Summary by Futu AI
On March 26, 2024, New Material Holdings Limited (“Lenshi Motors”) announced that it has signed a letter of appointment with Maxim Group LLC (“Maxim”) to appoint the latter to provide general counsel and related services to the Company in the United States. Services include assistance in strategic planning of the company, advice on capitalization issues, preparation of marketing information, expansion of shareholder base, etc. The appointment shall be effective from 6 March 2023 until such termination is proposed by either party. As a price, Lenshi Motors will issue 2,400,000 new shares to Maxim, equivalent to $55,077. These shares will have the same status as the company's existing shares. The move will help enhance the company's visibility and brand image in the US market and promote long-term sustainable growth. The Company has applied to the Hong Kong Stock Exchange Limited for approval for the listing and sale of the Preferred Shares, indicating that the share issue does not require shareholder approval as the applicable percentage is less than 5%.