Advanced Biomed (ADVB) entered into an agreement with an unrelated third party, Wei Ha Hui, pursuant to which the Company agreed to sell 100% of the issued and outstanding shares of Advanced Biomed Limited, a Hong Kong company and a wholly owned subsidiary of the Company, for an aggregate purchase price of $23,000 based on a valuation report commissioned by the Company, subject to the terms and conditions set forth in the Agreement. All intellectual property owned by the Hong Kong subsidiary, including intellectual property owned by Shanghai Sglcell Biotech, a wholly owned subsidiary of the Hong Kong subsidiary, was transferred to the Buyer at the closing of this transaction on December 23.
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