale.** Subject to the terms and conditions set forth herein, at the Closing, each Seller shall sell, convey, assign, transfer and deliver to the Buyer, and the Buyer shall purchase, acquire and accept from each Seller, all of such Seller's right, title and interest in and to the Target Shares, free and clear of all Encumbrances, for the consideration specified in **Section 2.02**. For federal income tax purposes, it is intended that the transactions herein shall constitute a tax-free reorganization within the meaning of Section 368 of the Internal Revenue Code of 1986, as amended (the "**Code**").

**Section 2.02. Share Exchange.** In exchange for the Target Shares, the Buyer shall issue an aggregate of 39,189,344 shares of common stock, par value $0.0001 per share (the "**GDC Shares**"), of the Buyer in book entry form in such amount and to such Seller as set forth in <u>Schedule A</u> attached hereto.

**Section 2.03. Transactions to be Effected at the Closing.** 

(a) At the Closing, the Buyer shall deliver to each Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a duly executed copy of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the GDC Shares in book entry form in such amount and to such Seller as set forth in <u>Schedule A</u> attached hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the other Transaction Documents and all other agreements, documents, instruments or certificates required
to be delivered by the Buyer at or prior to the Closing.

(b) At the Closing, the Sellers shall deliver to the Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a duly executed copy of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) stock certificate(s) evidencing such number of Target Shares each Seller holds in negotiable form, duly
endorsed in blank, or with stock transfer powers attached thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all corporate documents (minutes, resolutions, agreements and contracts), accounting records, financial
statements, tax returns, bank accounts, check books, corporate seals, memorandum and articles and amendments, etc. of the Target;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a certificate of status/good standing of the Target; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the other Transaction Documents and all other agreements, documents, instruments or certificates required
to be delivered by such Seller at or prior to the Closing.

**Section 2.04. Closing.** Subject to the terms and conditions of this Agreement, the purchase and sale of the Target Shares contemplated hereby shall take place at a closing (the "**Closing**") consummated remotely via the electronic exchange of documents and signatures at a time and place agreed to by the parties in writing. The date on which the Closing actually takes place is referred to as the "**Closing Date**." Within two (2) Business Days following the Closing Date, the Buyer shall deliver, or cause to be delivered, to each Seller evidence of the book-entry issuance of the GDC Shares issued to such Seller.

**Section 2.05. Withholding.** The parties shall be entitled to deduct and withhold from the consideration otherwise payable pursuant to this Agreement to any Seller or any other Person such amounts as such party is required to deduct and withhold under the Code or any other Law with respect to the making of such payment. To the extent that amounts are so withheld and paid over to the appropriate Governmental Body, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in respect of whom such deduction and withholding was made.

**ARTICLE III**

**REPRESENTATIONS AND WARRANTIES OF THE SELLERS**

Each Seller represents and warrants to the Buyer that the statements pertaining to that party contained in this **Article III** are true and correct as of the Effective Date and as of the Closing.

**Section 3.01. Organization and Authority of Each Seller.** 

(a) Each Seller has full power and authority (and in the case of an individual, the capacity) to enter into this Agreement and any other Transaction Documents to which they are a party, to carry out their obligations under this Agreement and any other Transaction Documents to which they are a party, and to consummate the contemplated transactions of such Seller. The execution and delivery by such Seller of this Agreement and any other Transaction Document to which they are a party, the performance of their obligations and the consummation of the contemplated transactions have been duly authorized by all requisite action on the part of such Seller. This Agreement has been duly executed and delivered by such Seller, and (assuming due authorization, execution and delivery by the Buyer) this Agreement constitutes a legal, valid and binding obligation of such Seller enforceable against them in accordance with its terms.

(b) Each Seller is a resident of the state set forth on the signature page hereto and is not acquiring the GDC Shares as a nominee or agent or otherwise for any other person.

(c) Each Seller will comply with all applicable laws and regulations in effect in any jurisdiction in which such Seller purchases or sells GDC Shares and obtain any consent, approval or permission required for such purchases or sales under the laws and regulations of any jurisdiction to which such Seller is subject or in which such Seller makes such purchases or sales, and the Buyer shall have no responsibility therefor.

**Section 3.02. Seller Status**.

At the time each Seller was offered the GDC Shares, it was, and as of the date hereof it is either: (i) an "accredited investor" as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a "qualified institutional buyer" as defined in Rule 144A(a) under the Securities Act. Each Seller agrees to furnish any additional information requested by the Buyer or any of its affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the purchase and sale of the GDC Shares.

**Section 3.03. Experience of Such Seller**.

Each Seller has such knowledge, skill and experience in business, financial and investment matters that such Seller is capable of evaluating the merits and risks of an investment in the GDC Shares. With the assistance of such Seller's own professional advisors, to the extent that such Seller has deemed appropriate, such Seller has made its own legal, tax, accounting, and financial evaluation of the merits and risks of an investment in the GDC Shares and the consequences of this Agreement. Each Seller has considered the suitability of the GDC Shares as an investment in light of its own circumstances and financial condition and such Seller is able to bear the risks associated with an investment in the GDC Shares, and it is authorized to invest in the GDC Shares.

**Section 3.04. Title.** Each Seller represents and warrants that such Seller is a shareholder of the Target and have good and valid title to the Target Shares, free and clear of all Encumbrances and has sole power and authority over the disposition of the Target Shares. Upon consummation of the transactions contemplated by this Agreement, the Buyer shall own all of the Target Shares, free and clear of all Encumbrances. Each Seller is not a party to any agreement, written or oral, creating rights in respect of any of the Target Shares in any third party or relating to the voting of the Target Shares. Each Seller is not a party to any outstanding or authorized options, warrants, rights, calls, commitments, conversion rights, rights of exchange or other agreements of any character, contingent or otherwise, providing for the purchase, issuance or sale of any of the Target Shares, and there are no restrictions of any kind on the transfer of any of the Target Shares.

**Section 3.05. No Conflicts; Consents.** The execution, delivery and performance by each Seller of this Agreement and the other Transaction Documents to which it is a party, and the consummation of the contemplated transactions, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any provision of the Organizational Documents of such Seller; (b) conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable to such Seller; (c) require the consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any Contract to which such Seller is a party or by which such Seller is bound or to which any of their respective properties and assets are subject (including any material agreement, arrangement or commitment to which it is a party) or any permit affecting the properties, assets or business of such Seller; or (d) result in the creation or imposition of any Encumbrance other than permitted Encumbrances on any properties or assets of such Seller. No consent, approval, permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect to such Seller in connection with the execution and delivery of this Agreement and any other Transaction Documents and the consummation of the contemplated transactions.

**Section 3.06. Information Concerning the Buyer.**

(a) Each Seller understands and accepts that the investment in the GDC Shares involves various risks. Such Seller represents that it is able to bear any loss associated with an investment in the GDC Shares.

(b) Each Seller confirms that it is not relying on any communication (written or oral) of the Buyer or any of its affiliates, as investment or tax advice or as a recommendation to invest in the GDC Shares. It is understood that information and explanations related to the terms and conditions of the GDC Shares provided by the Buyer or any of its affiliates shall not be considered investment or tax advice or a recommendation to invest in the GDC Shares, and that neither the Buyer nor any of its affiliates is acting or has acted as an advisor to such Seller in deciding to invest in the GDC Shares. Each Seller acknowledges that neither the Buyer nor any of its affiliates has made any representation regarding the proper characterization of the GDC Shares for purposes of determining such Seller's authority to invest in the GDC Shares.

(c) Each Seller is familiar with the business and financial condition and operations of the Buyer. Each Seller has had access to such information concerning the Buyer and the GDC Shares as it deems necessary to enable it to make an informed decision concerning the investment in the GDC Shares.

(d) Each Seller understands that, unless such Seller notifies the Buyer in writing to the contrary at or before the Closing, each of such Seller's representations and warranties contained in this Agreement will be deemed to have been reaffirmed and confirmed as of the Closing, taking into account all information received by such Seller.

(e) Each Seller acknowledges that the Buyer has the right in its sole and absolute discretion to abandon the transaction contemplated in this Agreement at any time prior to the Closing. This Agreement shall thereafter have no force or effect, and the Buyer shall return the Target Shares, to such Seller.

(f) Each Seller understands that no federal or state agency has passed upon the merits or risks of an investment in the GDC Shares or made any finding or determination concerning the fairness or advisability of this investment.

**Section 3.07. Non-Reliance.**

(a) Each Seller represents that it is not relying on (and will not at any time rely on) any communication (written or oral) of the Buyer, as investment advice or as a recommendation to invest in the GDC Shares, it being understood that information and explanations related to the terms and conditions of the GDC Shares shall not be considered investment advice or a recommendation to invest in the GDC Shares.

(b) Each Seller confirms that the Buyer has not (A) given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the GDC Shares or (B) made any representation to such Seller regarding the legality of an investment in the GDC Shares under applicable legal investment or similar laws or regulations. In deciding to purchase the GDC Shares, such Seller is not relying on the advice or recommendations of the Buyer and such Seller has made its own independent decision that the investment in the GDC Shares is suitable and appropriate for such Seller.

**Section 3.08. Restrictions on Transfer or Sale of Securities.**

(a) Each Seller is acquiring the GDC Shares solely for such Seller's own beneficial account, for investment purposes, and not with a view to, or for resale in connection with, any distribution of the GDC Shares. Each Seller understands that the GDC Shares have not been registered under the Securities Act or any state securities laws by reason of specific exemptions under the provisions thereof which depend in part upon the investment intent of such Seller in this Agreement. Each Seller understands that the Buyer is relying upon the representations and agreements contained in this Agreement (and any supplemental information) for the purpose of determining whether this transaction meets the requirements for such exemptions.

(b) Each Seller understands that the GDC Shares are "restricted securities" under applicable federal securities laws and that the Securities Act and the rules of the U.S. Securities and Exchange Commission (the **"Commission"**) provide in substance that such Seller may dispose of the GDC Shares only pursuant to an effective registration statement under the Securities Act or an exemption from the registration requirements of the Securities Act, and each Seller understands that the Buyer has no obligation or intention to register any of the GDC Shares or the offering or sale thereof, or to take action so as to permit offers or sales pursuant to the Securities Act or an exemption from registration thereunder (including pursuant to Rule 144 thereunder). Accordingly, each Seller understands that under the Commission's rules, such Seller may dispose of the GDC Shares only in "private placements" which are exempt from registration under the Securities Act, in which event the transferee will acquire "restricted securities," subject to the same limitations that apply to the GDC Shares in the hands of such Seller. Consequently, each Seller understands that such Seller must bear the economic risks of the investment in the GDC Shares for an indefinite period of time.

(c) Each Seller agrees: (A) that such Seller will not sell, assign, pledge, give, transfer or otherwise dispose of the GDC Shares or any interest therein, or make any offer or attempt to do any of the foregoing, unless the transaction is registered under the Securities Act and complies with the requirements of all applicable state securities laws, or the transaction is exempt from the registration provisions of the Securities Act and all applicable requirements of state securities laws; (B) that the certificates representing the GDC Shares will bear a legend making reference to the foregoing restrictions; and (C) that the Buyer and its affiliates shall not be required to give effect to any purported transfer of such GDC Shares, except upon compliance with the foregoing restrictions.

(d) Each Seller acknowledges that neither the Buyer nor any other person offered to sell the GDC Shares to it by means of any form of general solicitation or advertising, including but not limited to: (A) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio or (B) any seminar or meeting whose attendees were invited by any general solicitation or general advertising.

**Section 3.09. Full Disclosure.** No representation or warranty by the Sellers in this Agreement or any other Transaction Documents to which it is a party contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading, under the circumstance under which they were made and shall survive after the Closing as set forth herein.

**ARTICLE IV**

**REPRESENTATIONS AND WARRANTIES OF THE TARGET**

The Target represents and warrants to the Buyer that the statements pertaining to that party contained in this **Article IV** are true and correct as of the Effective Date and as of the Closing.

**Section 4.01. Organization, Authority and Qualification of the Target.** The Target is a company duly organized, validly existing and in good standing in the British Virgin Islands and has power and authority to own, operate or lease the properties and assets now owned, operated or leased by it and to carry on its business as it has been and is currently conducted. The Target is duly licensed or qualified to do business and is in good standing in each jurisdiction in which the properties owned or leased by it or the operation of its business as currently conducted makes such licensing or qualification necessary. All actions taken by the Target in connection with this Agreement and the other Transaction Documents will be duly authorized on or prior to the Closing.

**Section 4.02. Capitalization.** As of the Effective Date, the Target is authorized to issue 50,000 ordinary shares, par value $0.0000001 per share. As of the Effective Date, the Target has 10,000 ordinary shares issued and outstanding.

**Section 4.03. No Conflicts; Consents.** The execution, delivery and performance by the Target of this Agreement and the other Transaction Documents to which it is a party, and the consummation of the contemplated transactions, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any provision of the Organizational Documents of the Target; (b) conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable to the Target; (c) require the consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any Contract to which the Target is a party or by which the Target is bound or to which any of their respective properties and assets are subject (including any material agreement, arrangement or commitment to which it is a party) or any permit affecting the properties, assets or business of the Target; or (d) result in the creation or imposition of any Encumbrance other than permitted Encumbrances on any properties or assets of the Target. No consent, approval, permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect to the Target in connection with the execution and delivery of this Agreement and any other Transaction Documents and the consummation of the contemplated transactions.

**Section 4.04. Legal Proceedings; Governmental Orders; Compliance with Laws.** 

(a) The Target has all certificates of occupancy, rights, permits, certificates, licenses, franchises, approvals and other authorizations as are reasonably necessary to conduct its business and to own, lease, use, operate and occupy its assets, at the places and in the manner now conducted and operated.

(b) There are no Actions pending or threatened (i) against or by the Target affecting any of its properties or assets (or by or against each Seller or any Affiliate of each Seller and relating to the Target); or (ii) against or by the Target, each Seller or any Affiliate of such Seller that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.

(c) There are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against or affecting the Target or any of its properties or assets.

(d) The Target is in compliance with all Laws applicable to the Target, except to the extent that the failure to comply therewith would not have a Material Adverse Effect or materially delay or interfere with each Seller's ability to consummate the transactions contemplated herein.

**Section 4.05. Title to the Assets in the Target.** The Target has good and valid title to all of its assets, including but not limited to 7,500 Bitcoin, free and clear of any Encumbrances.

**Section 4.06. Indebtedness; Contracts; No Defaults; Liabilities.** Neither the Target, nor, to the Sellers' knowledge, any other person or entity, is in breach of, or in default under any Contract to which the Target is a party, and no event or action has occurred, is pending or is threatened, which, after the giving of notice, passage of time or otherwise, would constitute or result in such a breach or default by the Target or, to the knowledge of the Sellers, any other person or entity. The Target has not received any notice of default under any Contract to which it is a party, which default has not been cured to the satisfaction of, or duly waived by, the party claiming such default on or before the date hereof.

**Section 4.07. Full Disclosure.** No representation or warranty by the Target in this Agreement or any other Transaction Documents to which it is a party contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading, under the circumstance under which they were made and shall survive after the Closing as set forth herein.

**ARTICLE V** 

**REPRESENTATIONS AND WARRANTIES OF THE BUYER**

The Buyer represents and warrants to each Seller that the statements contained in this **Article V** are true and correct as of the Effective Date and as of the Closing.

**Section 5.01. Organization and Authority of Buyer.** The Buyer is a corporation duly organized, validly existing and in good standing under the Laws of the State of Nevada. The Buyer has full corporate power and authority to enter into this Agreement and the other Transaction Documents to which the Buyer is a party, to carry out its obligations and to consummate the contemplated transactions. The execution and delivery by the Buyer of this Agreement and any other Transaction Document to which the Buyer is a party, the performance by the Buyer of its obligations and the consummation by the Buyer of the contemplated transactions have been duly authorized by its board of directors. This Agreement has been duly executed and delivered by the Buyer, and (assuming due authorization, execution and delivery by each Seller) this Agreement constitutes a legal, valid and binding obligation of the Buyer enforceable against the Buyer in accordance with its terms. When each other Transaction Document to which the Buyer is or will be a party has been duly executed and delivered by Buyer (assuming due authorization, execution and delivery by each other party to the Transaction Documents), the Transaction Document will constitute a legal and binding obligation of the Buyer enforceable against it in accordance with its terms.

**Section 5.02. No Conflicts; Consents.** The execution, delivery and performance by the Buyer of this Agreement and the other Transaction Documents to which it is a party, and the consummation of the contemplated transactions, do not and will not: (a) conflict with or result in a violation or breach of, or default under, any provision of the Organizational Documents of the Buyer; (b) conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable to the Buyer; (c) require the consent, notice or other action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default under, result in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any Contract to which the Buyer is a party or by which the Buyer is bound or to which any of its respective properties and assets are subject (including any material agreement, arrangement or commitment to which it is a party) or any permit affecting the properties, assets or business of the Buyer; or (d) result in the creation or imposition of any Encumbrance other than permitted Encumbrances on any properties or assets of the Buyer. No consent, approval, permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect to the Buyer in connection with the execution and delivery of this Agreement and any other Transaction Documents and the consummation of the contemplated transactions.

**Section 5.03. Legal Proceedings; Governmental Orders; Compliance with Laws.** 

(a) There are no Actions pending or to the Buyer's knowledge, threatened (a) against or by the Buyer affecting any of its properties or assets; or (b) against or by the Buyer that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.

(b) There are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against or affecting the Buyer or any of its properties or assets.

(c) The Buyer is in compliance with all Laws applicable to the Buyer, except to the extent that the failure to comply therewith would not have a Material Adverse Effect or materially delay or interfere with the Buyer's ability to consummate the transactions contemplated herein.

**Section 5.04. Capitalization.** As of the Effective Date, the Buyer is authorized to issue 20,000,000 shares of preferred stock, par value $0.0001 per share, and 200,000,000 shares of common stock, par value $0.0001 per share. As of the Effective Date, the Buyer has no share of preferred stock and 16,795,433 shares of common stock issued and outstanding.

**Section 5.05. Brokers.** No broker, finder, or investment banker is entitled to any brokerage, finder's, or other fee or commission in connection with the transactions contemplated by this Agreement or any other Transaction Document based upon arrangements made by or on behalf of Buyer.

**Section 5.06. SEC Documents.** The Sellers make reference to all documents filed by the Buyer with the Commission, as posted on the Commission's website, www.sec.gov. (collectively, the "**SEC Documents**"). The SEC Documents constitute all of the documents and reports that the Buyer was required to file with the Commission pursuant to the Securities Act and the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and the rules and regulations promulgated thereunder by the Commission. The financial statements together with the notes thereto, included in the SEC Documents (all such statements being referred to collectively as the "**Company Existing Financial Statements**"), have been prepared in accordance with U.S. generally accepted accounting principles applied on a basis consistent throughout all periods presented. These Company Existing Financial Statements present fairly the financial position of the Company as of the dates and for the periods indicated. The books of account and other financial records of the Buyer have been maintained in accordance with applicable legal and accounting requirements (including U.S. generally accepted accounting principles) and the Company Existing Financial Statements are consistent with such books and records.

**ARTICLE VI**

**OTHER AGREEMENTS OF THE PARTIES**

**Section 6.01. Legends.** Each Seller agrees to the imprinting of a legend on any of the GDC Shares in the following form:

THIS SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

**Section 6.02. Stockholders Approval.** The Buyer shall use its reasonable best efforts to obtain approval of resolutions providing for the offer and sale of the GDC Shares in excess of the 19.99% of the total number of shares of common stock issued and outstanding as of the Effective Date, pursuant to the terms and conditions hereof, so that the sale of all such securities is in compliance with Nasdaq Listing Rule 5635(d) (the "**Stockholder Approval**").

**Section 6.03. Cooperation and Exchange of Information with regard to SEC Filings.** The Sellers shall provide the Buyer with such cooperation and information as the Buyer reasonably may request of the Sellers in filing any document with the Commission relating to any period occurring on or prior to the Closing Date, including any schedule or attachment thereto, and including any amendment.

**Section 6.04. Cooperation and Exchange of Information with regard to Taxes.** The Sellers shall provide the Buyer with such cooperation and information as the Buyer reasonably may request of the Sellers in filing any tax return, declaration, report, claim for refund, information return or statement or other document relating to taxes, including any schedule or attachment thereto, and including any amendment thereof of the Target and in connection with any audit or other proceeding in respect of taxes of the Target. Such cooperation and information shall include providing copies of relevant tax returns or portions thereof, together with accompanying schedules, related work papers and documents relating to rulings or other determinations by tax authorities. The Sellers shall deliver all tax returns, schedules and work papers, records and other documents in its possession relating to Tax matters of the Target for any taxable period beginning before the Closing Date to the Buyer.

**ARTICLE VII**

**TERMINATION**

**Section 7.01. Termination.** This Agreement may be terminated at any time prior to the Closing by the Buyer.

**Section 7.02. Effect of Termination.** In the event of the termination of this Agreement in accordance with this Article, this Agreement shall forthwith become void and there shall be no liability on the part of any party for any direct, indirect, or consequential losses whatsoever including any business or economic losses or incurred and wasted expenditures arising from this Agreement.

**ARTICLE VIII**

**MISCELLANEOUS**

**Section 8.01. Expenses.** Except as otherwise expressly provided in this Agreement, all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring the costs and expenses, whether or not the Closing shall have occurred.

**Section 8.02. Interpretation.** For purposes of this Agreement, (a) the words "include," "includes" and "including" shall be deemed to be followed by the words "without limitation"; (b) the word "or" is not exclusive; and (c) the words "herein," "hereof," "hereby," "hereto" and "hereunder" refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Articles, Sections, and Exhibits mean the Articles and Sections of, and Exhibits attached to, this Agreement; (y) to an agreement, instrument or other document means the agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by its provisions; and (z) to a statute means the statute as amended from time to time and includes any successor legislation and any regulations promulgated under the statute. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Exhibits referred to in this Agreement shall be construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.

**Section 8.03. Headings.** The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

**Section 8.04. Severability.** If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable the term or provision in any other jurisdiction. Upon a determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the contemplated transactions are consummated as originally contemplated to the greatest extent possible.

**Section 8.05. Entire Agreement.** This Agreement and the other Transaction Documents constitute the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained in this Agreement, and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect to the subject matter. In the event of any inconsistency between the statements in the body of this Agreement and those in the other Transaction Documents, and the Exhibits, the statements in the body of this Agreement will control.

**Section 8.06. Successors and Assigns.** This Agreement shall be binding upon and shall inure to the benefit of the parties to this Agreement and their respective successors and permitted assigns. Neither the Sellers nor the Buyer may assign its rights or obligations under this Agreement without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, the Buyer may assign its rights or obligations under this Agreement to a wholly-owned subsidiary of the Buyer without the prior written consent of any of the Sellers. No assignment shall relieve the assigning party of any of its obligations under this Agreement.

**Section 8.07. No Third-party Beneficiaries.** This Agreement is for the sole benefit of the parties to this Agreement and their respective successors and permitted assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

**Section 8.08. Amendment and Modification; Waiver.** This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party to this Agreement. No waiver by any party of any of the provisions of this Agreement shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by the written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver of this Agreement; nor shall any single or partial exercise of any right, remedy, power or privilege under this Agreement preclude any other or further exercise of this Agreement or the exercise of any other right, remedy, power or privilege.

**Section 8.09. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.** 

(a) This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of Laws of any jurisdiction other than those of the State of New York.

(b) ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE CONTEMPLATED TRANSACTIONS MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF NEW YORK IN EACH CASE LOCATED IN THE COUNTY OF NEW YORK, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THOSE COURTS IN ANY SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO A PARTY'S ADDRESS SET FORTH IN THIS AGREEMENT SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY OF THOSE COURTS. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN THOSE COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY OF THOSE COURTS THAT THE SUIT, ACTION OR PROCEEDING BROUGHT IN ANY OF THOSE COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

(c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE CONTEMPLATED TRANSACTIONS. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) THE PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) THE PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) THE PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.09(C).

**Section 8.10. Specific Performance.** The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with its terms by either willful default or refusal to perform without good cause and only in such event and for such cause the parties shall be entitled to specific performance of the terms of this Agreement, in addition to any other remedy to which they are entitled at law or in equity.

**Section 8.11 Counterparts.** This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

**ARTICLE IX**

**INDEMNIFICATION**

**Section 9.01. Obligation of the Seller to Indemnify.** The Seller, jointly and severally, shall indemnify, defend and hold harmless the Buyer (and its directors, officers, employees, affiliates, stockholders, debenture holders, agents, attorneys, successors and assigns) from and against all losses, liabilities, damages, deficiencies, costs or expenses (including interest, penalties and reasonable attorneys' and consultants' fees and disbursements) (collectively, "**Losses**") based upon, arising out of or otherwise in respect of any (i) inaccuracy in any representation or warranty of the Sellers contained in this Agreement or (ii) breach by the Seller of any covenant or agreement contained in this Agreement.

**Section 9.02. Obligation of the Buyer to Indemnify.** The Buyer agrees to indemnify, defend and hold harmless the Sellers from and against all Losses based upon, arising out of or otherwise in respect of any (i) inaccuracy in any representation or warranty of the Buyer contained in this Agreement or (ii) breach by the Buyer of any covenant or agreement contained in this Agreement.

**Section 9.03. Notice and Opportunity to Defend.** Promptly after receipt by any person entitled to indemnity under this Agreement (an "**Indemnitee**") of notice of any demand, claim or circumstances which, with the lapse of time, would or might give rise to a claim or the commencement (or threatened commencement) of any action, proceeding or investigation (an "**Asserted Liability**") that may result in a Loss, the Indemnitee shall give notice thereof (the "**Claims Notice**") to any other party (or parties) who is or may be obligated to provide indemnification pursuant to this Section (the "**Indemnifying Party**"). The Claims Notice shall describe the Asserted Liability in reasonable detail and shall indicate the amount (estimated, if necessary and to the extent feasible) of the Loss that has been or may be suffered by the Indemnitee. The Indemnifying Party may elect to compromise or defend, at its own expense and by its own counsel, any Asserted Liability. If the Indemnifying Party elects to compromise or defend such Asserted Liability, it shall within thirty (30) days after the date the Claims Notice is given (or sooner, if the nature of the Asserted Liability so requires) notify the Indemnitee of its intent to do so, and the Indemnitee shall cooperate, at the expense of the Indemnifying Party, in the compromise of, or defense against, such Asserted Liability. If the Indemnifying Party elects not to compromise or defend the Asserted Liability, fails to notify the Indemnitee of its election as herein provided or contests its obligation to indemnify under this Agreement, the Indemnitee may pay, compromise or defend such Asserted Liability and all reasonable expenses incurred by the Indemnitee in defending or compromising such Asserted Liability, all amounts required to be paid in connection with any such Asserted Liability pursuant to the determination of any court, governmental or regulatory body or arbitrator, and amounts required to be paid in connection with any compromise or settlement consented to by the Indemnitee, shall be borne by the Indemnifying Party. Except as otherwise provided in the immediately preceding sentence, the Indemnitee may not settle or compromise any claim over the objection of the Indemnifying Party. In any event, the Indemnitee and the Indemnifying Party may participate, at their own expense, in (but the Indemnitee may not control) the defense of such Asserted Liability. If the Indemnifying Party chooses to defend any claim, the Indemnitee shall make available to the Indemnifying Party any books, records or other documents within its control that are necessary or appropriate for such defense

**IN WITNESS WHEREOF**, the parties to this Agreement have caused this Agreement to be executed as of the date first written above individually or by their respective duly authorized officers.

**<u>Buyer:</u>**

**GD Culture Group Limited**

---

| | |
|:---|:---|
| By: | /s/ Xiao Jian Wang<u> </u> |
| Name: | Xiao Jian Wang |
| Title: | Chief Executive Officer and President |

---

**<u>Target</u>**

**Pallas Capital Holding Ltd.**

---

| | |
|:---|:---|
| By: | /s/ Qing Wang |
| Name: | Qing Wang |
| Title: | Director |

---

**<u>Sellers</u>**

**Yan Wang**

---

| | |
|:---|:---|
| By: | /s/ Yan Wang |
| Name: | Yan Wang |

---

**Qing Wang**

---

| | |
|:---|:---|
| By: | /s/ Qing Wang |
| Name: | Qing Wang |

---

**WEALTHY CONCORD LIMITED**

---

| | |
|:---|:---|
| By: | /s/ Binyang Zhang |
| Name: | Binyang Zhang |
| Title: | President |

---

**East Valley Technology Limited**

---

| | |
|:---|:---|
| By: | /s/ Runan Cui<u> </u> |
| Name: | Runan Cui |
| Title: | President |

---

**Ocean Harbor Technology Limited**

---

| | |
|:---|:---|
| By: | /s/ Hongyu Wang |
| Name: | Hongyu Wang |
| Title: | President |

---

**WIN SUPERB INTERNATIONAL LIMITED**

---

| | |
|:---|:---|
| By: | /s/ Gao Fei |
| Name: | Gao Fei |
| Title: |  |

---

**DIVINE SKY INTERNATIONAL LIMITED**

---

| | |
|:---|:---|
| By: | /s/ Xu Lei |
| Name: | Xu Lei |
| Title |  |

---

**FORTUNE LIGHT ENTERPRISES LIMITED**

---

| | |
|:---|:---|
| By: | /s/ Li Bo |
| Name: | Li Bo |
| Title: |  |

---

**PERFECT LINKAGE GROUP LIMITED**

---

| | |
|:---|:---|
| By: | /s/ Cao Jun |
| Name: | Cao Jun |
| Title: |  |

---

**PRIMAL CRYSTAL LIMITED**

---

| | |
|:---|:---|
| By: | /s/ Larry |
| Name: | Larry |
| Title: |  |

---

**<u>Schedule A</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **Name of Shareholders** | **Number of Target <br> Shares to be<br> exchanged** | **Number of GDC <br> Shares** |
| 1 | Yan Wang | 2435 | 9542605 |
| 2 | Qing Wang | 2435 | 9542605 |
| 3 | WEALTHY CONCORD LIMITED | 710 | 2782443 |
| 4 | East Valley Technology Limited | 710 | 2782443 |
| 5 | Ocean Harbor Technology Limited | 710 | 2782443 |
| 6 | WIN SUPERB INTERNATIONAL LIMITED | 600 | 2351361 |
| 7 | DIVINE SKY INTERNATIONAL LIMITED | 600 | 2351361 |
| 8 | FORTUNE LIGHT ENTERPRISES LIMITED | 600 | 2351361 |
| 9 | PERFECT LINKAGE GROUP LIMITED | 600 | 2351361 |
| 10 | PRIMAL CRYSTAL LIMITED | 600 | 2351361 |
|  | **Total** | **10000** | **39189344** |

---

## Exhibit 99.1

**Exhibit 99.1**

**GD Culture Enters into Share Exchange Agreement to Acquire Pallas Capital's Assets, Including 7,500 Bitcoin, for 39,189,344 Shares** 

NEW YORK, September 16, 2025 (GLOBE NEWSWIRE) -- GD Culture Group Limited ("GDC" or the "Company") (Nasdaq: GDC), today announced that on September 10, 2025, it entered into a share exchange agreement (the "Agreement") to acquire 100% of the issued and outstanding ordinary shares of Pallas Capital Holding Ltd. ("Pallas Capital"), a British Virgin Islands registered company. Upon closing, the Company will issue 39,189,344 shares of common stock and acquire all of Pallas Capital's assets, including 7,500 Bitcoin (BTC), free and clear of any encumbrances.

In accordance with the Nevada Revised Statutes, as amended, the Company has obtained the majority shareholder approval for the share issuance required under Nasdaq Listing Rule 5635(d). The consummation of the acquisition will be a strategic leap forward in GDC's execution of its crypto asset treasury strategy through the establishment of substantial long-term Bitcoin reserves. Through this transaction, GDC aims to strengthen its reserve portfolio and establish a stronger presence in the expanding decentralized finance (DeFi) ecosystem.

Mr. Xiaojian Wang, Chairman and Chief Executive Officer of the Company, commented, "The acquisition of Pallas Capital marks a significant advancement in GDC's digital asset treasury strategy. It directly supports our initiative to build a strong and diversified crypto asset reserve by acquiring scalable, high-value digital assets. By acquiring Pallas Capital and its 7,500 Bitcoin through this transaction, we are positioning GDC to capitalize on Bitcoin's growing role as a store of value and institutional reserve asset. When we integrate these assets, we are building the reserves necessary to execute on our digital asset strategy with both stability and growth potential. Looking ahead, we are confident that this acquisition will deliver meaningful value to our shareholders as we continue to execute our vision of becoming an established player in the digital asset ecosystem."

**About GD Culture Group Limited**

GD Culture Group Limited (the "Company") (Nasdaq: GDC), is a Nevada company currently conducting business mainly through its subsidiaries, AI Catalysis Corp. ("AI Catalysis") and Shanghai Xianzhui Technology Co., Ltd. The Company plans to enter into the livestreaming market with a focus on e-commerce through its wholly owned U.S. subsidiary, AI Catalysis, a Nevada corporation incorporated in May 2023. The Company's main businesses include AI-driven digital human technology and live-streaming e-commerce business. For more information, please visit the Company's website at https://www.gdculturegroup.com/.

**Forward-Looking Statements**

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

**For more information, please contact:**

**GD Culture Group Limited**

Investor Relations Department

Email: ir@gdculturegroup.com

**Ascent Investor Relations LLC**

Tina Xiao

Phone: +1-646-932-7242

Email: investors@ascent-ir.com

## Exhibit 99.2

**Exhibit 99.2**

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

On September 10, 2025, GD Culture Group Limited (the "Company" or the "Acquirer"), Pallas Capital Holding Ltd, a British Virgin Islands company ("Pallas" or the "Target"), and the shareholders of the Target (each a "Seller" and collectively, the "Sellers") executed an agreement and plan of securities exchange (the "Share Exchange Agreement"), pursuant to which, the Sellers wish to sell to the Acquirer, and the Acquirer wishes to purchase from the Sellers, 100% interest in and to the ordinary shares of the Target (the "Target Shares"). In exchange for the Target Shares, the Acquirer shall issue an aggregate of 39,189,344 shares of common stock, par value $0.0001 per share (the "GDC Shares"), of the Acquirer in book entry form in such amount and to such Sellers.

The accompanying unaudited pro forma condensed combined financial information is based on the historical financial statements and accounting records of the Company after giving effect to the Share Exchange Agreement through the related pro forma adjustments. Further details about the Share Exchange Agreement, along with key assumptions and estimates underlying the unaudited pro forma adjustments are described in the Notes to Unaudited Pro Forma Condensed Combined Financial Information (the "Pro Forma Notes"). The unaudited pro forma condensed combined financial information was based on, and should be read in conjunction with, the following historical consolidated financial statements and the related footnotes to such financial statements:

● Historical unaudited consolidated financial statements of the Company as of and for the six months ended June 30, 2025, and the related notes to unaudited consolidated financial statements, as set forth in the Company's Quarter Report on Form 10-Q for the six months ended June 30, 2025, filed with the Securities and Exchange Commission (the "SEC") on August 12, 2025.

● Historical unaudited financial statements of Pallas as of August 18, 2025 and for the period from its inception date as of June 30, 2025 to August 18, 2025, prepared by the management of Pallas. Pallas was incorporated in British Virgin Island on June 30, 2025 and started its operation since then. As a result, Pallas cannot provide any financial information for the year ended December 31, 2024, or for the six months ended June 30, 2025. The Company has not presented an unaudited pro forma condensed combined statement of operations for the year ended December 31, 2024, as management believes the transaction would have had no impact on the Company's results of operations for that period.

The accompanying unaudited pro forma condensed combined balance sheet as of June 30, 2025, combined the historical unaudited consolidated balance sheets of the Company and Pallas, giving effect to the Share Exchange Agreement, as if the transaction had occurred on June 30, 2025. The accompanying unaudited pro forma condensed combined statements of operations for the six months ended June 30, 2025, combined the historical consolidated statements of operations of the Company and Pallas, giving effect to the Share Exchange Agreement as if the transaction had occurred on January 1, 2025, the first day of the Company's calendar year ended December 31, 2025.

The accompanying pro forma adjustments are based on preliminary estimates that have been made solely for the purpose of providing unaudited pro forma condensed combined financial information prepared in accordance with the rules and regulations of the SEC. The unaudited pro forma condensed combined financial information does not purport to represent the actual results of operations that the Company and Pallas would have achieved had the companies been combined during the periods presented herein.

The Company has prepared the following unaudited pro forma condensed combined financial information pursuant to the requirements of *Article 11 of Regulation S-X, as amended by SEC Final Rule Release No. 33-10786, Amendments to Financial Disclosures About Acquired and Disposed Businesses*. The unaudited pro forma condensed combined financial information is presented to illustrate the transaction accounting adjustments related to the Share Exchange Agreement. The unaudited pro forma condensed combined financial information is not intended to project the future results of operations that the combined company may achieve after the Share Exchange Agreement and does not reflect any adjustments for post-closing integration costs, or any potential cost savings or revenue enhancement synergies that may be realized as a result of the Share Exchange Agreement.

GD CULTURE GROUP LIMITED

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2025

(Amount expressed in United States Dollars ("US$"))

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Historical**<br>**GDC** | **Historical**<br>**Pallas** | **Pro forma**<br>**Adjustment** | **Pro Forma**<br>**Combined** |
|  | **(A)** | **(B)** | **(C)** | **(D)** |
| <u>ASSETS</u> |  |  |  |  |
| CURRENT ASSETS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1117760 | $- | $- | $1117760 |
| &nbsp;&nbsp;&nbsp;Other receivables, net | 9195 |  |  | 9195 |
| &nbsp;&nbsp;&nbsp;Prepaid and other current assets | 1389522 | - | - | 1389522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2516477 | - | - | 2516477 |
| EQUIPMENT, NET | 5629 |  |  | 5629 |
| RIGHT-OF-USE ASSETS, NET | 1135509 |  |  | 1135509 |
| OTHER ASSETS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Digital assets |  | 881187788 |  | 881187788 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 6666696 |  |  | 6666696 |
| &nbsp;&nbsp;&nbsp;Other assets | 250740 | - | - | 250740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other assets | 6917436 | 881187788 | - | 888105224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $10575051 | $881187788 | $— | $891762839 |
| <u>LIABILITIES AND SHAREHOLDERS' EQUITY</u> |  |  |  |  |
| CURRENT LIABILITIES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | $260629 | $- | $- | $260629 |
| &nbsp;&nbsp;&nbsp;Other payables - related parties | 204339 |  |  | 204339 |
| &nbsp;&nbsp;&nbsp;Lease liabilities - current | 314646 |  |  | 314646 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 282642 | - | - | 282642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1062256 | - | - | 1062256 |
| OTHER LIABILITIES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities – non-current | 949283 | - | - | 949283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other liabilities | 949283 | - | - | 949283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2011539 | - | - | 2011539 |
| COMMITMENTS AND CONTINGENCIES |  |  |  |  |
| SHAREHOLDERS' EQUITY |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value, 20,000,000 shares authorized, no shares issued and outstanding as of June 30, 2025, on the historical and pro forma basis, respectively |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value, 200,000,000 shares authorized, 16,795,433 and 55,984,777 shares issued and outstanding as of June 30, 2025, on historical and pro forma basis, respectively | 1680 |  | 3919 (a) | 5599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary shares, $0.0000001 par value, 50,000 shares authorized, 10,000 and nil shares issued and outstanding as of June 30, 2025, on historical and pro forma basis, respectively<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 93813211 | 881391043 | (3919) (a) | 975200335 |
| &nbsp;&nbsp;&nbsp;Subscription receivable | (17390) |  |  | (17390) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (85670950) | (203255) |  | (85874205) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 152602 | - | - | 152602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity attributable to controlling interest | 8279153 | 881187788 | - | 889466941 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | 284359 |  |  | 284359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 8563512 | 881187788 | - | 889751300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $10575051 | $881187788 | $- | $891762839 |

---

(1) Represents 10,000 ordinary shares issued by Pallas as of June
30, 2025, the par value of which was de minimal. The Share Exchange Agreement has no impact on the par value of these shares.

GD CULTURE GROUP LIMITED

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATION

FOR THE SIX MONTHS ENDED JUNE 30, 2025

(Amount expressed in United States Dollars ("US$"), except for number of shares and stated otherwise)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Historical**<br>**GDC** | **Historical**<br>**Pallas** | **Pro Forma**<br>**Adjustment** | **Pro Forma**<br>**Combined** |
|  | **(A)** | **(B)** | **(C)** | **(D)** |
| OPERATING EXPENSES |  |  |  |  |
| Selling and marketing expenses | $(300000) | $- |  | (300000) |
| General and administrative expenses | (1960607) |  |  | (1960607) |
| Research and development expenses | (233333) | - |  | (233333) |
| TOTAL OPERATING EXPENSES | (2493940) |  |  | (2493940) |
| LOSS FROM OPERATIONS | (2493940) | - |  | (2493940) |
| OTHER INCOME (LOSS) |  |  |  |  |
| Interest income | 4297 |  |  | 4297 |
| Unrealized loss on digital assets | - | (203255) |  | (203255) |
| TOTAL OTHER INCOME (LOSS) | 4297 | (203255) |  | (198958) |
| LOSS BEFORE INCOME TAX BENEFITS | (2489643) | (203255) |  | (2692898) |
| INCOME TAX BENEFITS | 13079 | - |  | 13079 |
| NET LOSS | $(2476564) | (203255) |  | (2679819) |
| Net loss attributable to noncontrolling interest |  |  |  |  |
| Net loss attributable to shareholders of common stock | (2476564) | (203255) |  | (2679819) |
| OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |
| - Foreign currency translation adjustment | 24 |  |  | 24 |
| - Fair value changes of convertible note receivables | - | - |  | - |
| OTHER COMPREHENSIVE INCOME (LOSS), net of tax | 24 | - |  | 24 |
| COMPREHENSIVE LOSS, net of tax | $(2476540) | (203255) |  | (2679795) |
| Comprehensive income attributable to noncontrolling interest | 7 |  |  | 7 |
| Comprehensive loss attributable to shareholders of common stock | (2476547) | (203255) |  | (2679802) |
| BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF GDC COMMON STOCKS | 13436514 |  |  |  |
| Basic and diluted net loss per share available to common shareholders | (0.18) |  |  |  |
| BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF PALLAS ORDINARY SHARES |  | 10000 |  |  |
| Basic and diluted net loss per share available to ordinary shareholders |  | (20.33) |  |  |
| BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF PRO FORMA COMMON STOCK |  |  |  | 55984777 |
| Basic and diluted pro forma net loss per share available to common shareholders |  |  |  | (0.05) |

---

GD CULTURE GROUP LIMITED

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

(Amount expressed in United States Dollars ("US$"), except for number of shares and stated otherwise)

**NOTE 1 – DESCRIPTION OF TRANSACTION**

On September 8 2025, GD Culture Group Limited (the "Company" or the "Acquirer"), Pallas Capital Holding Ltd, a British Virgin Islands company incorporated on June 30, 2025 ("Pallas" or the "Target"), and the shareholders of the Target (each a "Seller" and collectively, the "Sellers") executed an agreement and plan of securities exchange (the "Share Exchange Agreement", and the transactions contemplated thereby, collectively, the "Transaction") , pursuant to which, the Sellers wish to sell to the Acquirer, and the Acquirer wishes to purchase from the Sellers, 100% interest in and to the ordinary shares of the Target (the "Target Shares"). In exchange for the Target Shares, the Acquirer shall issue an aggregate of 39,189,344 shares of common stock, par value $0.0001 per share (the "GDC Shares"), of the Acquirer in book entry form in such amount and to such Sellers.

Upon closing of the Transaction (the "Closing"), the Sellers will transfer to Acquirer 10,000 shares of Target Shares, being all of the issued and outstanding ordinary shares of the Target, and will receive in exchange certificates representing the 39,189,344 shares of the Acquirer's common stock.

Two shareholders of the Company, who beneficially own 11.4%, in the aggregate, of the outstanding shares of common stock of the Company, immediately before the execution of the Transaction, are the directors and share voting and dispositive power over the shares issued by the Target. Accordingly, the Transaction constitutes a related party transaction for the Company pursuant to Item 404 of Regulation S-K.

**NOTE 2 – BASIS OF PRESENTATION**

The unaudited pro forma condensed combined financial statements do not purport to represent what the results of operations or financial position of the combined entity would actually have been if the merger had in fact occurred on June 30, 2025, nor do they purport to project the results of operations or financial position of the combined entity for any future period or as of any date.

These unaudited pro forma condensed combined financial statements do not give effect to any restructuring costs or to any potential cost savings or other operating efficiencies that could result from the merger between the Company and Pallas since such amounts, if any, are not presently determinable.

**NOTE 3 – PRO FORMA ADJUSTMENT**

The unaudited pro forma condensed combined financial statements have been prepared as if the acquisition was completed on June 30, 2025 for combined balance sheet purpose and reflects the following pro forma adjustment:

(a) To reflect the GDC Shares issued to Pallas upon Closing.