United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report
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Item 1.01 Entry into a Material Definitive Agreement
As previously announced, on November 25, 2024, Armlogi Holding Corp (the “Company”) entered into a Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, LTD., a Cayman Islands exempt limited company (the “Investor”), pursuant to which, the Company has issued, as of the date of this report, to the Investor (i) a convertible promissory note dated November 25, 2024, in the principal amount of $5,000,000 (“Promissory Note 1”), and (ii) a convertible promissory note dated December 17, 2024 in the principal amount of $5,000,000 (“Promissory Note 2,” and collectively with Promissory Note 1, the “Promissory Notes”).
Pursuant to the Promissory Notes, an “Amortization Event” shall occur under certain circumstances, including in the event that the daily VWAP (as defined in the Promissory Notes) is less than the floor price then in effect for five trading days during a period of seven consecutive trading days (a “Floor Price Event”).
On June 6, 2025, the Company and the Investor entered into a second modification agreement (the “Second Modification Agreement”) to amend the SEPA and other related transaction documents (collectively, the “Financing Documents”). Pursuant to the Second Modification Agreement, the Company has acknowledged and agreed that a Floor Price Event has occurred and is continuing to exist, as the VWAP was below the agreed-upon floor price of $1.1880 per share for five consecutive trading days. The Company further acknowledged that such Floor Price Event constitutes an Amortization Event under the terms of the Promissory Notes. In connection with such acknowledgment, the Company has agreed to make the following cash payments toward the outstanding aggregate balances of the Promissory Notes: (i) a payment of $1,010,000 on June 6, 2025, (ii) a payment of $1,010,000 on July 16, 2025; and (iii) a payment of $1,010,000 on August 15, 2025. The Company may, at its discretion, make cash payments in excess of the stated minimum amounts.
As consideration for the Company’s covenants and agreements under the Second Modification Agreement, the Investor has agreed to a forbearance period extending through August 31, 2025 (the “Forbearance Period”). During the Forbearance Period, and subject to the Company’s compliance with the terms of the Second Modification Agreement, and provided that no Event of Default (as defined in the Promissory Notes) or breach of any Financing Document occurs, the Investor has agreed to: (i) defer the Company’s obligation to make monthly amortization payments under Section 1(c) of each of the Promissory Notes, including those provisions triggered by the Floor Price Event or any other Amortization Event; (ii) not submit any conversion notices unless the stock is trading at a price greater than $1.80 per share at the time any such notice is delivered; and (iii) reduce the Payment Premium (as defined in the Promissory Notes) with respect to Company payments made in accordance with the terms of the Second Modification Agreement, from 10% to 1%. The foregoing description of the Second Modification Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Modification Agreement, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Exhibits.
| Exhibit No. | Description | |
| 10.1 | Second Modification Agreement, dated June 6, 2025, by and between the Company and YA II PN, LTD | |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL) |
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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 hereunto duly authorized.
Date: June 6, 2025
| Armlogi Holding Corp. | ||
| By: | /s/ Aidy Chou | |
| Name: | Aidy Chou | |
| Title: | Chief Executive Officer | |
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