UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): May 30, 2019
China Bat Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-36055 | 45-4077653 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Room 104, No. 33 Section D,
No. 6 Middle Xierqi Road,
Haidian District, Beijing, China
(Address of Principal Executive Offices)
+86 (010) 59441080
(Issuer’s telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $0.001 | GLG | Nasdaq Capital Market |
Item 8.01. Other Events.
As disclosed in the Quarterly Report for the quarter ended March 31, 2019 of China Bat Group, Inc. (the “Company”) on May 20, 2019, the Company had a stockholder equity of approximately $1.9 million, less than the $2,500,000 required by Listing Rule 5550(b) of The NASDAQ Stock Market LLC (“Nasdaq”). As of March 31, 2019, the Market Value of Listed Securities (MVLS) of the Company was less than the minimum of $35 million requirement for continued listing on the Nasdaq Capital Market.
On April 15, 2019 and May 22, 2019, the Company completed registered direct offerings and received net proceeds of approximately $3.3 million and $1.3 million, respectively. Assuming the net loss for the three months period ending June 30, 2019 remains same as that of the three months ended March 31, 2019, which is approximately $1.8 million, the Company expect the stockholder equity as of June 30, 2019 to be approximately $4.7 million.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained or incorporated by reference in this Current Report, including the documents referred to or incorporated by reference in this Current Report or statements of our management referring to our summarizing the contents of this Current Report, include “forward-looking statements”. We have based these forward-looking statements on our current expectations and projections about future events. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “plan,” “project” and other similar expressions. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements included or incorporated by reference in this Current Report or our other filings with the Securities and Exchange Commission, or the SEC, include, but are not necessarily limited to, those relating to:
● | expand our customer base; | |
● | broaden our service and product offerings; | |
● | enhance our risk management capabilities; | |
● | improve our operational efficiency; | |
● | our ability to raise sufficient fund to expand our operations; | |
● | attract, retain and motivate talented employees; | |
● | a decrease in demand for automobiles renting and weakness in the automotive industry generally; | |
● | navigate an evolving regulatory environment; and | |
● | defend ourselves against litigation, regulatory, privacy or other claims. | |
● | Development of a liquid trading market for our securities; and |
The foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or risk factors with which we are faced that may cause our actual results to differ from those anticipated in our forward-looking statements. Please see “Risk Factors” in our reports filed with the SEC for additional risks which could adversely impact our business and financial performance.
Moreover, new risks regularly emerge and it is not possible for our management to predict or articulate all risks we face, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ from those contained in any forward-looking statements. All forward-looking statements included in this Current Report are based on information available to us on the date of this Current Report. Except to the extent required by applicable laws or rules, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained above and throughout (or incorporated by reference in) this Current Report.
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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 hereunto duly authorized.
CHINA BAT GROUP, INC. | ||
Date: May 30, 2019 | By: | /s/ Jiaxi Gao |
Name: | Jiaxi Gao | |
Title: | Chief Executive Officer |
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