# EDGAR Filing Document

**Accession Number:** 0001952853
**File Stem:** 0001493152-26-029886
**Filing Date:** 2026-6
**Character Count:** 45039
**Document Hash:** bab95e7c75026ed92bafb1e19018ef44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-029886.hdr.sgml**: 20260624

**ACCESSION NUMBER**: 0001493152-26-029886

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260623

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

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260624

**DATE AS OF CHANGE**: 20260624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Massimo Group
- **CENTRAL INDEX KEY:** 0001952853
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 920790263
- **STATE OF INCORPORATION:** NV

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41994
- **FILM NUMBER:** 261113316

**BUSINESS ADDRESS:**
- **STREET 1:** 3101 W MILLER ROAD
- **CITY:** GARLAND
- **STATE:** TX
- **ZIP:** 75041
- **BUSINESS PHONE:** 18778816376

**MAIL ADDRESS:**
- **STREET 1:** 5426 ROYAL LN
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75229

?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): **June 23, 2026**

**Massimo Group**

(Exact name of registrant as specified in its charter)

<u>Nevada</u> <u>001-41994</u> <u>92-0790263</u> <br> (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

3101 W Miller Road

Garland, TX 75041

(Address of Principal Executive Offices) (Zip Code)

(877) 881-6376

(Registrant's Telephone Number, Including Area Code)

(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 (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 | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock $0.001 per share | MAMO | 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 (§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 June 23, 2026, Massimo Group, as borrower (the "Company"), entered into a loan agreement (the "Loan Agreement") with David Shan, the Company's Executive Chairman of the Board of Directors, as lender, pursuant to which the Company can borrow up to $4 million (the "Loan") over a one year period to allow the Company to pursue strategic growth initiatives, including the development, testing, commercialization and advancement of technology-enabled products, intelligent security solutions, autonomous mobility applications and related business activities.

The Loan bears interest of 4%, payable monthly in arrears, with the aggregate principal amount of all advances made under the Loan Agreement, together with any remaining accrued and unpaid interest thereunder, to be repaid by the Company in full on June 22, 2027, subject to earlier termination or extension as provided in the Loan Agreement.

The Loan Agreement contains customary affirmative and negative covenants with respect to the Company, including, among other things, compliance with laws, corporate existence, no conflicts, restrictions on the number of advances, and other customary covenants. These covenants are subject to a number of limitations and exceptions as provided in the Loan Agreement. Additionally, the Loan Agreement contains customary events of default, bankruptcy and insolvency, and remedies provisions.

The Company's obligations under the Loan Agreement are unsecured.

The description of the Loan Agreement contained in this Item 1.01 is qualified in its entirety by reference to the complete text of the Loan Agreement, a copy of which is filed herewith as Exhibit 10.1, to this Current Report on Form 8-K.

---

| | |
|:---|:---|
| **Item 8.01.** | **Other Events.** |

---

On June 24, 2026, the Company published a press release announcing its entry into the Loan Agreement, along with its termination of a previously announced letter of intent. The Company's press release is furnished herewith as Exhibit 99.1.

The information provided in this Item 8.01 (including Exhibit 99.1 hereto), is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act, except as expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statement and Exhibits.** |

---

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Loan Agreement, dated June 23, 2026, between Massimo Group and David Shan](ex10-1.htm) |
| 99.1 | [Press Release, dated June 24 , 2026](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**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.

---

| | |
|:---|:---|
| Dated: June 24, 2026 | Dated: June 24, 2026 |
| MASSIMO GROUP | MASSIMO GROUP |
| By: | */s/ Quenton Petersen* |
| Name: | Quenton Petersen |
| Title: | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**LOAN AGREEMENT**

THIS LOAN AGREEMENT (this "Agreement") is entered into as of June 23, 2026 (the "Effective Date"), by and between David Shan ("Lender"), and Massimo Group, a Nevada corporation, with its principal place of business at 3101 W. Miller Road, Garland, TX 75041 ("Borrower").

**RECITALS**

WHEREAS, Borrower has requested that Lender make available to Borrower a loan facility of up to $4 million on a draw-down basis; and

WHEREAS, Lender is willing to make such loan facility available to Borrower on the terms and subject to the conditions set forth in this Agreement.

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

**Article 1 — Definitions and Interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions.** As used in this Agreement, the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **"Advance"** means each disbursement of Loan proceeds made by Lender to Borrower pursuant to Article 2.

b. **"Borrower Extension Option"** has the meaning set forth in
 Section 4(c) of Article 4.

c. **"Business Day"** means any day other than a Saturday, Sunday, or other day on which commercial
 banks in Texas are authorized or required by law to close.

d. **"Commitment"** means Lender's commitment to make Advances to Borrower in an aggregate principal amount
 not to exceed the Maximum Commitment Amount.

e. **"Commitment Period"** means the period commencing on the Effective Date and ending on June 22,
 2027 (the "Commitment Termination Date"), unless earlier terminated or extended
 in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **"Default"** means any event or condition that, with the giving of notice or the passage of time, or both,
 would constitute an Event of Default.

g. **"Default Rate"** means an annual interest rate equal to the Interest Rate plus two percent
 (2%).

h. **"Drawdown Request"** means a written request for an Advance substantially in the form attached
 hereto as Exhibit A.

i. **"Event of Default"** has the meaning set forth in Article 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. **"Interest Rate"** means four percent (4.0%) per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. **"Loan"** means the aggregate principal amount of all Advances made by Lender to Borrower under this
 Agreement and outstanding from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. **"Loan Documents"** means, collectively, this Agreement and all other documents, instruments,
 and agreements executed and delivered in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. **"Maximum Advance Amount"** means Five Hundred Thousand Dollars
 ($500,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. **"Maximum Commitment Amount"** means Four Million Dollars ($4,000,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. **"Maturity Date"** means June 22, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. **"Minimum Advance Amount"** means One Hundred Thousand Dollars ($100,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. **"Obligations"** means all indebtedness, obligations, and liabilities of Borrower to Lender of every kind
 and description, whether now existing or hereafter arising under or in connection with this
 Agreement or any other Loan Document, including principal, interest, fees, costs, expenses,
 and other amounts payable hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. **"Permitted Use"** has the meaning set forth in Section 2(b) of Article 2.

Page 1 of 10<br>

&nbsp;&nbsp;&nbsp;&nbsp;2. **Interpretation.** In this Agreement, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 singular includes the plural and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A
 reference to any party includes such party's successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Headings
 are for convenience only and do not affect interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. References
 to Articles, Sections, and Exhibits are to articles, sections, and exhibits of this Agreement
 unless otherwise specified.

**Article 2 — The Loan Facility**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Commitment.** Subject to the terms and conditions of this Agreement, Lender agrees to make Advances to
 Borrower from time to time during the Commitment Period in an aggregate principal amount
 not to exceed the Maximum Commitment Amount. Within such limit, Borrower may borrow and repay
 pursuant to Article 4.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Purpose and Use of Proceeds.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Purpose.** The Loan is being made to provide capital to support Massimo Group's strategic growth
 initiatives, including the development, testing, commercialization and advancement of technology-enabled
 products, intelligent security solutions, autonomous mobility applications and related business
 activities, as determined by the Company in accordance with its business judgment and applicable
 law (the "Permitted Use").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Permitted Use.** Borrower shall use the proceeds of each Advance solely for the Permitted Use. Borrower
 shall not, directly or indirectly, use any part of such proceeds to purchase or carry any
 margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve
 System) or to extend credit to others for the purpose of purchasing or carrying any such
 margin stock, or for any purpose that violates, or is inconsistent with, the provisions of
 Regulation T, U, or X of such Board of Governors.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Drawdown Requests.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Form and Timing.** Borrower may request an Advance by delivering to Lender a completed Drawdown
 Request not later than 11:00 a.m. (local time at Lender's principal place of business)
 at least three (3) Business Days prior to the proposed date of such Advance. Each Drawdown
 Request shall be irrevocable once delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Content.** Each Drawdown Request shall specify the requested amount (which must be equal to or greater
 than the Minimum Advance Amount and in increments of $100,000 in excess thereof, but no greater
 than the Maximum Advance Amount) and the proposed date of the Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Limitation on Frequency.** Borrower may not request more than one Advance in any calendar month, unless
 otherwise agreed to in advance via email or other written correspondence by the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Conditions Precedent to Initial Advance.** The obligation of Lender to make the initial Advance is
 subject to the satisfaction (or waiver by Lender in writing) of each of the following conditions
 precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Lender
 shall have received this Agreement, duly executed by Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All
 representations and warranties of Borrower set forth in Article 5 shall be true and correct
 in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. No
 Default or Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Lender
 shall have received such other documents, instruments, and agreements as Lender may reasonably
 request.

Page 2 of 10<br>

&nbsp;&nbsp;&nbsp;&nbsp;5. **Conditions Precedent to Each Advance.** The obligation of Lender to make each Advance (including the
 initial Advance) is subject to the satisfaction (or waiver by Lender in writing) of each
 of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Lender
 shall have received a duly completed Drawdown Request in accordance with Section III of this
 Article 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All
 representations and warranties of Borrower set forth in Article 5 shall be true and correct
 in all material respects as of the date of such Advance (except to the extent such representations
 and warranties expressly relate to an earlier date, in which case they shall be true and
 correct as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. No
 Default or Event of Default shall have occurred and be continuing or would result from such
 Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. After
 giving effect to such Advance, the aggregate principal amount of the Loan shall not exceed
 the Maximum Commitment Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 requested Advance shall be at least equal to the Minimum Advance Amount and no greater than
 the Maximum Advance Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The
 date of the requested Advance shall fall within the Commitment Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. By
 submitting a Drawdown Request, Borrower shall be deemed to have certified that the conditions
 set forth in this Section V have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;6. **Funding of Advances.** Subject to the satisfaction of the applicable conditions precedent, Lender
 shall make each Advance available to Borrower by wire transfer of immediately available funds
 to the account designated by Borrower in the applicable Drawdown Request (or such other account
 as Borrower may designate in writing) no later than 3:00 p.m. (local time at Lender's
 principal place of business) on the requested date.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Loan Account.** Lender shall maintain a loan account on its books in the name of Borrower in
 which Lender shall record the date and amount of each Advance, the date and amount of each
 payment of principal and interest, and all other appropriate debits and credits. Entries
 in such loan account shall constitute prima facie evidence of the amounts owing by Borrower
 to Lender; provided, however, that any failure by Lender to maintain such records or any
 error therein shall not in any manner affect the obligation of Borrower to repay the Loan
 in accordance with this Agreement.

**Article 3 — Interest and Fees**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Interest Rate.** The outstanding principal balance of the Loan shall bear interest at the Interest
 Rate.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Computation of Interest.** Interest shall be calculated on the basis of a 360-day year for the actual
 number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Payment of Interest.** Accrued interest on the Loan shall be due and payable monthly in arrears
 on the 15<sup>th</sup> day of each month, commencing on July 15, 2026 and continuing until
 the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Default Interest.** Upon the occurrence and during the continuance of an Event of Default, the
 outstanding principal balance of the Loan shall bear interest at the Default Rate. Interest
 at the Default Rate shall be payable on demand.

Page 3 of 10<br>

&nbsp;&nbsp;&nbsp;&nbsp;5. **Maximum Rate.** Notwithstanding any provision in this Agreement to the contrary, the aggregate
 interest rate charged with respect to the Loan shall not exceed the maximum rate permitted
 by applicable law (the "Maximum Rate"). If the interest rate provided for in
 this Agreement would, but for this Section V, exceed the Maximum Rate, then the interest
 rate shall be the Maximum Rate, and if at any time thereafter the interest rate falls below
 the Maximum Rate, then the interest rate shall remain at the Maximum Rate until such time
 as the amount of interest paid hereunder equals the amount of interest that would have been
 paid if the same had not been limited by the Maximum Rate.

**Article 4 — Repayment and Prepayment**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Repayment of Principal.** Borrower shall repay the entire outstanding principal balance of the Loan,
 together with all accrued and unpaid interest thereon, on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Voluntary Prepayment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Right to Prepay.** Borrower may prepay the Loan, in whole or in part, at any time and from time
 to time without premium or penalty, upon not less than one Business Days' prior written
 notice to Lender specifying the proposed date and amount of prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Application of Prepayments.** All voluntary prepayments shall be applied first to accrued and unpaid
 interest and then to the outstanding principal balance of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Mandatory Prepayment.** Upon the occurrence of any of the following events, Borrower shall immediately
 prepay the entire outstanding principal balance of the Loan, together with all accrued and
 unpaid interest and all other Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 sale, transfer, or other disposition of all or substantially all of the assets of Borrower
 (other than in the ordinary course of business).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A
 change of control of Borrower, as reasonably determined by Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 dissolution or liquidation of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Termination, Reduction or Extension of Commitment.** Borrower may, at any point prior to the expiration
 of the Commitment Period, upon not less than five (5) Business Days' prior written
 notice to Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. terminate the Commitment in its entirety,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. permanently reduce the Maximum Commitment Amount,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. extend the Commitment Period for an additional period of not less than six months nor more than 12 months, at the discretion of the Borrower (the "Borrower Extension Option").

&nbsp;&nbsp;&nbsp;&nbsp;5. **Accrued Interest and Other Amounts.** All prepayments, whether voluntary or mandatory, shall be
 accompanied by payment of accrued interest on the principal amount being prepaid to the date
 of prepayment, together with any other amounts then due and payable under this Agreement.

**Article 5 — Representations and Warranties**

Borrower represents and warrants to Lender as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Organization and Qualification.** Borrower is a corporation duly organized, validly existing, and in
 good standing under the laws of State of Nevada and is duly qualified to do business and
 is in good standing in each jurisdiction where the nature of its business requires such qualification,
 except where the failure to be so qualified could not reasonably be expected to have a material
 adverse effect on Borrower.

Page 4 of 10<br>

&nbsp;&nbsp;&nbsp;&nbsp;2. **Authority.** Borrower has the corporate (or equivalent) power and authority to execute, deliver, and perform
 its obligations under the Loan Documents. The execution, delivery, and performance by Borrower
 of the Loan Documents have been duly authorized by all necessary corporate (or equivalent)
 action. This Agreement constitutes, and the other Loan Documents when executed and delivered
 will constitute, legal, valid, and binding obligations of Borrower, enforceable against Borrower
 in accordance with their respective terms, except as enforceability may be limited by bankruptcy,
 insolvency, reorganization, moratorium, or other similar laws affecting creditors'
 rights generally and by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;3. **No Conflicts.** The execution, delivery, and performance by Borrower of the Loan Documents
 do not and will not conflict with, result in a breach of, or constitute a default under Borrower's
 organizational documents, any applicable law or regulation, or any agreement or instrument
 to which Borrower is a party or by which Borrower or its properties are bound, except where
 such conflict, breach, or default could not reasonably be expected to have a material adverse
 effect on Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Governmental Approvals.** No authorization, approval, consent, or other action by, and no notice to
 or filing with, any governmental authority is required for the due execution, delivery, and
 performance by Borrower of the Loan Documents, except such as have been duly obtained or
 made and are in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;5. **Compliance with Laws.** Borrower is in compliance with all applicable laws, rules, and regulations,
 except where the failure to comply could not reasonably be expected to have a material adverse
 effect on Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;6. **No Default.** No Default or Event of Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Use of Proceeds.** The proceeds of each Advance will be used solely for the Permitted Use and
 not for any purpose that violates any applicable law or regulation.

**Article 6 — Payment Mechanics**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Time and Place of Payment.** All payments of principal, interest, and other amounts due under
 this Agreement shall be made in immediately available funds to Lender pursuant to the wire
 instructions included in the Drawdown Request, or at such other location as Lender may designate
 in writing, no later than 2:00 p.m. (local time at Lender's principal place of business)
 on the date due. Any payment received after such time shall be deemed received on the next
 Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Application of Payments.** Unless otherwise specified by Borrower or required by this Agreement, all
 payments shall be applied first to fees and expenses then due and payable, second to accrued
 and unpaid interest, and third to outstanding principal.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Business Day Convention.** If any payment under this Agreement becomes due and payable on a day
 that is not a Business Day, such payment shall be made on the next succeeding Business Day,
 and such extension of time shall be included in the computation of interest.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Currency.** All payments shall be made in United States dollars.

**No Deduction or Withholding.** All payments by Borrower under this Agreement shall be made free and clear of, and without deduction or withholding for, any taxes, levies, imposts, duties, charges, fees, deductions, or withholdings of any nature, except as required by law. If Borrower is required by law to make any such deduction or withholding, Borrower shall pay such additional amounts as may be necessary so that the net amount received by Lender after such deduction or withholding equals the amount Lender would have received had no such deduction or withholding been made.

Page 5 of 10<br>

**Article 7 — Events of Default**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Events of Default.** Each of the following shall constitute an "Event of Default"
 under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Failure to Pay Principal.** Borrower fails to pay when due any principal amount of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Failure to Pay Interest or Other Amounts.** Borrower fails to pay when due any interest or other
 amount payable under this Agreement, and such failure continues for a period of 30 days after
 the due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Bankruptcy and Insolvency.** Borrower (i) commences any case, proceeding, or other action seeking
 relief under any bankruptcy, insolvency, reorganization, liquidation, dissolution, or similar
 law, or seeking the appointment of a trustee, receiver, liquidator, custodian, or other similar
 official for Borrower or any substantial part of its property; (ii) consents to or fails
 to contest in a timely and appropriate manner any such case, proceeding, or action commenced
 against it; (iii) applies for or consents to the appointment of a trustee, receiver, liquidator,
 custodian, or other similar official for Borrower or any substantial part of its property;
 (iv) makes a general assignment for the benefit of creditors; (v) is generally not paying
 its debts as they become due; or (vi) takes any corporate action to authorize any of the
 foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. **Involuntary Bankruptcy.** An involuntary case, proceeding, or other action is commenced against Borrower
 seeking relief under any bankruptcy, insolvency, reorganization, liquidation, dissolution,
 or similar law, or seeking the appointment of a trustee, receiver, liquidator, custodian,
 or other similar official for Borrower or any substantial part of its property, and such
 case, proceeding, or action (i) results in the entry of an order for relief or any such appointment,
 or (ii) remains undismissed and unstayed for a period of 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. **Material Adverse Change.** Any event or circumstance occurs that results in a material adverse change
 in the business, assets, liabilities, financial condition, or results of operations of Borrower,
 or in the ability of Borrower to perform its obligations under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. **Change of Control.** A change of control of Borrower occurs.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Remedies Upon Event of Default.** Upon the occurrence and during the continuance of an Event of
 Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Acceleration.** Lender may, by written notice to Borrower, declare the Commitment terminated and/or declare
 all or any portion of the Obligations to be immediately due and payable, whereupon the Commitment
 shall immediately terminate and/or the Obligations or such portion thereof shall become immediately
 due and payable, without presentment, demand, protest, or other notice of any kind, all of
 which are hereby expressly waived by Borrower; provided, however, that upon the occurrence
 of any Event of Default described in Sections I.F or I.G of this Article 8, the Commitment
 shall automatically terminate and all Obligations shall automatically become immediately
 due and payable without any action by Lender.

Page 6 of 10<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. **Other Remedies.** Lender may exercise any and all rights and remedies available to it under this
 Agreement, the other Loan Documents, and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. **Cumulative Remedies.** All rights and remedies of Lender under this Agreement and the other Loan Documents
 are cumulative and not exclusive, and may be exercised singularly or concurrently.

**Article 9 — Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;1. **Notices.** All notices, requests, demands, and other communications required or permitted under this
 Agreement shall be in writing and shall be deemed to have been duly given (a) when delivered
 by hand, (b) one Business Day after being sent by a nationally recognized overnight courier
 service, or (c) three Business Days after being sent by certified or registered mail, return
 receipt requested, postage prepaid, in each case addressed as follows:

---

| | | |
|:---|:---|:---|
| 1. | If to Borrower: | Massimo Group |
|  |  | 3101 W Miller Rd |
|  |  | Garland, TX 75041 |
|  |  | Attention: Quenton Petersen, CEO |

---

2. If to Lender: David Shan <br> 5426 Royal Ln <br> Dallas, TX 75229

Either party may change its address for notices by written notice to the other party in accordance with this Section I.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Amendments and Waivers.** No amendment, modification, or waiver of any provision of this Agreement,
 and no consent to any departure by Borrower therefrom, shall be effective unless in writing
 and signed by Lender, and then such waiver or consent shall be effective only in the specific
 instance and for the specific purpose for which given. No failure or delay by Lender in exercising
 any right, power, or privilege under this Agreement shall operate as a waiver thereof, nor
 shall any single or partial exercise thereof preclude any other or further exercise thereof
 or the exercise of any other right, power, or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Assignment; Binding Effect.** Borrower may not assign or transfer any of its rights or obligations
 under this Agreement without the prior written consent of Lender. Lender may assign or transfer
 all or any portion of its rights and obligations under this Agreement to any person without
 the consent of Borrower. This Agreement shall be binding upon and inure to the benefit of
 the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Governing Law.** This Agreement shall be governed by and construed in accordance with the laws of
 the State of State of Texas without giving effect to any choice of law or conflict of law
 provision or rule that would cause the application of the laws of any jurisdiction other
 than the State of Texas.

&nbsp;&nbsp;&nbsp;&nbsp;5. **Jurisdiction and Venue.** Borrower irrevocably submits to the exclusive jurisdiction of the state and
 federal courts located in Dallas County in the State of Texas for purposes of any suit, action,
 or proceeding arising out of or relating to this Agreement. Borrower irrevocably waives any
 objection that it may now or hereafter have to the laying of venue of any such suit, action,
 or proceeding in such courts and any claim that any such suit, action, or proceeding brought
 in such courts has been brought in an inconvenient forum.

Page 7 of 10<br>

&nbsp;&nbsp;&nbsp;&nbsp;6. **Waiver of Jury Trial.** BORROWER AND LENDER EACH HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY
 WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
 THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
 THIS WAIVER APPLIES TO ANY ACTION OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT, OR OTHERWISE.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Entire Agreement.** This Agreement, together with the other Loan Documents, constitutes the entire
 agreement between the parties with respect to the subject matter hereof and supersedes all
 prior agreements, understandings, negotiations, and discussions, whether oral or written,
 between the parties with respect to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;8. **Severability.** If any provision of this Agreement is held to be invalid, illegal, or unenforceable, the
 validity, legality, and enforceability of the remaining provisions shall not be affected
 or impaired thereby, and such provision shall be modified to the minimum extent necessary
 to make it valid, legal, and enforceable while preserving to the fullest extent possible
 the intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;9. **Counterparts.** This Agreement may be executed in any number of counterparts, each of which shall be deemed
 an original, but all of which together shall constitute one and the same instrument. Delivery
 of an executed counterpart of this Agreement by electronic transmission (including PDF) shall
 be as effective as delivery of a manually executed original counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Survival.** All representations, warranties, covenants, and agreements of Borrower contained in this
 Agreement shall survive the execution and delivery of this Agreement and the making of the
 Advances and shall continue in full force and effect until all Obligations have been paid
 in full and the Commitment has been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;11. **Headings.** The headings in this Agreement are for convenience of reference only and shall not affect
 the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;12. **Time of Essence.** Time is of the essence with respect to all obligations of Borrower under
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;13. **Further Assurances.** Borrower agrees to execute and deliver such additional documents and instruments
 and to perform such additional acts as may be necessary or appropriate to effectuate, carry
 out, and perform all of the terms, provisions, and conditions of this Agreement.

[SIGNATURE PAGE FOLLOWS]

Page 8 of 10<br>

**SIGNATURE PAGE**

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **BORROWER:** | **BORROWER:** |
| Massimo Group | Massimo Group |
| By: | */s/ Quenton Petersen* |
| Name: | Quenton Petersen |
| Title: | Chief Executive Officer |
| Date: | June 23, 2026 |
| **LENDER:** | **LENDER:** |
| DAVID SHAN | DAVID SHAN |
| */s/ David Shan* | */s/ David Shan* |
| David Shan | David Shan |
| Date: | June 23, 2026 |

---

Page 9 of 10<br>

**EXHIBIT A**

**FORM OF DRAWDOWN REQUEST**

[Date]

David Shan

c/o Massimo Group

3101 W. Miller Road

Garland, TX 75041

Re: Drawdown Request under Loan Agreement dated June 23, 2026

Dear Mr. Shan:

Reference is made to the Loan Agreement dated as of June 23, 2026 (the "Loan Agreement") between Massimo Group ("Borrower") and David Shan ("Lender"). Capitalized terms used but not defined herein have the meanings assigned to them in the Loan Agreement.

Borrower hereby requests an Advance under the Loan Agreement, and in connection therewith sets forth below the information relating to such Advance as required by Section III of Article 2 of the Loan Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Requested
 Advance Amount: $[AMOUNT]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Proposed
 Date of Advance: [DATE]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Wire
 Transfer Instructions: Bank Name: [BANK NAME] ABA/Routing Number: [ROUTING NUMBER] Account
 Number: [ACCOUNT NUMBER] Account Name: [ACCOUNT NAME] Reference: [REFERENCE]

Borrower hereby certifies that:

(a) All representations and warranties of Borrower set forth in Article 5 of the Loan Agreement are true and correct in all material respects as of the date hereof (except to the extent such representations and warranties expressly relate to an earlier date, in which case they are true and correct as of such earlier date).

(b) No Default or Event of Default has occurred and is continuing or would result from the requested Advance.

(c) After giving effect to the requested Advance, the aggregate principal amount of the Loan will not exceed the Maximum Commitment Amount.

(d) The requested Advance is at least equal to the Minimum Advance Amount, and no greater than the Maximum Advance Amount.

(e) The proposed date of the requested Advance falls within the Commitment Period.

(f) All conditions precedent to such Advance set forth in the Loan Agreement have been satisfied or waived.

---

| | |
|:---|:---|
| Massimo Group | Massimo Group |
| By: |  |
| Name: | Quenton Petersen |
| Title: | Chief Executive Officer |
| Date: |  |

---

Page 10 of 10<br>

## Exhibit 99.1

**Exhibit 99.1**

**Massimo Group Secures Up to US$4 Million in Controlling Shareholder Funding to Accelerate Intelligent Patrol Systems Development and Terminates Previously Announced FST Acquisition**

**Company Will No Longer Pursue Previously Contemplated Stock-Based Acquisition Structure and Will Focus on Advanced Security Technologies, Autonomous Patrol Platforms and AI-Enabled Security Solutions**

GARLAND, Texas, June 24, 2026 — Massimo Group (NASDAQ: MAMO) ("Massimo" or the "Company"), a manufacturer and distributor of powersports vehicles, UTVs, ATVs and innovative mobility solutions, today announced that it has terminated its previously announced proposed acquisition of FST Development Company Limited ("FST"), originally disclosed on February 3, 2026.

Under the previously contemplated transaction structure, a portion or all of the acquisition consideration could have been satisfied through the issuance of Company shares. Following a comprehensive review of the Company's strategic priorities, capital allocation plans and recent internal development progress, the Company has elected not to proceed with the proposed acquisition and will no longer pursue the previously contemplated stock-based acquisition structure.

Over the past several months, the Company's internal development programs and strategic development partnerships have achieved significant progress across multiple advanced security technology initiatives, including intelligent patrol systems, autonomous patrol vehicle platforms, drone-assisted security technologies, AI-powered command and monitoring platforms, and related intelligent security solutions. These developments have strengthened management's confidence in the Company's internal technology roadmap and reduced the need to pursue external acquisitions to obtain similar capabilities.

To support the Company's disciplined capital allocation strategy while preserving operating flexibility, the Company's controlling shareholder made the decision to provide up to US$4 million in funding support to accelerate the Company's internal development programs focused on intelligent patrol systems, autonomous security technologies, AI-powered monitoring platforms and related next-generation security solutions.

The funding is expected to support product development, testing, optimization, pilot deployments, commercialization efforts and continued technology advancement across the Company's intelligent security platform initiatives.

Quenton Petersen, Chief Executive Officer of Massimo Group, commented:

"Our internal development initiatives have advanced significantly over the past several months. After evaluating multiple strategic alternatives, we believe focusing on our existing intelligent patrol and advanced security technology programs is the best path forward for Massimo and its shareholders.

The commitment from our controlling shareholder reflects confidence in our technology roadmap, development progress and long-term growth opportunities. With this support, we will focus on product development, commercialization and market expansion while maintaining disciplined capital allocation."

Importantly, Massimo is not starting from zero. The Company already has an established nationwide sales network, dealer relationships, distribution channels, operational infrastructure, and manufacturing capabilities across the United States. With its commercial platform already in place, management believes the most efficient path forward is to enhance and expand that platform through advanced security technologies, intelligent patrol systems, autonomous mobility solutions, and AI-enabled security applications.

**About Massimo Group**

Massimo Group (NASDAQ: MAMO) is a U.S.-based provider of utility-focused powersports vehicles, recreational products and marine equipment. The Company delivers feature-rich products through a nationwide distribution and service network and is focused on expanding its platform through product innovation, operational execution and scalable channel development across consumer and commercial markets.

**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "predict," "project," "target," "potential," "seek," "will," "would," "could," "should," "continue," "contemplate," "plan," and other words and terms of similar meaning.

These statements include, but are not limited to, statements regarding future business strategies, the termination of the previously announced proposed acquisition of FST Development Company Limited, the Company's decision not to pursue the previously contemplated stock-based acquisition structure, controlling shareholder funding support, product development, testing, pilot deployments, commercialization efforts, intelligent patrol systems, autonomous security technologies, AI-powered monitoring platforms, related next-generation security solutions, channel development, commercial expansion, intelligent automation initiatives and operational improvements.

Forward-looking statements are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those expressed or implied by such statements, including those under "Risk Factors" in filings with the SEC made by Massimo. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by law.

**Company Contact**

Quenton Petersen<br> CEO<br> Massimo Group

<u>ir@massimomotor.com</u>