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): December 29, 2020
DATASEA INC.
(Exact name of registrant as specified in its charter)
| Nevada | 001-38767 | 45-2019013 | ||
|
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
20th Floor, Tower B, Guorui Plaza
1 Ronghua South Road, Technological Development Zone
Beijing, People’s Republic of China 100176
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: +86 10-56145240
Not Applicable
(Former name or former address, if changed since last report)
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:
| ☐ | 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 | DTSS | 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 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 8.01 | Other Events |
Following the review and recommendation of the Compensation Committee of the Board of Directors (the “Board”) of Datasea, Inc.’s (the “Company”), effective December 20, 2020, the Board approved the following terms of independent director compensation: each independent director is to be paid USD$3,000 monthly compensation, or USD$36,000 per annum, payable (i) in cash in the amount of USD$1,500, and (ii) with the remaining USD$1,500 payable in the Company’s shares of common stock, non-cash components payable in full on the last day of each fiscal quarter commencing on the first fiscal quarter January 1-March 31, 2021. The non-cash component of the director compensation is to be effected pursuant to the terms and provisions of the Company’s 2018 Equity Incentive Plan on a quarterly basis, with the amount of shares to be granted to be determined by dividing USD$1,500 by the amount of the closing price of the Company’s common stock as reported on the Nasdaq Stock Market on the last trading day of each calendar quarter, with January 1 - March 31, 2021 being the first such fiscal quarter. All such share grants will vest immediately upon the grant date, with each grantee to agree not to divest of such shares for at least six months.
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SIGNATURE
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.
Dated: December 31, 2020
| DATASEA INC. | |||
| By: | /s/ Zhixin Liu | ||
| Name: | Zhixin Liu | ||
| Title: | Chief Executive Officer | ||
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