Corporate ActionMay 29, 2026, 04:18 PM
Suchness Tech Issued 50,000 Shares at $20; 10,000-for-1 Split
AI Summary
Suchness Tech Ltd detailed its indemnification provisions for directors and officers, noting the SEC's stance that such indemnification for Securities Act liabilities is against public policy and unenforceable. The company also reported recent sales of unregistered securities, including the issuance of 50,000 Class A ordinary shares at $20 each on August 4, 2025. These shares were subsequently sub-divided into 500,000,000 ordinary shares with a nominal value of $0.0001 each on August 28, 2025.
Key Highlights
- Suchness Tech Ltd issued 50,000 Class A ordinary shares to twelve shareholders on August 4, 2025.
- The shares were issued at a price of $20 per share.
- On August 28, 2025, the 50,000 ordinary shares were sub-divided into 500,000,000 ordinary shares.
- The nominal or par value of the shares changed from $1.00 to $0.0001 each after the sub-division.
- The share issuances were exempt from registration under Regulation D, Section 4(a)(2), or Regulation S of the Securities Act.
- The company's post-offering memorandum and articles of association provide for indemnification of directors and officers.
- The SEC's opinion states that indemnification for liabilities under the Securities Act is against public policy and unenforceable.
Price Impact