CUSIP
No. G2911D 108
1
|
Names
of Reporting Person.
Double
Ventures Holdings Limited
|
2
|
Check
the Appropriate Box if a Member of a Group
(a) ☐
(b) ☐
|
3
|
SEC
Use Only
|
4
|
Source
of Funds (See Instructions)
WC
|
5
|
Check
if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) ☐
|
6
|
Citizenship
or Place of Organization
|
|
British
Virgin Islands
|
Number
of
Shares
Beneficially
Owned by
Each
Reporting
Person With
|
7
|
Sole
Voting Power
1,532,000
(1)
|
8
|
Shared
Voting Power (see Item 5 below)
0
|
9
|
Sole
Dispositive Power
1,532,000
(1)
|
10
|
Shared
Dispositive Power (see Item 5 below)
0
|
11
|
Aggregate
Amount Beneficially Owned by Each Reporting Person
1,532,000
(1)
|
12
|
Check
if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
|
13
|
Percent
of Class Represented by Amount in Row (11)
21.3%
|
14
|
Type
of Reporting Person
CO
|
CUSIP
No. G2911D 108
1
|
Names
of Reporting Person.
Chunyi
Hao
|
2
|
Check
the Appropriate Box if a Member of a Group
(a) ☐
(b) ☐
|
3
|
SEC
Use Only
|
4
|
Source
of Funds (See Instructions)
PF
|
5
|
Check
if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) ☐
|
6
|
Citizenship
or Place of Organization
|
|
Hong
Kong
|
Number
of
Shares
Beneficially
Owned by
Each
Reporting
Person With
|
7
|
Sole
Voting Power
1,026,000
|
8
|
Shared
Voting Power (see Item 5 below)
2,282,000
(1)(2)
|
9
|
Sole
Dispositive Power
1,026,000
|
10
|
Shared
Dispositive Power (see Item 5 below)
2,282,000
(1)(2)
|
11
|
Aggregate
Amount Beneficially Owned by Each Reporting Person
3,308,000
(1)
|
12
|
Check
if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
|
13
|
Percent
of Class Represented by Amount in Row (11)
46.1%
|
14
|
Type
of Reporting Person
IN
|
CUSIP
No. G2911D 108
1
|
Names
of Reporting Person.
Fan
Yu
|
2
|
Check
the Appropriate Box if a Member of a Group
(a) ☐
(b) ☐
|
3
|
SEC
Use Only
|
4
|
Source
of Funds (See Instructions)
PF
|
5
|
Check
if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) ☐
|
6
|
Citizenship
or Place of Organization
|
|
China
|
Number
of
Shares
Beneficially
Owned by
Each
Reporting
Person With
|
7
|
Sole
Voting Power
0
|
8
|
Shared
Voting Power (see Item 5 below)
1,532,000
(1)
|
9
|
Sole
Dispositive Power
0
|
10
|
Shared
Dispositive Power (see Item 5 below)
1,532,000
(1)
|
11
|
Aggregate
Amount Beneficially Owned by Each Reporting Person
1,532,000
(1)
|
12
|
Check
if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
|
13
|
Percent
of Class Represented by Amount in Row (11)
21.3%
|
14
|
Type
of Reporting Person
IN
|
|
(1)
|
Includes
(i) 1,365,000 ordinary shares held by Double Ventures Holdings Limited (the “Sponsor”) and (ii) 167,000 ordinary shares underlying
167,000 units (each unit consists of one ordinary share, one right granting the holder thereof the right to receive one-tenth (1/10)
of one ordinary share, and one redeemable warrant entitling the holder to purchase one-half (1/2) of one ordinary share) held by the
Sponsor, acquired pursuant to a Unit Subscription Agreement by and between the Sponsor and East Stone Acquisition Corporation (the “Issuer”).
Chunyi Hao, the Chairman and Chief Financial Officer of the Issuer, is the sole officer and director of the Sponsor. Mr. Hao owns 33.3%
of the Sponsor, and Fan Yu owns 66.7% of the Sponsor. As a result, each of Mr. Hao and Ms. Yu may be deemed to share voting and dispositive
power of the shares held directly by the Sponsor. Each of Mr. Hao and Ms. Yu disclaims beneficial ownership over any securities owned
by the Sponsor in which he or she does not have any pecuniary interest.
|
|
(2)
|
Includes
(i) an aggregate of 1,532,000 ordinary shares as described in footnote (1) above and (ii) 750,000 ordinary shares held by Navy Sail International
Limited (“Navy Sail”). Mr. Hao is the sole officer and director of Navy Sail. Navy Sail is indirectly owned by Mr. Hao, along
with certain other individuals, including the son of Mr. Hao. None of such individuals directly owns these ordinary shares. However,
each has a pecuniary interest in such ordinary shares of the Issuer through his respective indirect ownership of the equity interests
of Navy Sail. As a result, Mr. Hao may be deemed to share voting and investment discretion with respect to the ordinary shares held directly
by Navy Sail. Mr. Hao disclaims beneficial ownership over any securities owned by Navy Sail in which he does not have any pecuniary interest.
|
SCHEDULE
13D
This
Amendment No. 1 to Schedule 13D (“Amendment No. 1”) amends and supplements the information set forth in the Schedule 13D
filed by Double Ventures Holdings Limited, a British Virgin Islands company (the “Sponsor”), Chunyi Hao, the Chairman and
Chief Financial Officer of the Issuer and the sole officer and director of the Sponsor, and Fan Yu (each of Mr. Hao and Ms. Yu, the “Principal”,
and together with the Sponsor, the “Reporting Persons”) with the Securities and Exchange Commission (the “SEC”)
on March 5, 2020 (together with this Amendment No. 1, the “Schedule 13D”). All capitalized terms not otherwise defined herein
have the meanings ascribed to such terms in the initial Schedule 13D. Except as specifically provided herein, this Amendment No. 1 does
not modify any of the previous information reported in the initial Schedule 13D.
Items
2, 4, 5, 6 and 7 are hereby amended and restated in their entirety as follows:
Item
2. Identity and Background
(a)
This statement is jointly filed by:
(i)
the Sponsor, which is the holder of record of approximately 21.3% of the Issuer’s outstanding Ordinary Shares based on the number
of Ordinary Shares outstanding (7,168,605) as of January 13, 2022, as reported on the Issuer’s definitive proxy statement on Schedule
14A filed on February 10, 2022; and
(ii)
Chunyi Hao, Chairman and Chief Financial Officer of the Issuer and the sole officer and director of the Sponsor, who may be deemed to
beneficially own 46.1% of the Issuer’s outstanding Ordinary Shares based on the number of Ordinary Shares outstanding (7,168,605)
as of January 13, 2022, as reported on the Issuer’s definitive proxy statement on Schedule 14A filed on February 10, 2022; and
(iii)
Fan Yu.
The
Reporting Persons may be deemed to constitute a "group" for purposes of Section 13(d)(3) of the Act. This statement not be
construed as an admission that the Reporting Persons are a group, or have agreed to act as a group. Each Reporting Person expressly disclaims
beneficial ownership in the securities reported herein except to the extent such Reporting Person actually exercises voting or dispositive
power with respect to such securities.
(b)
The address of the principal place of business of each of the Reporting Persons is 25 Mall Road, Suite 330, Burlington, MA 01803.
(c)
The Sponsor’s principal business is to act as the Issuer’s sponsor, in connection with the initial public offering of the
Issuer (the “IPO”) and potential business combination. Chunyi Hao is Chairman and Chief Financial Officer of the Issuer and
the sole officer and director of the Sponsor. Mr. Hao is a founding partner and has been a managing director of East Stone Capital Limited,
a private equity firm focusing on emerging industries, since October 2017. The address of the principal business and principal office
of East Stone Capital Limited is 25 Mall Road, Suite 330, Burlington, MA 01803. Fang Yu is self-employed and her principal place of business
is at 25 Mall Road, Suite 330, Burlington, MA 01803.
(d)
None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors).
(e)
None of the Reporting Persons has, during the last five years, been a party to civil proceeding of a judicial administrative body of
competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, Federal or state securities laws or finding any violation with respect
to such laws.
(f)
The Sponsor is a British Virgin Islands company. Chunyi Hao is a citizen of Hong Kong. Fan Yu is a citizen of China with a residency
right of Singapore.
Item
4. Purpose of the Transaction
In
connection with the organization of the Issuer, on October 22, 2018, the Issuer entered into a Securities Purchase Agreement (the “Purchase
Agreement”), as more fully described in Item 6 of this Schedule 13D which information is incorporated herein by reference, with
the Sponsor, Navy Sail and Chunyi Hao for the issuance and sale of an aggregate of 1,437,500 Ordinary Shares (the “Founder Shares”)
for an aggregate purchase price of $25,000. Among the 1,437,500 Founder Shares, 625,000 were issued to the Sponsor, 625,000 to Navy
Sail and 187,500 to Mr. Hao. In January and February 2020, the Issuer effected 2 for 1 and 1.2 for 1 share dividends, respectively,
for each Ordinary Share outstanding, resulting in the Sponsor owning 1,500,000 Founder Shares, Navy Sail owning 750,000 Founder Shares
and Chunyi Hao owning 1,200,000 Founder Shares. In February 2020, Chunyi Hao transferred 120,000 Founder Shares to Xiaoma (Sherman) Lu,
the Chief Executive Officer and director of the Issuer, as well as 18,000 Founder Shares to each of the three independent directors of
the Issuer, for an aggregate purchase price of $1,450, resulting in Chunyi Hao owning 1,026,000 Founder Shares.
On
February 24, 2020, simultaneously with the consummation of the IPO, the Sponsor purchased 167,000 units of the Issuer (the “Placement
Units”) at $10.00 per unit, pursuant to that certain Unit Subscription Agreement, dated February 24, 2020, between the Issuer and
the Sponsor (the “Subscription Agreement”), as more fully described in Item 6 of this Schedule 13D, which information is
incorporated herein by reference. Each Placement Unit consists of one Ordinary Share, one warrant, each warrant exercisable to purchase
one-half of one Ordinary Share, at an exercise price of $11.50 per whole share, and one right entitling the holder to receive one tenth
(1/10) of one ordinary share (as described more fully in the Issuer’s Prospectus dated February 19, 2020).
In
connection with the IPO, the Issuer had granted the underwriters of the IPO a 30-day option to purchase up to 1,800,000 additional units
to cover over-allotments. On February 24, 2020, the underwriters of the IPO exercised the option in full and purchased an aggregate of
1,800,000 units at $10.00 per unit. As a result of the underwriters’ full exercise of the overallotment option, none of the 450,000
Ordinary Shares previously issued to the Sponsor are subject to forfeiture.
On
February 16, 2021, the Issuer entered into a business combination agreement, as amended, with JHD Holdings (Cayman) Limited, a Cayman
Islands company (“JHD”), JHD Technologies Limited, a Cayman Islands company (“Pubco”), Yellow River MergerCo
Limited, a British Virgin Islands company and a wholly-owned subsidiary of Pubco, the Sponsor, in the capacity as the Purchaser Representative,
Yellow River (Cayman) Limited, a Cayman Islands company, in the capacity as Primary Seller and Seller Representative, and the Sellers
and Double Ventures Holdings Limited, a British Virgin Islands business company, for limited purposes thereof, for a proposed Business
Combination (The “Business Combination”). Pubco filed with the SEC a registration statement on Form S-4 on June 28, 2021,
as amended, which includes a preliminary proxy statement of the Issuer, and a prospectus in connection with the Business Combination.
In
connection with certain backstop arrangements among the Issuer and Sea Otter Securities (“Sea Otter”), Stichting Juridisch
Eigendom Mint Tower Arbitrage Fund (“Mint Tower”), Glazer Special Opportunity Fund I, LP (“Glazer”) and Meteora
Capital Partners, LP (“Meteora” and, together with Sea Otter, Mint Tower, and Glazer, the “Backstop Investors”)
on November 12, 2021, the Sponsor agreed to transfer to the Backstop Investors an aggregate of 399,996 Founder Shares to be transferred
to such investors. Of such amount, an aggregate of 135,000 Founder Shares were transferred to the Backstop Investors on November 24,
2021 in connection with the Issuer’s special meeting of shareholders held on November 24, 2021, and an aggregate of up to 264,996
Founder Shares will be transferred to the Backstop Investors contemporaneously with the Business Combination. Any Founder Shares transferred
pursuant to these arrangements will be subject to the same rights and obligations as the remaining Founder Shares held by the Sponsor,
including certain registration rights and the obligations to (a) vote any Founder Shares held by the Backstop Investors in favor of the
Business Combination, and (b) subject any Founder Shares held by them to the same lock-up restrictions as the Founder Shares held by
the Sponsor. The above-mentioned arrangements with the Backstop Investors are collectively referred herein as the “Backstop Agreements.”
On
January 31, 2022, certain of the Backstop Investors entered into certain new agreements (the “February 2022 Founder Share Transfer
Agreements”) with the Sponsor to support the Issuer’s proposal to amend and restate its memorandum and articles of association
to extend the date by which the Issuer has to consummate a business combination from February 24, 2022 to August 24, 2022 (the “Extension”).
Pursuant to February 2022 Founder Share Transfer Agreements, such Backstop Investors agreed to not request redemption of an aggregate
of up to 600,000 ordinary shares of Issuer in connection with the Extension. In connection therewith, the Sponsor agreed to transfer
to such Backstop Investors an aggregate of (i) 180,000 Founder Shares on or prior to the special meeting of shareholders to approve the
Business Combination, and (ii) 60,000 Founder Shares for each month past May 24, 2022 that the Business Combination has not yet closed,
for a total of up to 360,000 Founder Shares to be received by such Backstop Investors to support the Extension.
The
Ordinary Shares owned by the Reporting Persons have been acquired for investment purposes. The Reporting Persons may make further acquisitions
of Ordinary Shares from time to time and, subject to certain restrictions, may dispose of any or all of the Ordinary Shares held by the
Reporting Persons at any time depending on an ongoing evaluation of the investment in such securities, prevailing market conditions,
other investment opportunities and other factors. However, such shares are subject to certain lock-up restrictions as further described
in Item 6 below.
Additionally,
Mr. Hao has agreed to transfer 200,000 Ordinary Shares following the Business Combination to Xin Zhang, an individual who is not affiliated
with the Sponsor or any officer or director of the Issuer, as repayment for a private loan by Xin Zhang to Mr. Hao to fund a portion
of Mr. Hao’s loan to the Issuer pursuant to that certain promissory note dated February 23, 2021.
Except
for the foregoing, the Reporting Persons have no plans or proposals which relate to, or could result in, any of the matters referred
to in paragraphs (a) and (c) through (j) of Item 4 of Schedule 13D.
With
respect to paragraph (b) of Item 4, the Issuer is a blank check company incorporated in the British Virgin Islands as a business company
with limited liability and formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with,
purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business
combination with one or more businesses or entities. Pursuant to various agreements between the Reporting Persons and the Issuer as further
described in Item 6 below, the Reporting Persons have each agreed (A) to vote the Founder Shares (as defined below), the Placement Units
and any public shares owned by them in favor of any proposed business combination, (B) not to propose an amendment to the Issuer’s
Memorandum and Articles of Association with respect to the Issuer’s pre-business combination activities prior to the consummation
of such a business combination, (C) not to redeem any shares (including the Founder Shares and Placement Units) into the right to receive
cash from the trust account in connection with a shareholder vote to approve the Issuer’s proposed initial business combination
or a vote to amend the provisions of the Issuer’s Memorandum and Articles of Association relating to shareholders’ rights
or pre-business combination activity and (D) that the Founder Shares (as defined below) and Placement Units shall not participate in
any liquidating distribution upon winding up if a business combination is not consummated. The Reporting Persons may, at any time and
from time to time, review or reconsider their positions, change their purposes or formulate plans or proposals with respect to the Issuer.
Item
5. Interest in Securities of the Issuer
(a)-(b)
The aggregate number and percentage of Ordinary Shares beneficially owned by the Reporting Person (on the basis of a total of 7,168,605
Ordinary Shares outstanding as of January 13, 2022) are as follows:
Double
Ventures Holdings Limited
a)
|
|
Amount
beneficially owned: 1,532,000
|
Percentage:
21.3%
|
b)
|
|
Number
of shares to which the Reporting Person has:
|
|
|
i.
|
Sole
power to vote or to direct the vote:
|
1,532,000
|
|
ii.
|
Shared
power to vote or to direct the vote:
|
0
|
|
iii.
|
Sole
power to dispose or to direct the disposition of:
|
1,532,000
|
|
iv.
|
Shared
power to dispose or to direct the disposition of:
|
0
|
Chunyi
Hao
a)
|
|
Amount
beneficially owned: 3,308,000
|
Percentage:
46.1%
|
b)
|
|
Number
of shares to which the Reporting Person has:
|
|
|
i.
|
Sole
power to vote or to direct the vote:
|
1,026,000
|
|
ii.
|
Shared
power to vote or to direct the vote:
|
2,282,000
|
|
iii.
|
Sole
power to dispose or to direct the disposition of:
|
1,026,000
|
|
iv.
|
Shared
power to dispose or to direct the disposition of:
|
2,282,000
|
Fan
Yu
a)
|
|
Amount
beneficially owned: 1,532,000
|
Percentage:
21.3%
|
b)
|
|
Number
of shares to which the Reporting Person has:
|
|
|
i.
|
Sole
power to vote or to direct the vote:
|
0
|
|
ii.
|
Shared
power to vote or to direct the vote:
|
1,532,000
|
|
iii.
|
Sole
power to dispose or to direct the disposition of:
|
0
|
|
iv.
|
Shared
power to dispose or to direct the disposition of:
|
1,532,000
|
Chunyi
Hao is the sole officer and director of the Sponsor. Mr. Hao owns 33.3% of the Sponsor, and Fan Yu owns 66.7% of the Sponsor. As a result,
the Principals share voting and investment discretion with respect to the Ordinary Shares held by the Sponsor. Each may thus be deemed
to have beneficial ownership of the Ordinary Shares held directly by the Sponsor. Each of the Principals disclaims any beneficial ownership
of the reported shares other than to the extent of any pecuniary interest he or she may have therein, directly or indirectly.
(c)
Except as described above and in Item 6 of this Schedule 13D which information is incorporated herein by reference, none of the Reporting
Persons has effected any transactions of the Ordinary Shares during the 60 days preceding the date of this report.
(d)
Not applicable.
(e)
Not applicable.
Item
6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Founder
Securities Purchase Agreement
In
connection with the organization of the Issuer, on October 22, 2018, 1,437,500 Founder Shares were issued to the Sponsor, Navy Sail and
Chunyi Hao in the amount of $25,000, pursuant to the Purchase Agreement. Under the Purchase Agreement, the Sponsor, Navy Sail and Chunyi
Hao acknowledged that the Founder Shares would be subject to certain lock-up provisions to be contained in the Insider Letter (as defined
below). The description of the lock-up is described further under “Insider Letter” in this Item 6 below. The description
of the Purchase Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which was filed by
the Issuer as Exhibit 10.4 to the Registration Statement on Form S-1 filed by the Issuer with the SEC on January 17, 2020 (and is incorporated
by reference herein as Exhibit 99.1).
Unit
Subscription Agreement
On
February 24, 2020, simultaneously with the consummation of the IPO, the Sponsor purchased 167,000 Placement Units pursuant to the Subscription
Agreement. The Placement Units and the securities underlying the Placement Units are subject to a lock-up provision in the Subscription
Agreement, which provides that such securities shall not be transferable, saleable or assignable until after the consummation of the
Issuer’s initial business combination, subject to certain limited exceptions as described in the Insider Letter.
The
description of the Subscription Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which
was filed by the Issuer as Exhibit 10.4 to the Current Report on Form 8-K filed by the Issuer with the SEC on February 25, 2020 (and
is incorporated by reference herein as Exhibit 99.2).
Registration
Rights Agreement
On
February 19, 2020, in connection with the IPO, the Issuer and certain security holders, including the Sponsor and Chunyi Hao, entered
into a registration rights agreement, pursuant to which, such holders were granted certain demand and “piggyback” registration
rights, which will be subject to customary conditions and limitations, including the right of the underwriters of an offering to limit
the number of shares offered. The summary of such registration rights agreement contained herein is qualified in its entirety by reference
to the full text of such agreement, the form of which was filed by the Issuer as Exhibit 10.8 to the Form 8-K filed by the Issuer with
the SEC on February 25, 2020 (and is incorporated by reference herein as Exhibit 99.3).
Insider
Letter
On
February 19, 2020, in connection with the IPO, the Issuer, the Sponsor, Navy Sail, anchor investors and the executive officers and directors
of the Issuer entered into a letter agreement (the “Insider Letter”), pursuant to which the Sponsor and Chunyi Hao agreed:
(A) to vote the Founder Shares, Placement Units and any public shares in favor of any proposed business combination, (B) not to propose
an amendment to the Issuer’s Memorandum and Articles of Association with respect to the Issuer’s pre-business combination
activities prior to the consummation of such a business combination, (C) not to redeem any shares (including the Founder Shares and Placement
Units) into the right to receive cash from the trust account in connection with a shareholder vote to approve the Issuer’s proposed
initial business combination or a vote to amend the provisions of the Issuer’s Memorandum and Articles of Association relating
to shareholders’ rights or pre-business combination activity and (D) that the Founder Shares and Placement Units shall not participate
in any liquidating distribution upon winding up if a business combination is not consummated.
The
summary of the Insider Letter contained herein is qualified in its entirety by reference to the full text of such agreement, the form
of which was filed by the Issuer as Exhibit 10.1 to the Form 8-K filed by the Issuer with the SEC on February 25, 2020 (and is incorporated
by reference herein as Exhibit 99.4).
Share
Escrow Agreement
Pursuant
to the underwriting agreement, dated February 19, 2020 entered into between the Issuer and I-Bankers, the Issuer agreed to cause the
initial shareholders of the Issuer to escrow their Founder Shares and Placement Units subject to lock-up.
On
March 4, 2020, the Issuer and the initial shareholders, including the Sponsor and Chunyi Hao, entered into a share escrow agreement (the
“Escrow Agreement”). Pursuant to the Escrow Agreement, the Reporting Persons agreed not to transfer, assign or sell (except
with respect to permitted transferees) 50% of their Founder Shares until the earlier of: (i) six months after the date of the consummation
of the Issuer’s initial business combination or (ii) the date on which the closing price of the Ordinary Shares equals or exceeds
$12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within
any 30-trading day period commencing after the Issuer’s initial Business Combination and the remaining 50% of the Founder Shares
may not be transferred, assigned or sold until six months after the date of the consummation of the Issuer’s initial Business Combination,
or earlier, in either case, if, subsequent to the initial Business Combination, the Issuer consummates a subsequent liquidation, merger,
stock exchange or other similar transaction which results in all of its shareholders having the right to exchange their Ordinary Shares
for cash, securities or other property. The Placement Units (including the underlying securities) will not be transferable, assignable
or salable until 30 days after the completion of the Issuer’s initial business combination (except with respect to permitted transferees).
The
summary of the Escrow Agreement contained herein is qualified in its entirety by reference to the full text of such agreement, a copy
of which was filed by the Issuer as Exhibit 10.1 to the Form 8-K filed by the Issuer with the SEC on March 4, 2020 (and is incorporated
by reference herein as Exhibit 99.5).
Share
Transfer Agreements
On
November 12, 2021, the Sponsor entered into certain Share Transfer Agreements with Backstop Investors for the transfer of an aggregate
of 399,996 Ordinary Shares in consideration of Backstop Investors’ agreement to certain restrictions on transfer and redemption
of their public shares and their favorable votes for the extension of the Issuer’s timeframe to complete an initial business combination
and to approve the initial business combination. On November 24, 2021, the Sponsor transferred an aggregate of 135,000 Ordinary Shares
of the Issuer to the Backstop Investors. The remaining 264,996 Ordinary Shares will be transferred upon the closing of the Business Combination.
The
summary of the Share Transfer Agreements contained herein is qualified in its entirety by reference to the full text of such agreement,
a copy of which was filed by the Issuer as Exhibit 10.2 to the Form 8-K filed by the Issuer with the SEC on November 15, 2021 (and is
incorporated by reference herein as Exhibit 99.6).
February
2022 Founder Share Transfer Agreements
On
January 31, 2022, certain of the Backstop Investors entered into certain February 2022 Founder Share Transfer Agreements with the Sponsor
to support the Extension. Pursuant to February 2022 Founder Share Transfer Agreements, such Backstop Investors agreed to not request
redemption of an aggregate of up to 600,000 ordinary shares of Issuer in connection with the Extension. In connection therewith, the
Sponsor agreed to transfer to such Backstop Investors an aggregate of (i) 180,000 Founder Shares on or prior to the special meeting of
shareholders to approve the Business Combination, and (ii) 60,000 Founder Shares for each month past May 24, 2022 that the Business Combination
has not yet closed, for a total of up to 360,000 Founder Shares to be received by such Backstop Investors to support the Extension.
The
summary of the February 2022 Founder Share Transfer Agreements contained herein is qualified in its entirety by reference to the full
text of such agreement, a copy of which was filed by the Issuer as Exhibit 10.1 to the Form 8-K filed by the Issuer with the SEC on February
4, 2022 (and is incorporated by reference herein as Exhibit 99.7).
Item
7. Material to be Filed as Exhibits
Exhibit
99.1
|
|
Securities Purchase Agreement, dated as of October 22, 2018, by and among the Issuer, the Sponsor, Navy Sail and Chunyi Hao (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form S-1 filed by the Issuer with the SEC on January 17, 2020).
|
|
|
|
Exhibit
99.2
|
|
Unit Subscription Agreement, dated as of February 24, 2020, by and between the Issuer and the Sponsor (incorporated by reference to Exhibit 10.4 to the Form 8-K filed by the Issuer with the SEC on February 25, 2020).
|
|
|
|
Exhibit
99.3
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Registration Rights Agreement, dated as of February 19, 2020, by and among the Issuer and certain security holders including the Sponsor (incorporated by reference to Exhibit 10.8 to the Form 8-K filed by the Issuer with the SEC on February 25, 2020).
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Exhibit
99.4
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Insider Letter, dated as of February 19, 2020, by and among the Issuer, the Sponsor Navy Sail, anchor investors and the executive officers and directors of the Issuer (incorporated by reference to Exhibit 10.1 to the Form 8-K filed by the Issuer with the SEC on February 25, 2020).
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Exhibit
99.5
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Share Escrow Agreement, dated as of March 4, 2020, by and among the Issuer and the initial shareholders (incorporated by reference to Exhibit 10.1 to the Form 8-K filed by the Issuer with the SEC on March 4, 2020).
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Exhibit
99.6
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Form of Share Transfer Agreement, dated as of November 12, 2021 (incorporated by reference to Exhibit 10.2 to the Form 8-K filed by the Issuer with the SEC on November 15, 2021).
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Exhibit
99.7
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Form of Share Transfer Agreement, dated as of January 31, 2022 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed by the Issuer with the SEC on February 4, 2022).
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Exhibit
99.8
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Joint Filing Agreement, by and among the Reporting Persons.
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SIGNATURE
After
reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete
and correct.
Date:
February 14, 2022
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Double
Ventures Holdings Limited
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By:
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/s/
Chunyi Hao
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Name:
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Chunyi
Hao
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Title:
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Director
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/s/
Chunyi Hao
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|
Chunyi
Hao
|
|
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/s/
Fan Yu
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|
Fan
Yu
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11