UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Entry into a Material Agreement
On February 23, 2024, Value Exchange International, Inc. (“Company”) entered into an Offer Letter (“OL”) with Sanefire Company Limited (“Landlord”) to lease Units 01-04 of the FTLife Tower, located at 10/F, FTLife Tower, 18 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong (“Premises”). The Company will use the Premises as its new principal executive offices. The Premises may only be used as office space and are leased “as is”. The Company shares a common area of the Premises with an adjacent tenant.
Under the OL:
| 1. | The monthly base rent is HK$97,741.30 (approximately USD$12,493.69 based on One U.S. Dollar equaling 7.82 Hong Kong Dollars) with one-month free rent and one month’s rent as a security deposit; |
| 2. | Three-year term commencing February 1, 2024; and |
| 3. | Late-fee interest on any past due rental payments is 2% over prime rate charged by Hong Kong and Shanghai Banking Corporation. |
Base rent includes management fees, air conditioning costs, and any government rental charge, but excludes other charges that may be charged to tenants are not included in the base rent.
The estimated square footage of the Premises is 1,437 square feet. The Company deems the space as adequate for Company’s immediate and foreseeable executive office needs.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
VALUE EXCHANGE INTERNATIONAL, INC.
| By: | /s/ Tan Seng Wee | |
| Tan Seng Wee, Chief Executive Officer and President | ||
| Date: | March 20, 2024 |
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