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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): July 2, 2024
WETOUCH TECHNOLOGY INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
001-41957 |
|
20-4080330 |
(State
or other jurisdiction
of incorporation) |
|
(Commission File
Number) |
|
(IRS
Employer
Identification No.) |
No.29, Third Main Avenue, Shigao Town, Renshou County,
Meishan,
Sichuan, China 620500
(Address of principal executive offices)
Registrant’s
telephone number, including area code: (86) 28-37390666
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any
of the following provisions:
☐ |
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)) |
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, $0.001 par value |
|
WETH |
|
The Nasdaq Stock Market
LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities 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 7.01. Regulation FD Disclosure.
On July 8, 2024, Wetouch Technology
Inc., a Nevada corporation (the “Company”), issued a press release regarding the Repurchase Program (defined below). A copy
of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1 and incorporated by reference into Item 7.01.
The information in this Item 7.01,
including Exhibit 99.1 attached hereto and incorporated by reference to this Item 7.01, shall not be deemed to be “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section
or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended and shall not be incorporated by reference into any filing
with the SEC made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such
filing. The information in this Item 7.01, including Exhibit 99.1 attached hereto and incorporated by reference into this Item 7.01, shall
not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed
solely to satisfy the requirements of Regulation FD.
Item 8.01 Other Events.
On July 2, 2024, the Board of
Directors (the “Board”) of the Company approved and authorized a stock repurchase program (the “Repurchase Program”),
pursuant to which the Company intends to repurchase up to $15 million of its common stock, from time to time, for a purchase price of
not less than $1 per share and not more than $4 per share, in the open market or privately negotiated transactions. The Repurchase Program
commenced on July 1, 2024 and will terminate on the date to be determined by the Board, for a period not to exceed 12 months from July
1, 2024. Pursuant to the Repurchase Program, the Company is not obligated to repurchase any specific number of shares of its common stock
and shall not repurchase more than 25% of the average daily volume of its stock over the previous 20 trading days.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
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.
|
WETOUCH TECHNOLOGY INC. |
|
|
Date: July
8, 2024 |
By: |
/s/
Zongyi Lian |
|
Name: |
Zongyi Lian |
|
Title: |
President
and Chief Executive officer
(Principal
Executive Officer) |
2
Exhibit 99.1
Wetouch
Technologies Inc. Announces $15 Million Stock Buyback Program
Chengdu,
China, July 8th, 2024 /PRNewswire/ -- Wetouch Technologies Inc. (NASDAQ: WETH) ("Wetouch" or the "Company"), a leading
innovator in the global touch display industry, today announced a stock buyback program to repurchase up to $15 million of the Company's
common stock.
Under the program, the Company is authorized to repurchase its shares from time to time in the open market or in privately
negotiated transactions. The timing and amount of any repurchases will depend on a variety of factors, including price, trading volume,
general market conditions, and other corporate considerations. The repurchase program does not obligate the Company to repurchase any
specific number of shares and may be suspended, modified, or discontinued at any time without prior notice.
"We
are pleased to announce this stock buyback program, which reflects our confidence in the strong and growing business of Wetouch,"
said Zongyi Lian, CEO of Wetouch Technologies Inc. "With over $90 million in cash and nearly $8 per share in cash, however the market
capitalization is less than $30 million, we believe our stock is significantly undervalued. This buyback program represents an attractive
opportunity to return value to our shareholders."
About
WeTouch Technology Inc.
Wetouch
Technology Inc. is at the forefront of providing premium touch display solutions, dedicated to reshaping human-machine interaction across
diverse industries. With a relentless focus on innovation and customer satisfaction, Wetouch consistently delivers cutting-edge technology
and unparalleled performance in touch display solutions globally.
For
additional information, please visit: WeTouch Technology Inc.at http://en.usa-wetouch.com/
Cautionary
Note Regarding Forward-Looking Statements
This
press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and as defined
in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such
as "will", "expects", "anticipates", "future", "intends", "plans", "believes",
"estimates", "target", "going forward", "outlook," "objective" and similar terms. Such
statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve
known or unknown risks, uncertainties and other factors, all of which are difficult to predict and which are beyond Wetouch's control,
which may cause Wetouch's actual results, performance or achievements (including the RMB/USD value of its anticipated benefit to
wetouch as described herein) to differ materially and in an adverse manner from anticipated results contained or implied in the forward-looking
statements. Further information regarding these and other risks, uncertainties or factors is included in Wetouch's filings with the U.S.
Securities and Exchange Commission, which are available at www.sec.gov. Wetouch does not undertake any obligation to update any
forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For
more information, please contact:
Horizon
Research Management Consultancy
Michael Wei,
Email: hwey@horizonconsultancy.co
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