UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 1.01. | Entry Into A Material Agreement. |
As previously disclosed, on December 31, 2024, Awaysis Belize Ltd. (“Awaysis Belize”), a Belize corporation and wholly-owned subsidiary of Awaysis Capital, Inc. (the “Company”), acquired all of the stock and substantially all of the assets (the “Transaction”) of Chial Mountain Ltd (“Chial Mountain”), a Belize corporation, pursuant to the terms and conditions of an Agreement of Purchase and Sale (the “Asset Purchase Agreement”), dated December 31, 2024 and effective December 20, 2024, between Chial Mountain and Awaysis Belize. Chial Mountain is an affiliate of Michael Singh, the Company’s Chairman and Co-CEO.
Also as previously disclosed by the Company, the aggregate estimated purchase price for the Transaction is $5,500,000, subject to potential adjustments, consisting of: (i) $2,400,000 in cash; (ii) a $1,500,000 secured promissory note, dated December 21, 2024, between the Company and Michael Singh (the “Promissory Note”), which bears no interest and originally had a maturity date on the earlier of February 15, 2025 or the up-listing of the Company to the NYSE American; and (iii) a $1,600,000 senior convertible promissory note, dated December 20, 2024, between the Company and Michael Singh, which bears interest at a rate of 3.5% per annum and has a maturity date of June 30, 2025.
On April 14, 2025, the Company and Chial Mountain entered into an Amendment dated February 15, 2025 (the “Amendment”), to the Asset Purchase Agreement and to the Promissory Note, to, among other things, amend the maturity date of the Promissory Note to the earlier of July 15, 2025 or the up-listing of the Company to the NYSE American. The Amendment further extended the date pursuant to which the estimated purchase price would be adjusted pursuant to the appraisal of assets contemplated by the Asset Purchase Agreement, to 120 days after such appraisal.
The foregoing descriptions of the Amendment is qualified in its entirety by reference to the terms of the Amendment, a copy of which is filed hereto as Exhibit 10.1, and is incorporated herein by reference.
Item 2.03. | Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 is incorporated by reference into this Item 2.03.
Item 9.01. | Financial Statements and Exhibits. |
Exhibit | Description | |
10.1 | Amendment to Agreement of Purchase and Sale and First Secured Promissory Note, entered into on April 14, 2025 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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 thereunto duly authorized.
Date: April 18, 2025 | ||
AWAYSIS CAPITAL, INC. | ||
By: | /s/ Andrew Trumbach | |
Name: | Andrew Trumbach | |
Title: | Co-CEO and CFO |