Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)
2022年10月18日 - 5:17AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2022
Commission File Number: 001-41444
Intelligent
Living Application Group Inc.
Unit 2, 5/F, Block A, Profit Industrial Building
1-15 Kwai Fung Crescent, Kwai Chung
New Territories, Hong Kong
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F
¨
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
INFORMATION CONTAINED IN THIS FORM 6-K
REPORT
Entry into a Material Definitive Agreement
On
October 12, 2022 (the “Effective Date”), Hing Fat Industrial Limited (“Hing Fat”), a wholly owned subsidiary
of Intelligent Living Application Group Inc. (the “Company”) and Dongguan Xingfa Hardware Products Co., Ltd.,
a wholly owned subsidiary of Hing Fat (“Buyer”) entered into an Asset Purchase Agreement (the “Agreement”)
with Hu Xiongjie, a citizen of Singapore (the “Seller”), pursuant to which the Seller agreed to sell to the Buyer an
electroplating production line, including but not limited to equipment, machinery, tanks, fixtures, flowlines, improvements and mixed
property located in Dongguan City, Guangdong, China (the “Asset”) for an aggregate purchase price (the “Purchase
Price”) of $4,500,000 in cash. The Seller’s clientele details, books, accounting records and liabilities are excluded
from this transaction.
Pursuant to the Agreement, Buyer shall pay a refundable
deposit of $2,000,000 on Effective Date and Buyer shall check operational conditions and access the value of the Asset at current market
rate within ten (10) days of the Effective Date, and if Buyer accepts the Purchase Price, an intermediate payment of $1,000,000 shall
be then paid. Upon closing, Buyer shall pay Seller an additional amount of $1,000,000. A residual of $500,000 shall be held by the Buyer
for one (1) year from closing date as quality guarantee for possible tax liabilities, defects or required repair(s) of the Asset. The
balance of Purchase Price shall be paid after deduction of costs of repairment related to unidentified defects or problems with the Asset
at transfer date.
The Agreement is filed as Exhibits 10.1 to this
Current Report on Form 6-K. The foregoing summary of the terms of the Agreement is subject to, and qualified in its entirety by, the Asset
Purchase Agreement, which is incorporated herein by reference.
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 thereunto
duly authorized.
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Intelligent Living Application Group Inc. |
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Date: October 17, 2022 |
By: |
/s/ Bong Lau |
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Name: |
Bong Lau |
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Title: |
Chief Executive Officer |
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