Summary by Futu AI
On September 24, 2024, XChange TEC.INC, also known as FLJ Group, announced the entry into a Securities Purchase Agreement with VG Master Fund SPC, allowing for the potential sale of up to $25 million in American Depositary Shares (ADSs). The ADSs represent Class A Ordinary Shares of the company, and the agreement grants FLJ Group the discretion to initiate sales at times of its choosing, subject to certain conditions and limitations. The transaction has been registered with the SEC and is contingent upon meeting the conditions set forth in the Purchase Agreement, including the filing of a prospectus supplement. The agreement is effective until July 1, 2025, or until VG has purchased $25 million in ADSs, whichever comes first. FLJ Group intends to use any proceeds from the sales for working capital and general corporate purposes. The Purchase Agreement includes customary representations, warranties, conditions, indemnification obligations, and provisions that prevent assignment or transfer without prior written consent.
