UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


FORM 8-K


CURRENT REPORT


Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):

August 16, 2018



Weyland Tech, Inc.

(Exact name of registrant as specified in its charter)



Delaware

000-51815

46-5057897

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

 

85 Broad Street, 16-079

New York, NY 10004

(Address, including zip code, of principal executive offices)

 

Registrant’s telephone number, including area code

(808) 829-1057

 

N/A

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


[   ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).  Emerging Growth company [   ]


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  [   ]



 

Item 8.01  Other Events.

 

Update on Spin-off

 

The Company announced in a press release on August 16, 2018 a distribution to Weyland Tech stockholders of a pro-rata share of the Company’s ownership in its eWallet business (the “Spin-off”). 

 

In the distribution, Weyland stockholders will receive one share of common stock of ‘Weyland AtoZPay Inc’, (“WAI”), a Delaware Company, for each share of the Company’s common stock held at the dividend record date at the close of business in the U.S. on or about September 28, 2018. 

 

The Company will describe further instructions for shareholders regarding the distribution as well as a finalized record date following advice by FINRA. 

 

Weyland will not issue fractional shares of its common stock in the distribution. The Spin-off is expected to be completed on or about October 5, 2018. 

 

Further details of the underlying assets and rights of WAI will be described in an 8-K filing and Information Statement

 

A copy of the press release is filed as Exhibit 99.1 to this report and is incorporated herein by reference.



Item 9.01.  Exhibits.  Financial Statements and Exhibits


 

(c)

Exhibits

 

 

 

 

99.1

Press release dated for August 16, 2018





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.


 

 

WEYLAND TECH  INC.

 

 

 

Dated: August 21, 2018

 

By:

/s/ Brent Y. Suen

 

 

Name:

Brent Y. Suen

 

 

Title:

President & CEO




2



EXHIBIT 99.1


NEW YORK, NY, Aug. 16, 2018 (GLOBE NEWSWIRE) -- Weyland Tech Inc. (WEYL) ("Weyland " or the "Company"), announces today that its board of directors has approved a pro-rata distribution to the Company’s shareholders of 90% of the outstanding shares of the Company’s subsidiary, Weyland AtoZ Pay Inc.” (“WAI”), through which the Company holds its ownership interest in its eWallet business (the “Spin-Off”).

The Company’s shareholders of record as of the close of trading on September 28, 2018, the record date for the Spin-Off, will receive one share of common stock of WAI for every five shares of the Company’s common stock  held as of the record date. Fractional shares of WAI common stock will not be issued in the distribution.  The Spin-Off is expected to be effective as of the end of the day on October 5, 2018, the distribution date for the Spin-Off, with 90% of the shares of WAI distributed to the Company’s shareholders of record. The Company will be reporting the Spin-Off to FINRA shortly.

As the Spin-Off will be processed outside of DTCC, the Company will provide further instructions to brokers, banks and shareholders regarding the procedures for receiving the distribution.

Further details regarding WAI and its eWallet business will be provided in a Current Report on Form 8-K and an Information Statement, which will be filed on the SEC’s EDGAR reporting system prior to the distribution date for the Spin-Off.

Weyland Tech
Brent Suen
info@weyland-tech.com