China Infrastructure Construction Enters into Stock Purchase Agreement

China Infrastructure Construction (OTCMKTS:CHNC) recently disclosed a material agreement in a Form 8-K filing with the United States Securities and Exchange Commission. On December 27, 2024, the company entered into a Stock Purchase Agreement with John Jones, a director of China Infrastructure Construction. As per the agreement, Mr. Jones purchased 250,000,000 shares of the company at a price of $0.0003 per share, totaling $75,000.

Given Mr. Jones’ position as a director, the transaction was considered a “conflicting interest transaction” under Section 7-108-501 of the Colorado Revised Statutes. To address this, a special board meeting was held on the same day, during which the board of directors, after disclosure of Mr. Jones’ interest, authorized the agreement, with approval from the majority of the disinterested directors.

The Stock Purchase Agreement includes a covenant requiring China Infrastructure Construction to repurchase the shares upon Mr. Jones’ demand if their market value does not reach $93,750 by December 31, 2025. The company has the option to settle this demand by either paying the difference in cash, issuing common stock, or a combination of both based on the stock’s closing price.

It’s essential to note that the summary of the agreement provided is a brief overview, and the complete terms can be found in Exhibit 10.1 attached to the filed report. This exhibit contains the detailed Stock Purchase Agreement dated December 27, 2024, between China Infrastructure Construction and John Jones.

In terms of financial disclosures, the company did not register any securities under Section 12(b) of the Act as mentioned in the filing. Furthermore, as an emerging growth company, China Infrastructure Construction has not opted for an extended transition period to comply with new financial accounting standards, as detailed in Rule 13(a) of the Exchange Act.

This transaction underscores a notable development for China Infrastructure Construction, reflecting an important financial arrangement involving a key director. The agreement signifies a strategic move by the company and may influence its future operations and financial performance.

As per the filing, no further financial statements or exhibits were submitted beyond the Stock Purchase Agreement detailed in Exhibit 10.1. For more information, the complete filing can be accessed through the SEC’s database.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read China Infrastructure Construction’s 8K filing here.

About China Infrastructure Construction

China Infrastructure Construction Corp. provides educational systems that focuses on medical cannabis in the United States and Latin America, and worldwide through online education. The company offers services in the therapeutic areas of clinical trials; and relating to sleep disorders, including resulting infertility, through its fertility and sleep center in Houston, Texas.