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Get filing alertsRed Flags Detected
- Immediate and Substantial Dilution (new) — Founder shares were acquired at approximately $0.0026 per share, far below the public offering price, causing immediate dilution for public investors.
- Controlled Company (new) — The sponsor holds 78.9% of founder shares and can elect all directors prior to a business combination, concentrating control.
- Foreign Person (new) — The company may be considered a 'foreign person' under CFIUS rules, which could limit its ability to complete a business combination with a U.S. target.
GVAC, a blank-check company, files for $250M SPAC IPO at $10 per unit, with auditor going-concern warning
Filed August 5, 2026 · ~2 min read
Key Changes
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GVAC is offering 25,000,000 units at $10.00 each, with net proceeds to the company of $250M, held in trust until a business combination.
The Offering verify on EDGAR → -
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The company's auditor has issued a going-concern warning, expressing substantial doubt about GVAC's ability to continue as a going concern.
Experts view on EDGAR → -
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Sponsor and insiders acquired founder shares at about $0.0026 per share, causing immediate and substantial dilution for public investors.
Dilution verify on EDGAR → -
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Public shareholders will own 77.71% of the company but contribute 98.93% of total consideration, reflecting significant insider dilution.
Prospectus Summary verify on EDGAR → -
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The sponsor will hold approximately 19.6% of shares post-offering and can elect all directors before a business combination.
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Only $750,000 is available outside the trust for operating expenses and the search for a target business.
Use of Proceeds verify on EDGAR → -
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Key executives are located in Hong Kong, China, UAE, and Canada, which may complicate legal enforcement and CFIUS review.
Experts view on EDGAR →
Summary
GVAC, a newly formed blank-check company, is seeking to raise $250 million in an initial public offering of 25 million units at $10.00 per unit. The company has no operations or revenue and has not identified any acquisition target. The offering is preliminary, with the price not yet final. Net proceeds of $250 million will be placed in a trust account, with only $750,000 available for operating expenses.
The company's implied post-offering market capitalization is $196.1 million. However, the filing contains several red flags. The auditor has issued a going-concern warning, expressing substantial doubt about the company's ability to continue as a going concern.
Additionally, the sponsor and insiders acquired founder shares at a nominal price of about $0.0026 per share, causing immediate and substantial dilution for public investors. Public shareholders will own 77.71% of the company but contribute 98.93% of total consideration. The sponsor will hold approximately 19.6% of shares post-offering and can elect all directors before a business combination, concentrating control. Furthermore, key executives are located outside the U.S., which may complicate legal enforcement and CFIUS review. These factors make GVAC a high-risk investment. The going-concern warning, significant insider dilution, and concentrated control are structural issues that persist regardless of the offering's outcome. Investors should carefully review the full prospectus, including the dilution table and audited financial statements, before making a decision.
Section-by-Section Diff
The Offering · The Offering
GVAC is a blank check company offering 25,000,000 units at $10.00 each, with proceeds held in trust until a business combination.
Added in current filing · verify on EDGAR →
25,000,000 units, at $10.00 per unit, each unit consisting of one ordinary share and one right.
The company is offering 25 million units at $10.00 per unit, raising $250 million in gross proceeds before expenses. Each unit includes one ordinary share and one right to receive one-third of a Class A ordinary share upon a business combination.
Added in current filing · verify on EDGAR →
On February 15, 2026, our Sponsor acquired 9,583,333 founder shares (1,250,000 of which are subject to forfeiture) for an aggregate purchase price of $25,000, or approximately $0.0026 per share.
The sponsor acquired founder shares at a nominal price of about $0.0026 per share, giving insiders a very low cost basis compared to the $10.00 public offering price. These shares represent 25% of the post-offering ordinary shares, creating significant dilution for public investors.
Added in current filing · verify on EDGAR →
Net proceeds of $250,000,000 (or $287,500,000 if the over-allotment option is exercised in full) from this offering and the proceeds we will receive from the sale of the private units, or $10.00 per unit sold to the public in this offering (regardless of whether or not the over-allotment option is exercised) (which amount is less expenses of the offering plus the contributed value of the private units) will be placed in a United States-based trust account maintained by Continental Stock Transfer & Trust Company Co. acting as trustee pursuant to an agreement to be signed on the date of this prospectus.
The gross proceeds from the offering and private placement will be held in a trust account, with $10.00 per public unit deposited. The funds are not available for operating expenses except for limited tax and liquidation costs, protecting investors if no business combination occurs.
Added in current filing · verify on EDGAR →
a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in this offering.
The company imposes a 15% cap on redemptions by any shareholder group, which limits the ability of large holders to exit via redemption and may protect the deal from being blocked by a few investors.
Added in current filing · verify on EDGAR →
Assuming no exercise of the underwriters’ over-allotment option, our initial shareholders, including our Sponsor, will beneficially own 25% of our ordinary shares upon the closing of this offering (assuming they do not purchase units in this offering and excluding the private shares and representative shares) or approximately 27.5% (including the private shares and the representative shares), will participate in any vote to amend our second amended and restated memorandum and articles of association and/or trust agreement and will have the discretion to vote in any manner they choose.
The sponsor and initial shareholders will hold a significant stake (25% or 27.5%) and can vote freely on amendments, giving them substantial influence over corporate governance.
Added in current filing · verify on EDGAR →
Our Executive Chairman, Ailong Xie, is located in Hong Kong, and our Chief Operating Officer, Zhiwei Tang, is located in China. Because of these ties, we may be perceived as a less attractive partner to certain non-PRC target businesses, which could limit our acquisition universe, prolong our search, or make it more difficult for us to consummate an initial business combination within the required time frame.
Key executives are based in Hong Kong and China, which may deter some target companies and expose the SPAC to PRC regulatory and enforcement risks, potentially affecting the deal timeline and investor protections.
Added in current filing · verify on EDGAR →
The initial shareholders agreed that they will purchase from us an aggregate of 267,500 private placement units, or 286,250 private placement units if the underwriters’ over-allotment option is exercised in full, at a price of $10.00 per unit, for an aggregate purchase price of $2,675,000 (or $2,862,500 if the underwriters’ over-allotment option is exercised in full) in a private placement that will close simultaneously with the closing of this offering.
Insiders are purchasing private placement units at the same $10.00 price as public investors, but these units are not subject to the same redemption rights and are typically acquired on more favorable terms. The private placement adds $2.675 million to the trust account.
Added in current filing · verify on EDGAR →
we may extend the period of time to consummate a business combination up to two times, each by an additional three months (for a total of up to 21 months to complete a business combination), in each case subject to our sponsor depositing $0.10 per public share into the trust account for each such three-month extension)
The company can extend its deadline to complete a business combination from 15 to 15 months by having the sponsor deposit $0.10 per public share into the trust account for each three-month extension. This gives management more time but requires additional sponsor funding.
Prospectus Summary · Prospectus Summary
GVAC is a blank check company formed to effect a business combination, with no target identified, and its sponsor will hold ~19.6% post-offering.
Added in current filing · verify on EDGAR →
Immediately after the offering, the Sponsor is expected to hold an aggregate of 6,747,333 ordinary shares, including 6,574,833 founder shares and 172,500 private shares included in the private units, or approximately 19.6% of the issued and outstanding ordinary shares (assuming no exercise of the over-allotment option).
The sponsor will retain a significant stake of about 19.6% after the offering, which gives it substantial influence and creates potential conflicts of interest. The founder shares were acquired for a nominal price, so the sponsor's economic interest is heavily diluted relative to public shareholders.
Added in current filing · verify on EDGAR →
In total, the Sponsor, our officers and our director nominees paid a nominal aggregate purchase price of $25,000 for an aggregate of 9,583,333 founder shares, and will pay a purchase price of $1,725,000 for 172,500 private units.
The sponsor and insiders paid only $25,000 for 9.58 million founder shares, implying a per-share cost of about $0.0026. This creates a large potential profit for insiders even if the stock price declines after a business combination, and it dilutes public shareholders.
Added in current filing · verify on EDGAR →
Public shareholders (4) | 33,333,333 | 77.71 % | $ 250,000,000 | 98.93 % | 7.50
Public shareholders will own 77.71% of the company but contribute 98.93% of the total consideration, reflecting the significant dilution from founder shares and representative shares issued at nominal or no cost.
Added in current filing · verify on EDGAR →
some members of our management team have ties to China, including Ailong Xie, our Chairman of the Board, and Zhiwei Tang, our Chief Operating Officer.
The company discloses that key executives have ties to China, which may make it a less attractive partner for non-China targets and could subject it to CFIUS review or other regulatory hurdles.
Added in current filing · verify on EDGAR →
We do not have any specific business combination under consideration and we have not (nor has anyone on our behalf) directly or indirectly, contacted any prospective target business or had any substantive discussions, formal or otherwise, with respect to such a transaction.
The company is a blank check company with no target identified, which is typical for a SPAC but means investors are relying entirely on management's ability to find and complete a deal within the specified timeframe.
Use of Proceeds · Use of Proceeds
SPAC offering 25M units at $10.00; $250M (or $287.5M with over-allotment) held in trust, $750K working capital outside trust.
Added in current filing · verify on EDGAR →
are offering 25,000,000 units at an offering price of $10.00 per unit.
The company is offering 25 million units at $10.00 each, for gross proceeds of $250 million before the over-allotment option. This is a preliminary S-1 filing, so the price is not yet final.
Added in current filing · verify on EDGAR →
$250,000,000, or $287,500,000 if the over-allotment option is exercised in full, of the net proceeds of this offering and the sale of the private units will be placed in an account in the United States, maintained by Continental Stock Transfer & Trust Company, as trustee.
The bulk of proceeds will be held in a trust account, with $10.00 per public share deposited. The trust funds are restricted and can only be released upon a business combination or liquidation, protecting public shareholders but limiting the company's operating capital.
Added in current filing · verify on EDGAR →
Regardless of whether the over-allotment option is exercised in full, the net proceeds from this offering available to us out of trust for our working capital requirements in searching for a business combination will be approximately $750,000.
Only $750,000 is available outside the trust for operating expenses and the search for a target business. This is a fixed amount regardless of over-allotment, and the company may need additional loans from insiders if costs exceed estimates.
Added in current filing · verify on EDGAR →
Our sponsor has agreed to purchase 172,500 private placement units, representing $1,725,000 (or 191,250 private placement units, representing $1,912,500, if the underwriters’ over-allotment option is exercised in full).
The sponsor is buying private placement units at $10.00 each, with proceeds used to cover underwriting discounts and offering expenses so that $10.00 per public share goes into trust. This aligns sponsor capital with the trust funding but also gives the sponsor additional securities.
Added in current filing · verify on EDGAR →
D&O Insurance 150,000 20.00 % Legal, accounting, due diligence, travel and other expenses in connection with any business combination $ 100,000 13.33 % Fees relating to SEC reporting obligations 80,000 10.67 % Payment for office space, administration and support services to the Sponsor 150,000 20.00 % Nasdaq continued listing fee | 81,000 | 10.80 % Other miscellaneous expenses and working capital reserve 189,000 25.20 % Total $ 750,000 100.00 %
The $750,000 outside trust is allocated across specific expense categories, including $150,000 for D&O insurance and $150,000 for sponsor support services. These are estimates and may be reallocated.
Dilution · Dilution
SPAC dilution section shows public shareholders face immediate substantial dilution from founder shares priced at ~$0.0026.
Added in current filing · verify on EDGAR →
Our Sponsor and other initial shareholders paid an aggregate of $25,000, or approximately $0.0026 per founder share, and, accordingly, you will experience immediate and substantial dilution upon the purchase of our ordinary shares
The founders paid about $0.0026 per share, while public investors pay the offering price, so public shareholders immediately own a smaller percentage of the company than their investment would otherwise imply. This is a standard SPAC structure but represents a significant transfer of value to insiders.
Added in current filing · verify on EDGAR →
we would need only 7,762,084, or approximately 31.0%, of the 25,000,000 public shares sold in this offering to be voted in favor of a transaction (assuming all outstanding shares are voted), or no public shares sold in this offering are needed to vote in favor of a transaction (assuming only a quorum is present at such meeting held to vote on our initial business combination)
Because founders and private placement holders have agreed to vote in favor, a business combination can be approved with a relatively small percentage of public shares voting in favor, or even with no public shares voting in favor if only a quorum is present. This reduces public shareholders' ability to block a deal.
Added in current filing · verify on EDGAR →
The numbers set forth in this column assume that 6,250,000 public shares, or 25%, of 25,000,000 public shares are redeemed.
The dilution table presents multiple redemption scenarios (25%, 50%, 75%, and maximum redemption). Higher redemptions leave fewer public shares outstanding, concentrating founder ownership and increasing dilution for remaining public shareholders.
Added in current filing · verify on EDGAR →
if the last sale price of our ordinary shares equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, the founder shares will be released from the lock-up.
Founder shares are locked up until six months after a business combination, but the lock-up can end earlier if the stock trades at or above $12.00 for a specified period. This could allow insiders to sell sooner than the standard six-month period.
Added in current filing · verify on EDGAR →
Any such issuances of equity securities could dilute the interests of our existing shareholders. These financing transactions may be significantly dilutive to the post-combination company, and represent the type of financing risk that is not associated with traditional initial public offerings.
If the company needs additional financing (e.g., a PIPE) to complete a business combination, it may issue shares at a discount, further diluting existing shareholders. This is a common SPAC risk but is explicitly disclosed here.
Risk Factors · Risk Factors
SPAC with China-tied management faces risks from PRC oversight, shareholder voting structure, and limited time to complete a business combination.
Added in current filing · verify on EDGAR →
Two members of our management team have ties to the People’s Republic of China: our Executive Chairman, Ailong Xie, is located in Hong Kong, and our Chief Operating Officer, Zhiwei Tang, is located in China.
The company discloses that two key executives are based in or tied to China, which could subject the company to Chinese government oversight and influence over its search for a target business. This is a company-specific risk that may affect the company's ability to complete a business combination and the value of its securities.
Added in current filing · verify on EDGAR →
our Sponsor, officers and directors have agreed (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote any founder shares and private shares held by them, as well as any public shares purchased during or after this offering, in favor of our initial business combination.
The sponsor and insiders have committed to vote all their shares in favor of any proposed business combination, regardless of public shareholder sentiment. This significantly reduces the ability of public shareholders to block a deal, as the insiders' votes alone can carry the approval.
Added in current filing · verify on EDGAR →
we would need only 7,762,084, or approximately 31.0%, of the 25,000,000 public shares sold in this offering to be voted in favor of a transaction (assuming all outstanding shares are voted), or no public shares sold in this offering are needed to vote in favor of a transaction (assuming only a quorum is present at such meeting held to vote on our initial business combination)
Because insiders hold about 27.5% of the shares and will vote in favor, only a small fraction of public shares (or none, if only a quorum is present) is needed to approve a business combination. This means a deal can be approved even if a majority of public shareholders oppose it.
Added in current filing · verify on EDGAR →
we are unable to consummate our initial business combination within 15 months of the closing of this offering (or up to 21 months from the closing of this offering if we extend the period of time to consummate a business combination by the full amount of time)
The company must complete a business combination within 15 months, extendable to 21 months. If it fails, it will liquidate and return trust funds to public shareholders. This deadline creates time pressure and redemption risk.
Added in current filing · verify on EDGAR →
our public shareholders may receive only approximately $10.00 per share on the liquidation of our trust account and our rights will expire worthless
If no business combination is completed, public shareholders get about $10.00 per share from the trust account, and rights expire worthless. This is the downside protection, but it may be less than the IPO price after expenses.
Added in current filing · verify on EDGAR →
we will not redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,0001 upon completion of our initial business combination to avoid being subject to the SEC’s “penny stock” rules.
The company can complete a business combination even if a substantial majority of public shareholders redeem, as long as net tangible assets remain at least $5,000,000. This means a deal could go through with very few public shareholders remaining, increasing risk for those who stay.
Added in current filing · verify on EDGAR →
the founder shares, 78.9% of which are held by our Sponsor (assuming no exercise of the over-allotment option), will entitle our Sponsor to elect all of our directors prior to our initial business combination. Holders of our public shares will have no right to vote on the election of directors during such time.
The sponsor holds 78.9% of the founder shares, which gives it the power to elect all directors before the initial business combination. Public shareholders have no voting rights on director elections during that period. This concentrates control in the sponsor and limits public shareholder influence.
Added in current filing · verify on EDGAR →
the founder shares ... held by the initial shareholders will represent 25% of our issued and outstanding ordinary shares after this offering (not including the ordinary shares issuable underlying the private units and the representative shares, any shares underlying units issued upon conversion of working capital loans and any ordinary shares or equity-linked securities issued, or to be issued, to any seller in our initial business combination) or approximately 27.5% of our issued and outstanding ordinary shares after this offering (including the private shares and the representative shares).
The initial shareholders will own 25% of the company after the offering, or about 27.5% if private shares and representative shares are included. This is a substantial insider ownership stake that dilutes public shareholders and gives insiders significant influence.
MD&A · Management's Discussion and Analysis
GVAC is a blank check company with no operations or revenue, raising $250.75M in a SPAC IPO while disclosing a going concern doubt.
Added in current filing · verify on EDGAR →
These factors, among others, raise substantial doubt about our ability to continue as a going concern within one year after the date the financial statements are issued.
The company discloses that its auditors have raised substantial doubt about its ability to continue as a going concern. This is a critical risk factor for investors, as it indicates the company may not be able to sustain operations without additional funding or a successful business combination.
Added in current filing · verify on EDGAR →
we had cash of $415,302 as of February 28, 2026, and had working capital deficit of $47,473 as of February 28, 2026
The company reports a working capital deficit, meaning its current liabilities exceed current assets. This indicates potential liquidity challenges in the near term, especially before the offering proceeds are received.
Added in current filing · verify on EDGAR →
We estimate that the net proceeds from (1) the sale of the units in this offering, after deducting offering expenses of approximately $675,000 and underwriting discount of $1,250,000 (or $1,437,500 if the over-allotment option is exercised in full) and (2) the sale of the private units for a purchase price of up to $2,675,000 (or $2,862,500 if the over-allotment option is exercised in full), will be $250,750,000 (or $288,250,000 if the over-allotment option is exercised in full). Of this amount, $250,000,000 (or $287,500,000 if the over-allotment option is exercised in full) will be held in the trust account. The remaining $750,000 (whether or not the over-allotment option is exercised in full) will not be held in the trust account.
The company details the expected net proceeds from the offering and the allocation between the trust account and funds available for operating expenses. This is important for investors to understand how much capital will be available for a business combination versus general corporate purposes.
Added in current filing · verify on EDGAR →
Out of the funds available outside the trust account, we anticipate that we will incur approximately: (1) $100,000 of expenses for legal, accounting, due diligence, travel and other expenses in connection with any business combination; (2) $150,000 of expenses for director and officer liability insurance premiums; (3) $80,000 for legal and accounting fees relating to SEC reporting obligations; (4) $150,000 for payment for office space, administration and support services to our Sponsor; (5) $81,000 for Nasdaq continued listing fees; and (6) $180,000 for working capital to cover miscellaneous expenses, general corporate purposes, liquidation obligations and reserves.
The company provides a breakdown of anticipated expenses to be paid from funds outside the trust account. This gives investors insight into the company's operating budget and potential cash burn before a business combination.
Business · Business
GVAC is a newly formed blank check company seeking a business combination, with a management team led by CEO Iris Zhao and Chairman Ailong Xie.
Added in current filing · verify on EDGAR →
are a newly incorporated blank check company in the Cayman Islands as an exempted company with limited liability. Our shareholders have no additional liability for the company’s liabilities over and above the amount paid for their shares. We were formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination.
The company is a blank check company (SPAC) with no operations, formed solely to acquire another business. This is the core business model and the primary risk for investors: the company has no revenue or assets beyond the trust account.
Added in current filing · verify on EDGAR → · paraphrased
The nominal purchase price paid by our Sponsor and other initial shareholders for the founder shares may significantly dilute the implied value of your public shares in the event we consummate an initial business combination, and our Sponsor and other initial shareholders are likely to make a substantial profit on their investment in us in the event we consummate an initial business combination, even if the business combination causes the trading price of our ordinary shares to decline materially.
The sponsor and insiders acquired founder shares at a nominal price, creating significant dilution for public shareholders. This is a standard SPAC structure but a key risk: insiders profit even if the stock declines.
Added in current filing · verify on EDGAR →
To date, we have not selected any target business on which to concentrate our search for a business combination. None of our officers, directors, founders and other affiliates has engaged in discussions on our behalf with representatives of other companies regarding the possibility of a potential merger, share exchange, asset acquisition or other similar business combination with us, nor have we, nor any of our agents or affiliates, been approached by any candidates (or representatives of any candidates) with respect to a possible business combination with our company.
The company has not identified any acquisition target and has had no discussions with potential candidates. Investors are buying into a blank-check company with no specific business plan.
Added in current filing · verify on EDGAR →
will have until 15 months from the closing of this offering to consummate an initial business combination. If we anticipate that we may not be able to consummate our initial business combination within 15 months from the closing of the offering, we may, but are not obligated to, extend the period of time to consummate a business combination two times by an additional three months each time (for a total of up to 21 months to complete a business combination), provided that our Sponsor or its designee must deposit into the trust account for each three-month extension $2,500,000, or $2,875,000 if the underwriters’ over-allotment option is exercised in full ($0.10 per share in either case), up to an aggregate of $5,000,000, or $5,750,000 if the underwriters’ over-allotment option is exercised in full, on or prior to the date of the applicable deadline.
The company has 15 months to complete a business combination, extendable twice by three months each if the sponsor deposits $2.5 million per extension. If no deal is done, the company liquidates and redeems public shares.
Added in current filing · verify on EDGAR →
At any meeting called to approve an initial business combination, public shareholders may seek to redeem their public shares, regardless of whether they vote for or against, or abstain from voting on, the proposed business combination, for cash from the trust account equal to pro rata share of the aggregate amount then on deposit in the trust account, less any taxes then due but not yet paid.
Public shareholders can redeem their shares for a pro rata portion of the trust account if they do not want to participate in a proposed business combination. This provides downside protection but also means the deal may fail if too many redeem.
Added in current filing · verify on EDGAR →
we do not complete a business combination within 15 months from the consummation of this offering (or up to 21 months from the closing of this offering if we extend the period of time to consummate a business combination, as described in more detail in this prospectus), it will trigger our automatic winding up, liquidation and subsequent dissolution
The company must complete a business combination within 15 months, extendable to 21 months, or it will automatically liquidate. This is a hard deadline that determines whether investors get their money back.
Added in current filing · verify on EDGAR →
the initial per-share redemption price from the trust account would be $10.
If no business combination occurs, the initial redemption price is $10 per share. However, the company warns that creditor claims could reduce the actual amount below $10.
Added in current filing · verify on EDGAR →
$250,000,000 (or $287,500,000 if the underwriters’ over-allotment option is exercised in full) of the net offering proceeds and proceeds from the sale of the private units will be deposited into a trust account
The trust account will hold $250 million, or $287.5 million if the over-allotment is exercised. This is the pool of money available for redemptions or a business combination.
Experts · Experts
Auditor GuzmanGray issued a going-concern opinion on Gravity Acquisition Corp.'s financials, and key officers/directors are located outside the U.S., complicating legal enforcement.
Added in current filing · verify on EDGAR →
financial statements of Gravity Acquisition Corp. as of February 28, 2026, and for the period from January 13, 2026 (inception of the company) through February 28, 2026, appearing in this prospectus have been audited by GuzmanGray, an independent registered public accounting firm, as set forth in their report, thereon (which contains an explanatory paragraph relating to substantial doubt about the ability of Gravity Acquisition Corp. to continue as a going concern as described in Note 1 to the financial statements), appearing elsewhere in this prospectus, and are included in reliance on such report given on the authority of such firm as an expert in auditing and accounting.
The company's financial statements were audited by GuzmanGray, and the audit report includes a going-concern explanatory paragraph. This signals that the auditor has substantial doubt about the company's ability to continue as a going concern, which is a significant risk for investors.
Added in current filing · verify on EDGAR →
Chief Executive Officer and director Ms. Iris Zhao is located in the United Arab Emirates, our Chairman, Mr. Ailong Xie, is located in Hong Kong, our Chief Financial Officer, Dan Song, is located in Canada, and our Chief Operating Officer, Mr. Zhiwei Tang, is located in China.
The company discloses that its key officers and directors are located outside the United States, which may make it difficult for U.S. investors to enforce legal rights or serve process on them. This is a specific risk factor for this company, not generic boilerplate.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 30, 2026 · How we verify