Business Context and Reporting Period
This Form 8-K Current Report was filed by Addentax Group Corp. on May 10, 2021. The registrant is incorporated in Nevada and trades on the OTC Markets under the symbol ATXG. The filing reports on corporate governance changes effective as of the report date.
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 personnel changes and does not contain financial performance data.
Material Changes
- Resignation: Ms. Cui Shan resigned as an independent director and chairperson of the Audit Committee effective May 10, 2021.
- Appointment: Mr. Alex P. Hamilton was appointed as an independent director, chairman of the Audit Committee, and "audit committee financial expert."
- Effective Date: Mr. Hamilton's appointment is effective on the date of the Company's completion of its public offering and listing on a national securities exchange, whichever is later.
Management Commentary and Compensation
Mr. Hamilton's appointment was determined to satisfy the definition of an "independent director" under Nasdaq Marketplace Rules and the Securities Exchange Act of 1934. His background includes serving as CFO of CBD Biotech Inc., CEO of Hamilton Laundry and Hamilton Strategy, and independent director of Wunong Net Technology Company Limited.
Compensation Terms:
- Annual cash compensation of $15,000.
- Payments are made quarterly in advance on the first business day of each calendar quarter.
- The first payment will be pro-rated from the Effective Date through the end of the relevant quarter.
- No other employment agreements, bonuses, pensions, or retirement benefits are provided.
Key Facts for Investor Verification
- Verify the status of the Company's public offering and listing on a national securities exchange to confirm the exact "Effective Date" for Mr. Hamilton's appointment.
- Confirm the composition of the Board of Directors and Audit Committee following Ms. Cui Shan's resignation.
- Review the attached Independent Director Agreement (Exhibit 10.1) for any additional terms not summarized in the filing.