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): September 25, 2020

 

LOGIQ, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   000-51815   46-5057897
(State or other jurisdiction   (Commission   (I.R.S. Employer
of incorporation)   File Number)   Identification No.)

 

85 Broad Street, 16-079    
New York, NY   10004
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (808) 829-1057

 

(Former name or former address, if changed since last report.): N/A

  

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 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
None   N/A   N/A

 

Indicate by check mark whether the registrant is an emerging growth company 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.  ☐

 

 

 

 

 

 

Item 7.01 Regulation FD Disclosure

 

On September 25, 2020, Logiq, Inc. (the “Company”) issued a press release regarding the commencement of trading of its securities quoted on OTCQX marketplace of OTC Markets under the Company’s new name, Logiq, Inc., and the new symbol: “LGIQ”. The text of the press release is furnished as Exhibit 99.1 and incorporated herein by reference.

 

The information in this Item 7.01 of this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any of the Company’s filings under the Securities Act, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference to this Form 8-K in such filing.

 

Cautionary Statements

 

This filing includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect the Company’s operations, financial performance, and other factors as discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”). Among the factors that could cause results to differ materially are those risks discussed in the periodic reports the Company files with the SEC. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” The Company does not undertake any duty to update any forward-looking statement except as required by law.

 

Item 8.01 Other Events.

 

We previously reported in a Current Report on Form 8-K filed with the SEC on August 6, 2020 that on July 31, 2020, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a change of the Company’s name to Logiq, Inc. (the “Name Change”). In connection with the Name Change, we submitted to the Financial Industry Regulatory Authority, Inc. (“FINRA”) a voluntary request for the change of our trading symbol. On September 24, 2020, FINRA notified us that the Name Change would take effect on the over-the-counter market at the start of business on September 25, 2020. At the open of trading on September 25,2020, our trading symbol changed from "WEYL" to "LGIQ."

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit No.   Description
     
99.1   Press Release issued September 25, 2020

 

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: September 25, 2020 LOGIQ, INC.
     
  By: /s/ Brent Y. Suen
  Name:  Brent Y. Suen
  Title:  President

 

 

2

 

 

Exhibit 99.1

 

 

Weyland Tech Begins Trading Under New Company Name, Logiq, and Ticker Symbol, LGIQ

 

New York, NY – September 25, 2020 – Logiq, Inc. (formerly Weyland Tech) (OTCQX: WEYL) (OTCQX:LGIQ), a global provider of award-winning eCommerce solutions, has received notification from the Financial Industry Regulatory Authority (FINRA) that its new name, Logiq, Inc., would take effect on the over-the-counter market on September 25, 2020. At the open of trading today, on September 25, 2020, the company commenced trading of its common stock under the new name, Logiq, Inc., and its ticker symbol changed from “WEYL” to “LGIQ.”

 

“Our new name and ticker reflects our evolution from operating primarily as a mCommerce services company to becoming a leading innovator of data-driven consumer intelligence and marketing technology,” said Logiq CEO, Tom Furukawa. “We’ve now entered a new stage of accelerated growth and development.”

 

Over the last year, Logiq acquired a leading e-Commerce platform, formed major industry partnerships and expanded its global presence. Its offerings now extend from mobile commerce and fintech solutions for micro-, small- and medium-sized businesses (MSMBs) to AI-powered customer acquisition for major enterprises and brands.

 

Customer relationships now range from hundreds of thousands of MSMBs around the world to publicly traded Fortune 500 companies, with marquee U.S. customers that include Home Advisor, QuinStreet and Sunrun.

 

“Over the next few weeks, we plan to complete our recently announced acquisition of Fixel AI, an award-winning innovator of digital marketing technology,” said Furukawa. “We expect it to further strengthen our consumer intelligence and marketing capabilities, and help keep us on track for another year of record growth.”

 

Logiq recently formed a partnership with Shopee, the leading online shopping platform in Southeast Asia and a unit of NYSE-traded Sea Ltd. Logiq announced the integration of its GoLogiq last-mile food delivery app with ShopeePay’s mobile payment platform, followed by the launch of a co-marketing campaign. ShopeePay brings to the campaign strong growth in this market. In its recent quarter, ShopeePay generated 260 million financial transactions, up 130% year-over-year, which drove revenue up 187% to a record $510.6 million.

 

Logiq announced earlier this week that it expects record revenue of more than $38 million in 2020, with margins expanding across all business segments. It recently engaged a leading U.S. investment bank, The Benchmark Company, to assist in the exploration, evaluation and execution of strategic alternatives designed to enhance shareholder value.

 

About Logiq

Logiq, Inc. (OTCQX: LGIQ) is a U.S.-based leading global provider of eCommerce, mCommerce, and fintech business enablement solutions. Its AppLogiq™ platform-as-a-service enables small-and-medium sized businesses worldwide to easily create and deploy a native mobile app for their business without technical knowledge or background. AppLogiq empowers businesses to reach more customers, increase sales, manage logistics, and promote their products and services in an easy, affordable, and highly efficient way. AppLogiq is offered in 14 languages across 10 countries and three continents, including some of the fastest-growing emerging markets in Southeast Asia.

 

 

 

 

The company’s subsidiary, DataLogiq, provides a data-driven, end-to-end eCommerce marketing solution for enterprises and major U.S. brands, including Home Advisor, QuinStreet and Sunrun. Its AI-powered LogiqX™ data engine delivers valuable consumer insights that enhance the ROI of online marketing spend. The company’s PayLogiq™ offers mobile payments, and GoLogiq™ offers hyper-local food delivery services. For more information about Logiq, go to Logiq.com.

 

Forward-Looking Disclaimer

This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. The Company cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the Company's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by the Company or its affiliates that any of our plans or expectations will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: the fitness of our product for a particular application or market, expectations of future events, financial results, and/or business transactions that may not be consummated or realized, as well as other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (“SEC”), including under the heading "Risk Factors" in our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

 

Company Contact

Brent Suen, President

Logiq, Inc.

Email contact

 

Media & Investor Contact

Ronald Both or Grant Stude

CMA Investor & Media Relations

Tel (949) 432-7566

Email contact