Datasea Intelligent Technology Ltd. (NASDAQ:DTSS) announced that its wholly owned subsidiary, Tianjin Information Sea Information Technology Co., Ltd., entered into a purchase agreement with Tianjin Qianli Culture Media Co., Ltd. to acquire a patent related to cloud detection methods. The agreement was signed on June 5 and disclosed in a press release statement.
According to the filing, Datasea will acquire all rights, title, and interest in the patent titled “A Cloud Detection Method Based on Scene-Level Semantic Guidance and Block-Level Boundary Disambiguation” (No. 202410651396.X). The purchase price is set at RMB 7.0 million, which is approximately $1.03 million.
The payment will be made through the issuance of Datasea’s Class A ordinary shares to two individuals designated by the seller. The number of shares to be issued will be calculated based on the U.S. dollar equivalent of the purchase price and the closing price of Datasea’s Class A ordinary shares on the trading day immediately before the transaction closes. The transaction is subject to minimum price requirements set by Nasdaq and other regulatory restrictions.
The shares will be issued in reliance on the exemption from registration provided by Regulation S under the Securities Act of 1933. The closing of the transaction remains subject to the satisfaction of all conditions outlined in the purchase agreement.
This information is based on a press release statement and details provided in a recent SEC filing.
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