Business Context and Reporting Period
This Form 8-K Current Report was filed by Code Chain New Continent Limited (trading symbol: CCNC) on November 17, 2020, covering events that occurred on November 16, 2020. The company is incorporated in Nevada and operates with principal executive offices in Nantong, China. The filing addresses corporate governance changes under Item 5.02 regarding the departure and appointment of directors.
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 statements or performance metrics.
Material Changes
The primary material change reported is a shift in the composition of the Board of Directors and committee memberships:
- Resignation: Mr. Mingze Yin resigned as a director, Chairman of the Audit Committee, and member of the Compensation and Nominating and Corporate Governance Committees, effective November 16, 2020. The resignation was not due to any disagreement with the company's operations, policies, or procedures.
- Appointment: Ms. Yajing Li was appointed as a director, Chairwoman of the Audit Committee, and member of the Compensation and Nominating and Corporate Governance Committees, effective November 16, 2020.
- Independence: The Board determined Ms. Li is independent under Nasdaq Listing Rule 5605(a)(2) and qualifies as an "audit committee financial expert" under SEC standards.
Guidance, Outlook, and Compensation
The filing contains no guidance, outlook, management commentary on future operations, or discussion of risks and contingencies. Regarding compensation, Ms. Li accepted an offer letter agreeing to receive an annual compensation of $10,000, effective November 16, 2020. The agreement is filed as Exhibit 10.1.
Key Facts for Investor Verification
- Verify the independence status and financial expertise of the newly appointed director, Ms. Yajing Li, as disclosed in the filing.
- Confirm the effective date of the board composition changes (November 16, 2020) and the specific committee roles assumed.
- Note that the resignation of Mr. Mingze Yin was explicitly stated as not being the result of any disagreement with the company.
- Review the attached Director Offer Letter (Exhibit 10.1) for full terms of Ms. Li's compensation and service.