Item 1.01 Entry into a Material Definitive Agreement.
From March to April 2020, Ando Holdings Ltd. (the "Company"), a Nevada
corporation, entered into several securities purchase agreements (the
"Securities Purchase Agreements") with a batch of accredited investors (the
"Lenders"), pursuant to which the Company issued promissory notes for an
aggregate of $470,000 (the "Outstanding Balance"), with an interest rate of 10%
per annum (the "Note"). The Outstanding Balance of the Notes are to be paid
within one year beginning from the effective dates of the notes ("Maturity
Dates"). The Notes contain an auto renewal clause for one year if the Lender
fails to provide notice for redemption on or before 30 days from the Maturity
Date. Subject to the terms and conditions set forth in the Note, the Company may
prepay all or any portion of the Outstanding Balance of the Note at any time on
or before 90 days from the Maturity Date without penalty. Conversely, the Lender
may redeem the Note at any time before the Maturity Date, by accepting 90%
partial or full Outstanding Balance and giving the Company not less than 30
days' written notice stating the redemption amount and wiring information to the
Company. Upon the occurrence of an event of default, the Outstanding Balance
shall maintain at the Outstanding Balance immediately prior to the occurrence of
the event of default and the Outstanding Balance shall become immediately due
and payable. The corresponding issuances are listed as follow.
Name of Lender Effective Date Outstanding Balance ($) Maturity Date
Hsu Chin Chang March 12, 2020 100,000.00 March 12, 2021
Huang Yu March 13, 2020 100,000.00 March 13, 2021
Lin Po Chung March 18, 2020 20,000.00 March 18, 2021
Lien Chia Yun March 24, 2020 200,000.00 March 24, 2021
Lee Pei Hsuan April 01, 2020 50,000.00 April 01, 2021
Unless specifically defined herein, the capitalized terms shall have the
meanings as defined in the respective documents attached herein. The forgoing
terms are qualified in their entirety by the actual Securities Purchase
Agreement and the Note attached herein as Exhibits 10.1 and 10.2, respectively.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Exhibits
10.1 Sample Securities Purchase Agreement
10.2 Sample Promissory Note Agreement
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