Summary by Moomoo AI
YAOXING TECHNOLOGY GROUP CO., LTD. (THE “COMPANY”) ANNOUNCED ON FEBRUARY 1, 2024 THAT THE SUBSCRIPTION AGREEMENT ORIGINALLY ANNOUNCED ON DECEMBER 18, 2023 HAS BEEN TERMINATED. The transaction originally involved in the Subscription Agreement decided not to proceed further due to the failure of the Subscriber to fulfill its obligations and, in addition to the current market situation, the parties decided not to proceed. The parties entered into termination of the deed on February 1, 2024, and each other is exempt from any obligation or liability arising out of the subscription agreement. The Board of Directors considers that the termination of the subscription agreement will not have a material adverse effect on the operating and financial condition of the Company.