UCOMMUNE INTERNATIONAL LTD Floor 8, Tower D No.2 Guang Hua Road Chaoyang District, Beijing People’s Republic of China, 100026
Exhibit 10.1
Floor 8, Tower D
Xx.0 Xxxxx Xxx Xxxx
Chaoyang District, Beijing
People’s Republic of China, 100026
June 7, 2023
JAK Opportunities LLC
00 Xxxxx Xxxxxx, 0000
New York, New York 10004
Re: Securities Purchase Agreement
Dear Sirs and Madams:
Reference is made to the Securities Purchase Agreement, dated January 26, 2022 and amended on March 1, 2022, August 29, 2022, October 25, 2022 and January 24, 2023 (the “Securities Purchase Agreement”), between Ucommune International Ltd and JAK Opportunities LLC (the “Purchaser”), as the purchaser named therein. Capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Securities Purchase Agreement.
Upon execution of this letter agreement, Section 4.21 of the Securities Purchase Agreement shall be amended and restated as follows:
“4.21. Floor for Conversion Price of the Debentures and Exercise Price of the Warrants. Notwithstanding anything to the contrary in the Transaction Documents, the Conversion Price of the Debentures shall not be lower than $0.70 and the Exercise Price of the Warrants shall not be lower than $1.30 (collectively, the “Floor Price”). The Floor Price shall be proportionately decreased upon a stock split or share subdivision of Ordinary Shares, and shall be proportionately increased in the case of a reverse stock split or share combination of Ordinary Shares. The Company agrees that while the Debentures and Warrants remain outstanding, it will not issue Ordinary Shares or Ordinary Share Equivalents at a price per share or with a conversion or exercise price per share, as applicable, that is below the Exercise Price of the Warrants without the prior written consent of the Purchaser.”
For the avoidance of doubt, the amended Floor Price in Section 4.21 above has already been adjusted to reflect the share consolidation on April 22, 2022, in which every 20 ordinary shares with par value of US$0.0001 were consolidated into one ordinary share with par value of US$0.002.
The Securities Purchase Agreement and this letter agreement shall be read together and shall have the same effect as if the Securities Purchase Agreement and this letter agreement were contained in one document. Except as expressly modified by this letter agreement, the terms and obligations of the Securities Purchase Agreement and the Transaction Documents remain unchanged and the Securities Purchase Agreement and Transaction Documents shall continue in full force and effect.
This letter agreement shall be governed by, construed and enforced in accordance with, the laws of the State of New York, without regard to the conflict of laws principles thereof.
If you are in agreement with the foregoing, please have this letter agreement executed by your authorized representative and return a copy to the undersigned.
| Very Truly Yours, | ||
| UCOMMUNE INTERNATIONAL LTD | ||
| By: | /s/ Xxx Xxxx | |
| Name: | Xxx Xxxx | |
| Title: | CEO | |
| Confirmed and Agreed to: | ||
| JAK Opportunities LLC | ||
| By: | /s/ Xxxxxxx Xxxx-Xxxxxxx | |
| Name: | Xxxxxxx Xxxx-Xxxxxxx | |
| Title: | Managing Member | |
[Signature Page to Securities Purchase Agreement Amendment]
