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Autozi Internet Technology's Amendment Report: Key Financial Updates & Agreements

$AZI
Form 6-K/A
Filed on: 2025-02-24
Source
Autozi Internet Technology's Amendment Report: Key Financial Updates & Agreements

Here are the key insights and information extracted from the provided financial report (Form 6-K/A) of Autozi Internet Technology (Global) Ltd.:

General Information

  • Company Name: Autozi Internet Technology (Global) Ltd.
  • Commission File Number: 001-42255
  • Address: Building B09, Intelligence Park No. 26 Yongtaizhuang North Road, Haidian District, Beijing, China.
  • Report Date: February 24, 2025 (for the month of February 2025).

Amendment Details

  • This report is an amendment (Amendment No. 1) to a previous filing made on February 20, 2025, correcting a typographical error regarding the filing with the China Securities Regulatory Commission. The amendment clarifies that the filing will occur within 3 business days after February 19, 2025.

Financial Agreements

  • Original Purchase Agreement: On January 27, 2025, the company entered into a securities purchase agreement with an accredited investor, agreeing to sell senior unsecured convertible notes totaling up to $27,500,000.
  • Amended Purchase Agreement: On February 19, 2025, an amended agreement was executed, which includes:
  • Issuance of a senior unsecured convertible note in the amount of $3,016,958.33.
  • Cancellation of a previously issued note of $3,500,000 due to a transmittal issue in fund receipt.
  • Issuance of six new warrants for convertible notes, each having the right to purchase $4,000,000 of additional notes.

Financial Summary

  • The aggregate original principal amount of all convertible notes under the amended agreement is $27,516,958.33.
  • The principal amount of the reissued note includes accrued interest of $16,958.33.
  • The initial Conversion Price of the reissued note is set at $0.60, based on the closing sale price of the ordinary shares on February 14, 2025.

Regulatory Compliance

  • The company relied on exemptions from registration under Section 4(a)(2) and Rule 506 of Regulation D of the Securities Act for these transactions, and did not follow Nasdaq Rule 5635(d) regarding shareholder approval due to reliance on home country practices in the Cayman Islands.

Exhibits

  • The report includes references to several key documents, such as the Amended and Restated Securities Purchase Agreement, Amended Registration Rights Agreement, and forms related to the Incremental Notes and Warrants.

Conclusion

This financial report amendment primarily serves to correct a previous error and provide updates on significant financing activities, including the issuance of convertible notes and warrants, and clarifications regarding compliance with regulatory requirements. The company appears to be actively engaging in capital-raising activities through structured financial instruments.