Addentax Group Corp. Acquires Equity Stake in Well Information Technology Corporation

Addentax Group Corp. recently announced its acquisition of an equity stake in Well Information Technology Corporation (Well InfoTech) through a securities purchase agreement. The agreement was completed on January 8, 2025, with Addentax Group Corp. purchasing 3,750,000 shares of common stock of Well InfoTech for a cash consideration of USD $750,000.

This strategic investment represents approximately 2.5% of the total number of shares of Well InfoTech’s Common Stock prior to the issuance. Additionally, Addentax Group Corp. obtained the option to purchase an additional 3,750,000 shares of Well InfoTech’s Common Stock within the next five years under the same terms and conditions.

As part of the agreement, Addentax Group Corp. has the right to nominate and elect one member to the board of directors of Well InfoTech, subject to mutual acceptance. The transaction was approved by Addentax Group Corp.’s Board of Directors on January 3, 2025.

Well InfoTech, headquartered in Hangzhou, China, specializes in providing marketing solutions tailored to the fresh food industry, focusing on digital tools and traditional marketing techniques to enhance the visibility and profitability of fresh food store owners, particularly in major Chinese cities like Hangzhou, Beijing, and Heilongjiang.

Following the completion of the agreement on January 12, 2025, Addentax Group Corp. acquired the 3,750,000 shares of Common Stock of Well InfoTech. The issuance of these shares was made under exemptions from registration as per the Securities Act of 1933.

Moreover, on January 13, 2025, Addentax Group Corp. issued a press release announcing the completion of the agreement with Well InfoTech.

Investors and stakeholders are encouraged to review the full details of the agreement in the Exhibit 10.1 of the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission, which provides comprehensive information on the transaction.

For more insights and updates regarding Addentax Group Corp. and its recent activities, interested parties can refer to the company’s filings with the SEC. The company continues to focus on its diverse business portfolio, including garment manufacturing, logistics services, property management, and subleasing.

Please be advised that the press release and this announcement may contain forward-looking statements, subject to risks and uncertainties, as detailed in the company’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by these risk factors and other important disclosures.

Investors and interested individuals are encouraged to stay informed about Addentax Group Corp.’s developments through its official channels.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Addentax Group’s 8K filing here.

About Addentax Group

Addentax Group Corp., together with its subsidiaries, operates as a logistic service provider in China. It operates through three segments: Garment Manufacturing, Logistics Services, and Property Management and Subleasing. The company manufactures and distributes garments; and provides logistic services, such as storage, transportation, warehousing, handling, packaging, and order processing, as well as customs declaration and tax clearance services.