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): June 8, 2022
SHARING ECONOMY INTERNATIONAL INC.
(Exact name of registrant as specified in Charter)
| 001-34591 | 90-0648920 | |||
|
(State or other jurisdiction of incorporation or organization) |
(Commission File No.) | (IRS Employee Identification No.) |
No.85 Castle Peak Road
Castle Peak Bay
Tuen Mun, N.T., Hong Kong
(Address of Principal Executive Offices)
(852) 35832186
(Registrant’s Telephone number)
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(b) under the Exchange Act (17 CFR 240.14a-12(b)) |
| ☐ | 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 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. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Stock | SEII |
Item 1.01 Entry into a Material Definitive Agreement
On June 8, 2022, Sharing Economy International Inc. (“SEII”, the “Company”), And QEV Technologies S.L. (“QEV”) Entered into a Memorandum of Understanding, whereby the two companies entered into the plan to jointly develop a joint venture company for the commercialization and distribution of the whole range of environmental electric and hydrogen vehicles, which will target to the markets in Europe, North America and South America. Referring to the European Union proposal of effective ban for new fossil-fuel cars from 2035, the demand for environmental new energy vehicles will increase. Under the new joint venture, QEV will provide the technical expertise in developing electric and hydrogen vehicles, while SEII will bring the license and certificate to allow the new joint venture company to distribute the vehicles in the planned markets. The foregoing description of the Strategic Framework Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Agreement, which is incorporated herein by reference and attached hereto as exhibit 10.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Memorandum of Understanding dated June 8, 2022 by and between Sharing Economy International Inc. And QEV Technologies S.L. | |
| 104 | Cover Page Interactive Data File (embedded within theInline XBRL document) |
1
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 8, 2022 | Sharing Economy International Inc. | |
| By: | /s/ Chan Pak Hei Jefferson | |
| Chan Pak Hei Jefferson | ||
| Chief Executive Officer | ||
2
Exhibit 10.1
Memorandum of Understanding
Date of Agreement: 8 June, 2022
Companies_Sharing Economy International Inc (“SEII”) & QEV Technologies S.L. (“QEV”)
Type of agreement: Joint Venture
Share distribution: 60% SEII-40% QEV Technologies.
Background: EU proposes effective ban for new fossil-fuel cars from 2035, and the demand for environmental new energy vehicles will inceease.
Purpose: Creation of a new joint vernture company for the commercialization and distribution of the whole range of environmental electric and hydrogen vehicles and products in Europe, North Africa and South America (“territory”).
SEII, will bring the license and certificate to allow the new joint venture company to distribute the vehicles in the whole territory.
SEII will proceed to adapt and produce the vehicles to the European standards to get the homologation of the vehicles.
Location of the Headquarters: Barcelona.
Type of governing structure: Board of Directors. Majority will be hold by SEII.
Law and jurisdiction: international commerce law and London Courts.
Name of the company: To be defined. (Q E-trucks S.L.)
Name of the Brand: ZEROID TRUCKS
Territories: E.U., UK, North Africa (Morrocco, Algeria and Tunisia), Mexico, Central America and South America.
Vehicle Certification: E.U. Homologation
Warranties of all products: according to E.U. legislation and market standards, 3 years of warranty for the whole vehicle and 8 years or 3000 charging cycles for the batteries.
Stock of spare parts: according to E.U. legislation spares parts should be ensured at least during 10 years after the vehicle is declared discontinued.
Phases of the project:
| - | Market strategy will be jointly agreed according to trends detected and previous knowledge of the market. Both companies agree that the range of products can be completed with vehicles coming from agreements with other manufacturers. |
| - | Production strategy, in a first step vehicles will be produced in China to ensure a short time to market. Both companies agreed to work since the first steps to develop the production of the vehicles in Barcelona introducing components from European manufacturers always keeping or improving the quality standard of the products. At the beginning vehicles will be imported from China completely assembled. During the first year an SKD system will be implemented in order to achieve a better cost avoiding import taxes and achieving a more efficient transport cost. |
| - | New products development: a technical office will be settled in Barcelona to develop and adapt new products according to the local markets where the JV is established. |
| - | Production facilities in Barcelona: both companies agree to have a production center in Barcelona in a short term, either Nissan’s factory if it’s finally granted or either any other facility rented for this purpose. |
Scope of the JV: long term agreement.
| Document signed by: | |
| Jefferson Chan | |
| Chairman and CEO | |
| Sharing Economy International Inc. | |
| Joan Orus Valls | |
| CEO | |
| QEV Technologies S.L. |