Business Context and Reporting Period
This Form 8-K Current Report was filed by Addentax Group Corp. on May 12, 2021. The registrant is incorporated in Nevada and trades under the symbol ATXG on the OTC Markets. The company is classified as an emerging growth company. The report primarily addresses changes to the Board of Directors under Item 5.02.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance changes and does not contain financial performance data.
Material Changes
- Appointment of Independent Director: On May 12, 2021, the Board appointed Mr. Jiangping (Gary) Xiao as an independent director. His appointment is effective on the later of the completion of the Company's public offering or the listing of its ordinary shares on a national securities exchange.
- Resignation of Independent Director: On May 13, 2021, Mr. Li Weilin resigned immediately from his roles as independent director, compensation committee member, audit committee member, and chairperson of the nominating and corporate governance committee.
- Committee Assignments: Mr. Xiao will serve as the chairman of the nominating and corporate governance committee, a compensation committee member, and an audit committee member.
Guidance, Outlook, and Management Commentary
The filing contains no financial guidance, outlook, or management commentary regarding business operations. It details the compensation arrangement for the new director:
- Mr. Xiao will receive annual cash compensation of $15,000, payable quarterly in advance.
- The first payment will be pro-rated from the Effective Date through the end of the relevant calendar quarter.
- There are no other employment agreements, bonus plans, pension arrangements, or retirement benefits for Mr. Xiao.
Key Facts for Investor Verification
- Verify the status of the Company's public offering or listing on a national securities exchange to determine the exact "Effective Date" for Mr. Xiao's appointment.
- Confirm the current composition of the Board of Directors following Mr. Li's immediate resignation.
- Review the attached Independent Director Agreement (Exhibit 10.1) for full terms of engagement.
- Note that this filing does not disclose any financial results or operational updates.