Current Report Filing (8-k)
August 07 2017 - 6:31AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported): August 4, 2017
CLEANTECH
SOLUTIONS INTERNATIONAL, INC.
(Exact
name of registrant as specified in Charter)
Nevada
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001-34591
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90-0648920
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(State
or other jurisdiction of
incorporation or organization)
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(Commission
File No.)
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(IRS
Employee
Identification No.)
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No.
9 Yanyu Middle Road
Qianzhou
Village, Huishan District, Wuxi City
Jiangsu
Province, People’s Republic of China
(Address
of Principal Executive Offices)
(86)
51083397559
(Registrant’s
Telephone number)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
☐
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Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
|
☐
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Soliciting material pursuant to Rule 14a-12(b) under
the Exchange Act (17 CFR 240.14a-12(b))
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in 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. ☐
Item
1.01 Entry into a Material Definitive Agreement.
On
August 4, 2017, Cleantech Solutions International, Inc. (the “Company”) wholly-owned subsidiary, EC Power (Global)
Technology Limited (“EC Power”), entered into a Transfer Agreement (the “Agreement”) with ECoin Global
Limited (“ECoin”) to purchase ECoin Redemption Codes (the “Codes”) produced by ECoin. In accordance with
the Agreement, EC Power will market the Codes, which contain a value that enables subscribers to upload certain number of items
onto ECrent’s website,
www.ecrent.com
, for rental. The Codes to be transferred from ECoin to EC Power have a value
of US$50 million. ECoin has agreed to transfer the Codes at a discounted price to EC Power at 40% of the face value of the Codes,
namely, for a total consideration of US$20 million (the “Transfer Consideration”). The Codes have a validity period
of four (4) years, and will not expire until August 3, 2021 (the “Expiry Date”). The Transfer Consideration will be
paid by EC Power to ECoin in installments, with each installment payable not later than thirty (30) days after the end of December
31
st
in each calendar year. Each installment will represent an amount equal to 50% of the net sale proceeds of the
Codes sold during each calendar year. The aggregate of installments shall not exceed the Transfer Consideration. Any balance outstanding
of the Transfer Consideration at the Expiry Date will be paid and discharged by the issuance and delivery to ECoin of common stock
of the Company in accordance with the terms of the Agreement.
The
foregoing descriptions of the Agreement do not purport to be complete and are qualified in its entirety by reference to the complete
text of the Agreement, which are incorporated herein by reference and attached hereto as Exhibit 10.1.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
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.
Date:
August 7, 2017
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Cleantech Solutions International, Inc.
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By:
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/s/
Jianhua Wu
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Jianhua
Wu
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Chief
Executive Officer
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3
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