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MKDWELL Tech Inc. Terminates $4.8M Convertible Note Financing – Key Insights

$MKDW
Form 6-K
Filed on: 2025-01-14
Source
MKDWELL Tech Inc. Terminates $4.8M Convertible Note Financing – Key Insights

Here are the key insights extracted from the provided financial report section, specifically focusing on the termination of the convertible note financing by MKDWELL Tech Inc.:

  1. Company Overview:
  • Name: MKDWELL Tech Inc.
  • Location: Hsinchu Science Park, Hsinchu City 300, Taiwan.
  • Commission File Number: 001-42197.
  1. Convertible Note Financing:
  • Amount: RMB 35,000,000 (approximately $4.8 million).
  • Investor Type: Non-U.S. investor.
  • Date of Agreement: Securities purchase agreement was dated July 24, 2024.
  • Closing Date: The financing closed on August 12, 2024.
  1. Termination of Agreement:
  • Date of Termination: January 14, 2025.
  • Details: The parties executed a Termination Agreement on this date, mutually agreeing to terminate the Securities Purchase Agreement and the Convertible Note.
  • Repayment: The RMB 35,000,000 proceeds from the note have been fully repaid to the investor.
  1. Exhibit Reference: The Termination Agreement is filed as Exhibit 99.1, providing detailed information about the termination process.
  2. Regulatory Compliance: The report is filed under the Securities Exchange Act of 1934, indicating compliance with regulatory requirements for foreign private issuers.

Summary:

MKDWELL Tech Inc. has terminated a previously agreed convertible note financing worth approximately $4.8 million, which was closed in August 2024. The termination occurred in January 2025, and the company has repaid the proceeds to the investor. This action likely reflects a strategic decision by the company, possibly influenced by market conditions or internal financial assessments. Further details can be found in the referenced Termination Agreement.