0001079973-21-000354.txt : 20210512 0001079973-21-000354.hdr.sgml : 20210512 20210512084526 ACCESSION NUMBER: 0001079973-21-000354 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20210512 DATE AS OF CHANGE: 20210512 GROUP MEMBERS: FAITH ABUNDANT LTD GROUP MEMBERS: FAITH DAWN LTD GROUP MEMBERS: XD ENGINEERING PLASTICS CO LTD SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: China XD Plastics Co Ltd CENTRAL INDEX KEY: 0001353970 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS FOAM PRODUCTS [3086] IRS NUMBER: 043836208 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-84400 FILM NUMBER: 21913595 BUSINESS ADDRESS: STREET 1: 500 5TH AVENUE, STE 960 CITY: NEW YORK STATE: NY ZIP: 10110 BUSINESS PHONE: 212-747-1118 MAIL ADDRESS: STREET 1: 500 5TH AVENUE, STE 960 CITY: NEW YORK STATE: NY ZIP: 10110 FORMER COMPANY: FORMER CONFORMED NAME: NB Telecom, Inc. DATE OF NAME CHANGE: 20060221 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Han Jie CENTRAL INDEX KEY: 0001453248 FILING VALUES: FORM TYPE: SC 13D/A MAIL ADDRESS: STREET 1: NO 9 QINLING RD, YINGBIN RD, STREET 2: CENTRALIZED IND PARK, HARBIN DEVELP CTR CITY: HEILONGJIANG STATE: F4 ZIP: 150078 SC 13D/A 1 cxdc_13da.htm SCHEDULE 13D/A

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D/A
(RULE 13d-1 and Rule 13d-2)

Under the Securities Exchange Act of 1934

(Amendment No. 10)*

 

CHINA XD PLASTICS COMPANY LIMITED

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)


16948F107

(CUSIP Number)

 

Jie HAN

XD. Engineering Plastics Company Limited

Faith Dawn Limited

Faith Abundant Limited

No. 9 Dalian North Road, Haping Road Centralized Industrial Park,

Harbin Development Zone,

Heilongjiang Province, P. R. China, 150066

(86) 451-8434-6600

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

May 12, 2021

(Date of Event which Requires Filing of this Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [_]

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 
 

CUSIP No. 16948F107

 

1.

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):

 

XD. Engineering Plastics Company Limited

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):

(a)

(b)

3. SEC USE ONLY
4. SOURCE OF FUNDS (SEE INSTRUCTIONS):
OO
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
0
8. SHARED VOTING POWER
6,960,788
9. SOLE DISPOSITIVE POWER
0
10. SHARED DISPOSITIVE POWER
6,960,788
11.

AGGREGATE AMOUNT BENEFICIALLY OWED BY EACH REPORTING PERSON:

6,960,7881

12.

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
9.7 % 2
14. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
CO

 

16,960,788 shares consist of 5,960,788 of Common Stock, par value $0.0001 per share (“Common Stock”), and 1,000,000 shares of outstanding Series B Preferred Stock, par value $0.0001 per share (“Series B Preferred Stock”).
2

Based on 71,548,841 total issued share capital of the Issuer, including 70,548,841 outstanding shares of Common Stock and 1,000,000 shares of outstanding Series B Preferred Stock, as reported in China XD Plastics Company Limited’s Form 10-Q, as filed with the Securities and Exchange Commission on November 16, 2020.

 

 
 

 

 

CUSIP No. 16948F107

 

1.

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):

 

JIE HAN

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):

(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
People's Republic of China
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7. SOLE VOTING POWER
35,865,054
8. SHARED VOTING POWER
0
9. SOLE DISPOSITIVE POWER
35,865,054
10. SHARED DISPOSITIVE POWER
0
11.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:

35,865,0541

12.

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE

INSTRUCTIONS):

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
50.1% 2
14. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
IN

 

 

135,865,054 shares consist of (a) 28,904,266 shares of Common Stock directly owned by Mr. Han and (b) 5,960,788 shares of Common Stock and 1,000,000 shares of Series B Preferred Stock beneficially owned by Mr. Han through his 100% ownership of XD. Engineering Plastics Company Limited.
2Based on 71,548,841 total issued share capital of the Issuer, including 70,548,841 outstanding shares of Common Stock and 1,000,000 shares of outstanding Series B Preferred Stock, as reported in China XD Plastics Company Limited’s Form 10-Q, as filed with the Securities and Exchange Commission on November 16, 2020.

 
 

 

CUSIP No. 16948F107

 

1.

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):

 

Faith Dawn Limited

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):

(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 
Cayman Islands

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7. SOLE VOTING POWER
0
8. SHARED VOTING POWER
01
9. SOLE DISPOSITIVE POWER
0
10. SHARED DISPOSITIVE POWER
01
11.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:

01

12.

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE

INSTRUCTIONS):

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
02
14. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
IN

 

1

Faith Dawn Limited is controlled by Mr. Jie Han who is its sole director. Mr. Jie Han is also the sole shareholder and sole director of Faith Abundant Limited, the sole shareholder of Faith Dawn Limited. Pursuant to the Equity Contribution and Voting Agreement as described in the Schedule 13D, Faith Dawn Limited has the irrevocable proxy to vote the Rollover Shares (as defined in the Schedule 13D) held by the other Reporting Persons as indicated in the Equity Contribution and Voting Agreement. Pursuant to Section 13(d) of the Act and the rules promulgated thereunder, Faith Dawn Limited may be deemed to beneficially own all of the Rollover Shares held by the other Reporting Persons in the Company and share with the other Reporting Persons the voting power and dispositive power of such shares. On May 8, 2021, the Company notified Faith Dawn Limited that the Company terminated the Merger Agreement pursuant to Section 9.1(c)(i) of the Merger Agreement (the “Notice”).  On May 12, 2021, Faith Dawn Limited sent a response letter to the Company that while it disagrees with the allegations made in the Notice, Faith Dawn Limited acknowledges that the Company can terminate the Merger Agreement pursuant to Section 9.1(c)(iii) of the Merger Agreement. As a result of the termination of the Merger Agreement, the Equity Commitment Letter and the Equity Contribution and Voting Agreement were also terminated pursuant to the terms thereof. As a consequence of such termination, Faith Dawn Limited ceases to be a Reporting Person and may not be deemed to beneficially own any shares of Common Stock or Series B Preferred Stock of the Company.

 

 
 

CUSIP No. 16948F107

 

1.

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):

 

Faith Abundant Limited

2.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):

(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 
Cayman Islands

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7. SOLE VOTING POWER
0
8. SHARED VOTING POWER
01
9. SOLE DISPOSITIVE POWER
0
10. SHARED DISPOSITIVE POWER
01
11.

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:

01

12.

CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE

INSTRUCTIONS):

13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
0 2
14. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
IN

 

1

Faith Abundant Limited, as the sole shareholder of Faith Dawn Limited, may be deemed to beneficially own all of the Rollover Shares held by the other Reporting Persons in the Company and share with the other Reporting Persons the voting power and dispositive power of such shares. See Item 5. On May 8, 2021, the Company notified Faith Dawn Limited that the Company terminated the Merger Agreement pursuant to Section 9.1(c)(i) of the Merger Agreement (the “Notice”). On May 12, 2021, Faith Dawn Limited sent a response letter to the Company that while it disagrees with the allegations made in the Notice, Faith Dawn Limited acknowledges that the Company can terminate the Merger Agreement pursuant to Section 9.1(c)(iii) of the Merger Agreement. As a result of the termination of the Merger Agreement, the Equity Commitment Letter and the Equity Contribution and Voting Agreement were also terminated pursuant to the terms thereof. As a consequence of such termination, Faith Abundant Limited ceases to be a Reporting Person and may not be deemed to beneficially own any shares of Common Stock or Series B Preferred Stock of the Company.

 

 

 
 

This amendment No. 10 (this “Amendment No. 10”) is filed jointly by XD. Engineering Plastics Company Limited, Mr. Jie Han, Faith Dawn Limited and Faith Abundant Limited, with respect to China XD Plastics Company Limited (the “Company” or “Issuer”).

This Amendment No. 10 amends and supplements the Schedule 13D (the “Schedule 13D”), as amended and supplemented by Amendment No. 9 filed on February 8, 2021 by the Reporting Persons. Capitalized terms used but not defined in this Amendment No. 10 shall have the meanings assigned to such terms in the Schedule 13D. Except as amended or supplemented by this Amendment No. 10, all other information in the Schedule 13D is as set forth therein.

 

Item2.    Purpose of Transaction.

The response to Item 2 contained in the Schedule 13D is amended and restated in its entirety as follows:

 

The Reporting Persons were previously parties to a joint filing agreement, dated June 15, 2020 (the “Joint Filing Agreement”), pursuant to which the Reporting Persons agreed to jointly file with the Commission the Schedule 13D and any and all amendments thereto. The Joint Filing Agreement was terminated by a Termination Agreement, dated May 12, 2021 (the “Termination Agreement”). The Termination Agreement is filed herewith as Exhibit 7.10 and is incorporated herein by reference.

 

As a result of the matters described in this Amendment, Parent and Merger Sub ceased to be the beneficial owner of more than five percent of the Common Stock and is no longer required to file statements on Schedule 13D with respect to his beneficial ownership of Common Stock or Series B Preferred Stock or other securities of the Issuer. The other Reporting Persons will continue filing statements on Schedule 13D with respect to their respective beneficial ownership of securities of the Issuer to the extent required by applicable law.

 

Item4.    Purpose of Transaction.

Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following sentence at the end thereof:

 

“On May 8, 2021, the Company provided a notice of termination (“Notice of Termination”) to Parent, pursuant to which the Company terminated the Merger Agreement because (i) Parent and Merger Sub have breached certain representations and warranties and covenants set forth in the Merger Agreement and (ii) those breaches are not capable of being cured prior to the Termination Date. Accordingly, the Parent Termination Fee becomes due and payable to the Company. On May 12, 2021, Faith Dawn Limited sent a response letter, dated May 11, 2021, to the Company that while it disagrees with the allegations made in the Notice of Termination, Faith Dawn Limited acknowledges that the Company can terminate the Merger Agreement pursuant to Section 9.1(c)(iii) of the Merger Agreement and thus agrees to pay the Parent Termination Fee pursuant to Section 9.3(b) of the Merger Agreement under that basis.

 

As a result of the termination of the Merger Agreement, the Equity Commitment Letter and the Equity Contribution and Voting Agreement were also terminated pursuant to the terms thereof. As a consequence of such termination, Parent and Merger Sub cease to be Reporting Persons.”

 

Item5.    Interest in Securities of the Issuer.

Items 5(a), (b) and (e) of the Schedule 13D are hereby amended by replacing them in their entirety with the following:

 

(a) and (b) The responses of the Reporting Persons to rows (7) through (13) of the cover page of this Schedule 13D are hereby incorporated by reference in this Item 5. The calculation of the percentages is based on 71,548,841 total issued share capital of the Issuer, including 70,548,841 outstanding shares of Common Stock and 1,000,000 shares of outstanding Series B Preferred Stock, as reported in China XD Plastics Company Limited’s Form 10-Q, as filed with the Securities and Exchange Commission on November 16, 2020. As of the date of this Amendment, (i) Mr. Han directly holds 27,104,266 shares of Common Stock, (ii) XD. Engineering Plastics Company Limited directly holds 5,960,788 shares of Common Stock and 1,000,000 shares of Series B Preferred Stock.

 

 

 
 

 

(e) As discussed in Item 4 above, on May 8, 2021, the Company provided a Notice of Termination to Parent, pursuant to which the Company terminated the Merger Agreement. On May 12, 2021, Faith Dawn Limited sent a response letter, dated May 11, 2021 (the “Response Letter”), to the Company that while it disagrees with the allegations made in the Notice of Termination, Faith Dawn Limited acknowledges that the Company can terminate the Merger Agreement pursuant to Section 9.1(c)(iii) of the Merger Agreement and thus agrees to pay the Parent Termination Fee pursuant to Section 9.3(b) of the Merger Agreement under that basis. As a result of the termination of the Merger Agreement, the Equity Commitment Letter and the Equity Contribution and Voting Agreement were also terminated. As a consequence of such termination, as of May 12, 2021, Parent and Merger Sub ceased to be Reporting Persons and may not be deemed to beneficially own any shares of Common Stock or Series B Preferred Stock of the Company.

 

Item 6.    Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

The responses to Item 6 contained in the Schedule 13D are incorporated herein by this reference.

 

The descriptions of the Notice of Termination and the Response Letter under Item 4 are incorporated herein by reference in their entirety.

The Reporting Persons were previously parties to the Joint Filing Agreement, pursuant to which the Reporting Persons agreed to jointly file with the Commission the Schedule 13D and any and all amendments thereto. The Joint Filing Agreement was terminated by the Termination Agreement which is filed herewith as Exhibit 7.10 and is incorporated herein by reference.

 

 

Item 7.    Material to Be Filed as Exhibits

Item 7 is hereby amended and supplemented by adding the following thereto:

Exhibit 7.08: Notice of Termination dated May 8, 2021 by the Company

Exhibit 7.09: Dawn Limited Response Letter to the Notice of Termination, dated as of May 11, 2021

Exhibit 7.10: Termination Agreement by and between the Reporting Persons, dated as of May 12, 2021

 

 

 
 

 

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.

Dated: May 12, 2021

  XD. Engineering Plastics Company Limited
   
   By: /s/ Jie HAN
    Name: Jie HAN
Title: Authorized Signatory

 

  Jie HAN
   
   By: /s/ Jie HAN
   

 

  Faith Dawn Limited
   
   By: /s/ Jie HAN
    Name: Jie HAN
Title: Authorized Signatory

 

  Faith Abundant Limited
   
   By: /s/ Jie HAN
    Name: Jie HAN
Title: Authorized Signatory
EX-7.08 2 ex708.htm EXHIBIT 7.08

Exhibit 7.08

 

 

May 8, 2021

Via Email and Overnight Delivery

Faith Dawn Limited

No. 9 Dalian North Road

Haping Road Centralized Industrial Park

Harbin Development Zone

Heilongjiang Province, P. R. China

Attn: Jie Han

Email: chinaxd@chinaxd.net

Re: Notice of Termination Pursuant to Section 9.1(c)(i)

Dear Mr. Jie Han:

Reference is hereby made to that certain Agreement and Plan of Merger dated as of June 15, 2020 by and among China XD Plastics Company Limited, a Nevada corporation (“Company”), Faith Dawn Limited, an exempted company with limited liability incorporated under the Laws of the Cayman Islands (“Parent”), and Faith Horizon Inc., a Nevada corporation and a wholly owned subsidiary of Parent (“Merger Sub”) (as amended, the “Merger Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Merger Agreement.

The Company hereby provides notice of termination pursuant to Section 9.1(c)(i) based on Parent and Merger Sub’s breaches of the Merger Agreement, including, but not limited to, Sections 5.4, 5.13, 7.6, and 7.8, which breaches have given rise to the failure of several conditions set forth in Section 8.1 and Section 8.3, including, but not limited to, Sections 8.1(b), 8.3(a), 8.3(b), and 8.3(c). These breaches are not capable of being cured prior to the Termination Date.

In light of the Company’s termination pursuant to Section 9.1(c)(i), the Parent Termination Fee, as described in Section 9.3(b), is due and owing to the Company. If Parent fails to pay the Parent Termination Fee, Parent is responsible for reimbursing the Company all reasonable costs and expenses the Company incurs in collecting under and enforcing the payment of the Parent Termination Fee. See Merger Agreement, § 9.3(c).

Sincerely,

China XD Plastics Company Limited

 

By: /s/ Huiyi Chen_____________________

Name: Huiyi Chen

Title: Director, Chairman of the Special Committee of the Board of Directors of China XD Plastics Company Limited

 

cc: O’Melveny & Myers LLP
     Attn: Ke Geng; Nima Amini

EX-7.09 3 ex709.htm EXHIBIT 7.09 RESPONSE

Exhibit 7.09

 

 

 

May 11, 2021

Via Email

The Special Committee of the Board of Directors

China XD Plastics Company Limited

No.9 Dalian North Road, Haping Road Centralized Industrial Park

Harbin Development Zone,

Heilongjiang Province

People’s Republic of China

 

Email: hljxd@chinaxd.net

 

Re: Notice of Termination

 

Reference is hereby made to that certain Agreement and Plan of Merger dated as of June 15, 2020 by and among China XD Plastics Company Limited, a Nevada corporation (“Company”), Faith Dawn Limited, an exempted company with limited liability incorporated under the Laws of the Cayman Islands (“Parent”), and Faith Horizon Inc., a Nevada corporation and a wholly owned subsidiary of Parent (“Merger Sub”) (as amended, the “Merger Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Merger Agreement.

Reference is further made to that certain Notice of Termination dated May 8, 2021 issued by the Company to us (the “Notice of Termination”).

 

We write in response to the Notice of Termination. While we also regret that the transactions contemplated under the Merger Agreement cannot be completed as previously contemplated, we disagree with the allegations made in the Notice of Termination.

 

Nonetheless, in the interest of good faith and cooperation, Faith Dawn Limited acknowledges that the Company can terminate the Merger Agreement under Section 9.1(c)(iii) of the Merger Agreement and thus agrees to pay the Parent Termination Fee pursuant to Section 9.3(b) of the Merger Agreement under that basis.

 

  Sincerely,
 

 

FAITH DAWN LIMITED

 

 

   By: /s/ Jie Han
    Name: Jie Han
Title: Director

 

cc:   Hogan Lovells

        11th Floor, One Pacific Place, 88 Queensway

        Hong Kong Special Administrative Region

        Attention: Stephanie Tang, Esq.

        Fax: +852 2219 0222

        Email: Stephanie.Tang@hoganlovells.com

 

EX-7.10 4 ex710.htm TERMINATION AGREEMENT

Exhibit 7.10

 

 

TERMINATION AGREEMENT

This Termination Agreement (“Termination Agreement”) is made and entered into as of May 12, 2021, by and among XD. Engineering Plastics Company Limited, Jie Han, Faith Dawn Limited and Faith Abundant Limited (each a “Party,” and collectively the “Parties”). Reference is hereby made to the Statement of Beneficial Ownership on Schedule 13D filed with the Securities and Exchange Commission by the Parties (the “Schedule 13D”).

WHEREAS, the Parties entered into a Joint Filing Agreement, dated June 15, 2020 (the “Joint Filing Agreement”), pursuant to which they agreed, among other things, to jointly file the Schedule 13D with respect to their respective beneficial ownership of the common Stock, $0.0001 par value (the “Common Stock”), and Series B Preferred Stock, par value $0.0001 per share (“Series B Preferred Stock”), of China XD Plastics Company Limited; and

WHEREAS, Faith Dawn Limited and Faith Abundant Limited now desire to terminate the Joint Filing Agreement and cease to be a party to the Joint Filing Agreement.

NOW, THEREFORE, the Parties hereby agree as follows:

1. Termination of Joint Filing Agreement.  The Joint Filing Agreement is hereby terminated with respect to Faith Dawn Limited and Faith Abundant Limited and each Party hereby expressly acknowledges and confirms that, as of the date hereof, Faith Dawn Limited and Faith Abundant Limited shall cease to be a party to the Joint Filing Agreement and the Joint Filing Agreement shall cease to be of further effect with respect to Faith Dawn Limited and Faith Abundant Limited.

2. Further Amendments to Schedule 13D. From and after the date hereof, Faith Dawn Limited and Faith Abundant Limited shall have no obligation to file any amendment to the Schedule 13D that may be required, in accordance with the rules and regulations promulgated under the Securities Exchange Act of 1934, as amended (the “Act”), with respect to the Common Stock and Series B Preferred Stock, except on such Party’s own behalf or pursuant to such other agreements as such Party may enter.

3. Release and Discharge. Faith Dawn Limited and Faith Abundant Limited, as one Party, and XD. Engineering Plastics Company Limited and Jie Han, as the other Party, hereby mutually and unconditionally releases and discharges the other Parties, as applicable from all obligations under the Joint Filing Agreement to which each is a party.

4. Counterparts. This Termination Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument.

 

 

 
 
 

IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of the date first specified above.

 

Date: May 12, 2021 XD. Engineering Plastics Company Limited
   
   By: /s/ Jie HAN
    Name: Jie HAN
Title: Authorized Signatory

 

  Jie HAN
   
   By: /s/ Jie HAN
   

 

  Faith Dawn Limited
   
   By: /s/ Jie HAN
    Name: Jie HAN
Title: Authorized Signatory

 

  Faith Abundant Limited
   
   By: /s/ Jie HAN
    Name: Jie HAN
Title: Authorized Signatory