Infobird Co., Ltd

Infobird Co., Ltd is engaged in business operations in Hong Kong and has recently expanded its portfolio through an acquisition. On August 11, 2023, the company sold all issued shares of Infobird HK to CRservices, a Mah Island limited company and shareholder, for HK$10,000. Prior to this sale, Infobird HK, which owned 100% of the equity interests of the WFOE and controlled the VIE and its subsidiaries through contractual arrangements in the PRC, was engaged in the software-as-a-service (SaaS) business. This business provided AI-powered customer engagement solutions in China, held substantially all of the company's assets, and generated substantially all of its revenues. Upon the sale's completion on August 11, 2023, Infobird Co., Ltd ceased all business operations in mainland China and relinquished all rights and interests in Infobird HK's property and profits. In July 2023, the company formed Inforbird Technologies Limited, a wholly owned Hong Kong corporation, through which it commenced operations in Hong Kong. More recently, on June 28, 2024, and July 31, 2024, Infobird Co., Ltd entered into an Equity Acquisition Agreement with Shangri-La Trading Limited to acquire 65% of the issued and outstanding equity of Pure Tech. Pure Tech indirectly wholly controls Pinmu Century, a variable interest entity, and its subsidiaries, and Zhenxi Brand, a variable interest entity, and its subsidiaries. The total purchase price for this acquisition was approximately $40.0 million, including transaction costs, funded by $33 million in cash on hand and a $7 million promissory note. This acquisition closed in November 2024.