UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 1.01 | Entry into a Material Definitive Agreement. |
As disclosed in the Current Report on Form 8-K filed on August 16, 2023, Datasea Inc. (the "Company") entered into a subscription agreement (the "Agreement") with a non-U.S. investor (the "Investor"). Under the Agreement, the Investor agreed to purchase, an aggregate of 2,962,963 shares of common stock (the "Shares") at a purchase price of $1.35 per share. The Shares are subject to a mandatory holding period of 180 days.
Pursuant to the terms of the Agreement,
on August 16, 2023, the Investor made an initial payment of $714,286 to the Company. The Investor was required to pay the remainder amount
of $3,285,714 to the Company by October 15, 2023. This payment was delayed due to adjustments in the Investor's internal funding plan.
On October 15, 2023, the Investor sought an extension from the Company to defer the payment of the outstanding balance of
$3,285,714.29 until March 31, 2024. The Company approved the Investor’s request. The Investor can pay the remaining balance either
in a lump sum or in two installments. The Company retains the discretion to decide whether to continue the execution of the Agreement
at any time before or after March 31, 2024.
| Item 9.01. | Financial Statement and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | English translation of the Application for Extension of Payment for Remaining Subscription Amount. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| DATASEA INC. | |||
| October 19, 2023 | By: | /s/ Zhixin Liu | |
| Name: | Zhixin Liu | ||
| Title: | Chief Executive Officer | ||