UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES
EXCHANGE ACT OF 1934
For
the month of November 2024
Commission
File Number 001-41776
SOLOWIN
HOLDINGS
(Translation
of registrant’s name into English)
Room
1910-1912A, Tower 3, China Hong Kong City
33
Canton Road, Tsim Sha Tsui, Kowloon
Hong
Kong
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Entry
into a Material Definitive Agreement.
On
November 15, 2024, SOLOWIN HOLDINGS (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”)
with an individual investor (the “Investor”), pursuant to which the Company agreed to sell to the Investor an aggregate of
500,000 ordinary shares, par value $0.0001 (the “Ordinary Shares”) at a purchase price of $2.00 per share in a registered
direct offering. The consummation of the financing will occur through two closings. The first closing will be on or before November 18,
2024, in which the Investor will purchase 192,300 Ordinary Shares for $384,600, and the second closing will be on or before November
29, 2024, in which the Investor will purchase an additional 307,700 Ordinary Shares for $615,400. In addition, if at any time within
six (6) months after the second closing, the Nasdaq Official Closing Price of Ordinary Shares is lower than $1.50 per share (subject
to adjustment for reverse and forward share splits, share dividends, share combinations, and other similar transactions of the Ordinary
Shares that occur after the date of the Purchase Agreement) for five (5) consecutive trading days, upon the written request by the Investor,
the Company will issue to the Investor, for no additional consideration, an additional 500,000 Ordinary Shares.
The
total aggregate gross proceeds of the financing are $1.00 million. The Company intends to use the net proceeds from the financing for
working capital and general corporate purposes. The closing of the financing is subject to satisfaction of customary closing conditions.
A
copy of the form of the Purchase Agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The foregoing
summaries of the terms of the Purchase Agreement are subject to, and qualified in their entirety by, such document.
The
sale and offering of Ordinary Shares pursuant to the Purchase Agreement are effected as a takedown off the Company’s shelf registration
statement on Form F-3 (File No. 333-282552), as amended (the “Shelf Registration Statement”), which became effective on November
8, 2024, pursuant to a prospectus supplement filed with the Securities and Exchange Commission.
The
information contained in this report on Form 6-K is hereby incorporated by reference into the Shelf Registration Statement and shall
be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently
filed or furnished. This report on Form 6-K shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there
be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the
registration or qualification under the securities laws of any such state or jurisdiction.
EXHIBIT
INDEX
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| Date:
November 18, 2024 |
SOLOWIN
HOLDINGS |
| |
|
|
| |
By: |
/s/
Shing Tak Tam |
| |
Shing
Tak Tam |
| |
Chief
Executive Officer |
3
Exhibit 10.1
SECURITIES PURCHASE AGREEMENT
This Securities Purchase Agreement
(this “Agreement”) is made as of November 15, 2024, by and between SOLOWIN HOLDINGS, a Cayman Islands exempted holding
company, (the “Company”) and _____________, the investor identified on the signature pages hereto (the “Investor”).
WHEREAS, subject to the terms
and conditions set forth in this Agreement and pursuant to an effective Registration Statement (as defined below) under the Securities
Act of 1933, as amended (the “Securities Act”), the Company desires to issue and sell to the Investor, and the Investor
desires to purchase from the Company certain securities of the Company for an aggregate price of $1,000,000, as more fully described in
this Agreement, and
NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Company and the Investor agree as follows:
ARTICLE
1.
DEFINITIONS
1.1.
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms shall have the meanings indicated in this Section 1.1:
“Action”
means any action, suit, inquiry, notice of violation, proceeding (including any partial proceeding such as a deposition) or investigation
pending or threatened in writing against or affecting the Company, or any of its properties before or by any court, arbitrator, governmental
or administrative agency, regulatory authority (federal, state, county, local or foreign), stock market, stock exchange or trading facility.
“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 144.
“Business Day”
means any day except Saturday, Sunday or other day on which commercial banks in The City of New York or Hong Kong, Special Administrative
Region of the People’s Republic of China (“PRC”) are authorized or required by law to remain closed; provided,
however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay
at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or the
closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems
(including for wire transfers) of commercial banks in The City of New York or Hong Kong, Special Administrative Region of the PRC generally
are open for use by customers on such day.
“Commission”
means the United States Securities and Exchange Commission.
“Ordinary Shares”
means the ordinary shares of the Company, $0.0001 par value, and any securities into which such ordinary shares may hereafter be reclassified
or for which it may be exchanged as a class.
“Exchange Act”
means the Securities Exchange Act of 1934, as amended.
“GAAP” means
U.S. generally accepted accounting principles.
“Governmental Body”
shall mean any: (a) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature;
(b) federal, state, local, municipal, foreign or other government; or (c) governmental or quasi-governmental authority of any nature (including
any governmental or administrative division, department, agency, commission, instrumentality, official, organization, unit, body or entity)
and any court or other tribunal.
“Lien” means
any lien, charge, encumbrance, security interest, right of first refusal, right of participation or other restrictions of any kind.
“Material Adverse Effect”
means any of (i) a material and adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material
and adverse effect on the results of operations, assets, prospects, business or condition (financial or otherwise) of the Company and
the Subsidiaries, taken as a whole, or (iii) an adverse impairment to the Company’s ability to perform on a timely basis its obligations
under any Transaction Document.
“Nasdaq Official Closing
Price” means the closing price for an Ordinary Share as reported on the “Historical NOCP” section of the web site
Nasdaq.com for the ticker symbol “SWIN.”
“New York Courts”
means the state and federal courts sitting in the City of New York, Borough of Manhattan.
“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such
as a deposition), whether commenced or threatened.
“Prospectus”
means the final prospectus filed for the Registration Statement.
“Prospectus Supplement”
means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission and delivered
by the Company to the Investor at the Closing.
“Registration Statement”
means the effective registration statement with Commission file No. 333-282552 which registers the sale of the Shares to the Investor.
“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.
“Shares”
means 500,000 Ordinary Shares being offered and sold to the Investor by the Company hereunder.
“Short Sales”
include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange
Act and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements (including
on a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers.
“Subsidiary”
means any “significant subsidiary” as defined in Rule 1-02(w) of the Regulation S-X promulgated by the Commission under the
Exchange Act.
“Trading Day”
means (i) a day on which the Ordinary Shares are traded on a Trading Market (other than the OTC Bulletin Board), or (ii) if the Ordinary
Shares are not listed on a Trading Market (other than the OTC Bulletin Board), a day on which Ordinary Shares are traded in the over-the-counter
market, as reported by the OTC Bulletin Board, or (iii) if the Ordinary Shares are not quoted on any Trading Market, a day on which the
Ordinary Shares are quoted in the over-the-counter market as reported by the Pink Sheets LLC (or any similar organization or agency
succeeding to its functions of reporting prices); provided, that in the event that the Ordinary Shares are not listed or quoted as set
forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day.
“Trading Market”
means whichever of the New York Stock Exchange, the NYSE American, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ
Capital Market or OTC Bulletin Board (or any successors to any of the foregoing) on which the Ordinary Shares are listed or quoted for
trading on the date in question.
“Transaction Documents”
means this Agreement and any other documents or agreements executed in connection with the transactions contemplated hereunder.
ARTICLE
2.
PURCHASE AND SALE
2.1.
Subscription for Shares by the Investor. Subject to the terms and conditions set forth in this Agreement, including all
of the conditions set forth in Sections 5.1 and 5.2 hereof, on the Closing Date(s) (as defined below), the Company shall issue and sell
to the Investor, and the Investor shall purchase from the Company, the Shares at a purchase price of $2.00 per share.
2.2.
Closing.
(a)
First Closing. Subject to the terms and conditions set forth in this Agreement, the Company shall issue and sell to the
Investor, and such Investor shall purchase from the Company 192,300 Shares on or before November 18, 2024 (the “First Closing
Date”) for an aggregate of $384,600 (the “First Closing”);
(b)
Second Closing. Subject to the terms and conditions set forth in this Agreement, the Company shall issue and sell to the
Investor, and such Investor shall purchase from the Company 307,700 Shares on or before November 29, 2024 (the “Second Closing
Date”) for an aggregate of $615,400 (the “Second Closing”). The First Closing and the Second Closing are
each referred to in this Agreement as a “Closing.” The First Closing Date and the Second Closing Date are sometimes
referred to herein as a “Closing Date.” All Closings shall take place remotely via the exchange of documents and signatures
at such time and place as the parties mutually agree upon, orally or in writing.
2.3.
Closing Deliveries.
(a) At each Closing, the
Company shall deliver or cause to be delivered to the Investor the following (the “Company Deliverables”):
(i)
a copy of the irrevocable instructions to the Company’s transfer agent instructing the transfer agent to deliver a certificate
or book entry statement evidencing the Shares issued upon such Closing to the Investor;
(ii)
prior to the First Closing, this Agreement duly signed by the Company; and
(iii)
the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).
(b)
At each Closing, the Investor shall deliver or cause to be delivered the following (collectively, the “Investor Deliverables”):
(i)
the aggregate purchase price for each Closing in immediately available funds, by wire transfer to an account designated in writing
by the Company for such purpose; and
(ii)
prior to the First Closing, this Agreement duly signed by the Investor.
(c)
At or within five (5) Business Days following each Closing, the Company shall deliver or cause to be delivered to the Investor
a certificate or a book entry statement representing the amount of Shares purchased in such Closing, registered in the name of the Investor.
ARTICLE
3.
REPRESENTATIONS AND WARRANTIES
3.1.
Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to
the Investor as of the date hereof and each Closing Date:
(a)
Subsidiaries. The Company has no direct or indirect Subsidiaries other than as specified in the SEC Reports (as defined
below). The Company owns, directly or indirectly, all of the share capital of each Subsidiary free and clear of any and all Liens, and
all the issued and outstanding shares of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive
and similar rights.
(b)
Organization and Qualification. Each of the Company and Subsidiaries is duly incorporated or otherwise organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company
nor any Subsidiary is in violation of any of the provisions of its respective memorandum or articles of association, bylaws or other organizational
or charter documents as in effect on the date hereof (collectively, the “Organizational Documents”). Each of the Company
and Subsidiaries is duly qualified to conduct its respective businesses and is in good standing as a foreign corporation or other entity
in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except
where the failure to be so qualified or in good standing, as the case may be, could not, individually or in the aggregate, have or reasonably
be expected to result in a Material Adverse Effect.
(c)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations thereunder. The execution
and delivery of each of the Transaction Documents by the Company and the consummation by it of the transactions contemplated thereby have
been duly authorized by all necessary action on the part of the Company and no further action is required by the Company in connection
therewith. Each Transaction Document has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance
with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with
its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation
or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles
of general application.
(d)
No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by
the Company of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of the Company’s
or any Subsidiary’s Organizational Documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse
of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation (with
or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other instrument (evidencing a Company
or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or
asset of the Company or any Subsidiary is bound or affected, or (iii) result in a material violation of any law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or any Subsidiary is subject
(including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound
or affected.
(e) Filings,
Consents and Approvals. Except as set forth in the SEC Reports (as defined below), the Company is not required to obtain any
consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any United States, Cayman
Islands or Hong Kong, PRC court or other federal, state, local or other governmental authority or other Person in connection with
the execution, delivery and performance by the Company of the Transaction Documents, other than (i) filings with any applicable
Trading Market for the issuance and sale of the Shares in the time and manner required thereby, (ii) the filings required in
accordance with Section 4.3, (iii) the filing with the Commission of the Prospectus Supplement and (iv) those that have been made or
obtained prior to the date of this Agreement.
(f)
Issuance of the Shares. The Shares have been duly authorized and, when issued and paid for in accordance with the Transaction
Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens other than restrictions on transfer
provided for in the Transaction Documents. The Registration Statement is effective under the Securities Act and no stop order preventing
or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by
the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened by the Commission.
The Company, if required by the rules and regulations of the Commission, shall file the Prospectus with the Commission pursuant to Rule
424(b). At the time the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing
Date, the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of
the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading; and the Prospectus and any amendments or supplements
thereto, at the time the Prospectus or any amendment or supplement thereto was issued and at the Closing Date, conformed and will conform
in all material respects to the requirements of the Securities Act and did not and will not contain an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. The Company was at the time of the filing of the Registration Statement eligible to use Form F-3. The
Company is eligible to use Form F-3 under the Securities Act and it meets the transaction requirements with respect to the aggregate market
value of securities being sold pursuant to this offering and during the twelve (12) months prior to this offering, as set forth in General
Instruction I.B.5 of Form F-3.
(g)
Capitalization. The number of shares and type of all authorized, issued and outstanding shares of the Company, and all Ordinary
Shares reserved for issuance under the Company’s various option and incentive plans, all shares of the Company issuable and reserved
for issuance pursuant to securities exercisable for, or convertible into or exchangeable for any shares of the Company, is specified in
the SEC Reports. Except as specified in the SEC Reports, no securities of the Company are entitled to preemptive or similar rights, and
no Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents. Except as specified in the SEC Reports, there are no outstanding options, warrants, scrip rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or
exchangeable for, or giving any Person any right to subscribe for or acquire, any Ordinary Shares, or contracts, commitments, understandings
or arrangements by which the Company or any Subsidiary is or may become bound to issue additional Ordinary Shares, or securities or rights
convertible or exchangeable into Ordinary Shares. The issue and sale of the Shares hereunder will not, immediately or with the passage
of time, obligate the Company to issue Ordinary Shares or other securities to any Person (other than the Investor) and will not result
in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under such securities.
(h)
SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material)
(the foregoing materials, including the exhibits thereto and documents incorporated by reference therein being collectively referred to
herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed
any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material
respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading. Additionally, any further documents
so filed and incorporated by reference in the Prospectus and Prospectus Supplement, when such documents are filed with the Commission,
will conform in all material respects to the requirements of the Exchange Act and the applicable rules and regulations, as applicable,
and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in light of the circumstances under which they were made not misleading. No post-effective amendment to the Registration Statement reflecting
any facts or events arising after the date thereof which represent, individually or in the aggregate, a fundamental change in the information
set forth therein is required to be filed with the Commission. As of their respective dates, the financial statements of the Company included
in the SEC Reports complied in all material respects with applicable accounting requirements and the rules and regulations of the Commission
with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with United States
generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except
as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not
contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated
Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the
case of unaudited statements, to normal, immaterial, year-end audit adjustments. The agreements and documents described in the Registration
Statement, the Prospectus, the Prospectus Supplement, and the SEC Reports conform in all material aspects to the descriptions thereof
contained therein and there are no agreements or other documents required by the Securities Act and the rules and regulations thereunder
to be described in the Registration Statement, the Prospectus, the Prospectus Supplement or the SEC Reports or to be filed with the Commission
as exhibits to the Registration Statement, that have not been so described or filed.
(i) Litigation.
There is no Action which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction
Documents or the Shares or (ii) except as specifically disclosed in the SEC Reports, could, if there were an unfavorable decision,
individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company, nor
any Subsidiary, nor any director or officer thereof (in his or her capacity as such), is or has been the subject of any Action
involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty, except
as specifically disclosed in the SEC Reports. There has not been, and to the knowledge of the Company, there is not pending any
investigation by the Commission involving the Company or any current or former director or officer of the Company (in his or her
capacity as such). The Commission has not issued any stop order or other order suspending the effectiveness of any registration
statement filed by the Company under the Exchange Act or the Securities Act.
(j)
Compliance. Neither the Company no any Subsidiary (i) is in material default under or in violation of (and no event has
occurred that has not been waived that, with notice or lapse of time or both, would result in a material default by the Company or any
Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in material default under or that it is
in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or
any of its properties is bound (whether or not such default or violation has been waived), (ii) is in material violation of any order
of any court, arbitrator or Governmental Body, or (iii) is or has been in material violation of any statute, rule or regulation of any
governmental authority, including without limitation all foreign, federal, state and local laws relating to the business of the Company,
taxes, environmental protection, occupational health and safety, product quality and safety, licensure and employment and labor matters
(including social insurance and housing funds).
(k)
Regulatory Permits. The Company possesses all material certificates, authorizations and permits issued by the appropriate
federal, state, local or foreign regulatory authorities necessary to conduct its businesses as described in the SEC Reports, except where
the failure to possess such permits could not, individually or in the aggregate, have or reasonably be expected to result in a Material
Adverse Effect, and the Company has not received any notice of proceedings relating to the revocation or modification of any such permits.
(l)
Title to Assets. The Company and the Subsidiaries have valid land use rights for all real property owned by them that is
material to their respective businesses and good and marketable title in all personal property owned by them that is material to their
respective businesses, in each case free and clear of all Liens, except for Liens as do not materially affect the value of such property
and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries. Any real
property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable
leases of which the Company and the Subsidiaries are in compliance, except as could not, individually or in the aggregate, have or reasonably
be expected to result in a Material Adverse Effect.
(m) Material
Changes, Undisclosed Events. Since the date of the latest audited financial statements included within the SEC Reports, except
as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, (i) there has been no event, occurrence or
development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) neither the Company nor
any Subsidiary has incurred any material liabilities (direct, indirect, contingent, or otherwise) other than (A) trade payables and
accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be
reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the
Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or
other property to its shareholders or purchased, redeemed or made any agreements to purchase or redeem any of its shares, (v) the
Company has not waived any material right or material debt owed to it, (vi) neither the Company nor any Subsidiary has changed any
material contract or arrangement by which the Company or Subsidiary is bound or to which its assets or properties is subject, and
(vii) the Company has not issued any equity securities to any officer, director, consultant or Affiliate of the Company, except
pursuant to existing Company equity incentive plans. No event, liability, development or circumstance has occurred or exists, or is
reasonably expected to exist or occur with respect to the Company, any of its Subsidiaries or any of their respective businesses,
properties, liabilities, prospects, operations (including results thereof) or condition (financial or otherwise), that (i) would be
required to be disclosed by the Company under applicable securities laws and has not been publicly disclosed, (ii) could have a
material adverse effect on the Investor’s investment hereunder or (iii) could have a Material Adverse Effect. The Company does
not have pending before the Commission any request for confidential treatment of information.
(n)
Patents and Trademarks. The Company and its Subsidiaries have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual
property rights and similar rights as described in the SEC Reports as necessary or material for use in connection with their respective
businesses and which the failure to so have could have a Material Adverse Effect (collectively, the "Intellectual Property Rights").
Neither the Company nor any Subsidiary has received notice (written or otherwise) that any of the Intellectual Property Rights used by
the Company or any Subsidiary violates or infringes upon the rights of any Person. To the knowledge of the Company, all such Intellectual
Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights. The
Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their
intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.
(o)
Internal Accounting Controls. The Company is in material compliance with the provisions of the Sarbanes-Oxley Act of 2002
currently applicable to the Company. The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to
provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations,
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset
accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and
(iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken
with respect to any differences. The Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) for the Company and designed such disclosure controls and procedures to ensure that material information relating to the
Company, including its Subsidiaries, is made known to the certifying officers by others within those entities, particularly during the
period in which the Company’s annual report on Form 20-F is being prepared. The books, records and accounts of the Company accurately
and fairly reflect the transactions in, and dispositions of, the assets of, and the results of operations of, the Company. The Company
maintains and will continue to maintain a standard system of accounting established and administered in accordance with GAAP and the applicable
requirements of the Exchange Act.
(p) Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect, each of the Company and Subsidiaries has filed all material and necessary federal, state and foreign income
and franchise tax returns and has paid or accrued all taxes shown as due thereon, and to the knowledge of the Company, the Company
or any Subsidiary has no material tax deficiency which has been asserted or threatened against the Company.
(q)
Solvency. Based on the financial condition of the Company as of the Closing Date (and assuming that the Closing shall have
occurred), (i) the Company’s fair saleable value of its assets exceeds the amount that will be required to be paid on or in respect
of the Company’s existing debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company’s
assets do not constitute unreasonably small capital to carry on its business for the current fiscal year as now conducted and as proposed
to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company,
and projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the
proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash,
would be sufficient to pay all amounts on or in respect of its debt when such amounts are required to be paid. The Company does not intend
to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on
or in respect of its debt).
(r)
Certain Fees. No brokerage or finder's fees or commissions are or will be payable by the Company to any broker, financial
advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by this Agreement. The Investor shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of
other Persons for fees of a type contemplated in this Section 3.1(r) that may be due in connection with the transactions contemplated
by the Transaction Documents.
(s)
Private Placement. Assuming the accuracy of the Investor’s representations and warranties set forth in Section 3.2,
no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the Investor as contemplated
hereby. The issuance and sale of the Shares hereunder do not contravene the rules and regulations of the Trading Market.
(t)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Shares,
will not be or be an Affiliate of, an "investment company" within the meaning of the Investment Company Act of 1940, as amended.
(u)
No General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the
Shares by any form of general solicitation or general advertising.
(v) Listing
and Maintenance Requirements. The Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act, and the Company
has taken no action designed to, or which to the knowledge of the Company is likely to have the effect of, terminating the
registration of the Ordinary Shares under the Exchange Act nor has the Company received any notification that the Commission is
contemplating terminating such registration. Except as specifically disclosed in the SEC Reports, the Company has not, in the 12
months preceding the date hereof, received notice from any Trading Market on which the Ordinary Shares are or have been listed or
quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The
Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such
listing and maintenance requirements.
(w)
Money Laundering. The Company is in compliance with, and has not previously violated, the USA Patriot Act of 2001 and all
other applicable U.S. and non-U.S. anti-money laundering laws and regulations, including, without limitation, the laws, regulations and
Executive Orders and sanctions programs administered by the U.S. Office of Foreign Assets Control, including, but not limited, to (i)
Executive Order 13224 of September 23, 2001 entitled, “Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten
to Commit, or Support Terrorism” (66 Fed. Reg. 49079 (2001)); and (ii) any regulations contained in 31 CFR, Subtitle B, Chapter
V.
(x)
No Disqualification Events. With respect to the Shares to be offered and sold hereunder in reliance on Rule 506 under the
Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of
the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding voting equity
securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected
with the Company in any capacity at the time of sale (each, an "Issuer Covered Person" and, together, "Issuer
Covered Persons") is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under
the Securities Act (a "Disqualification Event"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3).
The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Company
has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Investor a copy of
any disclosures provided thereunder.
(y)
Application of Takeover Protections. The Company has taken all necessary action in order to render inapplicable any control
share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover
provision under the Company’s Organizational Documents or the laws of its jurisdiction of incorporation that is or could become
applicable to the Investor as a result of the Investor and the Company fulfilling their obligations or exercising their rights under the
Transaction Documents, including without limitation as a result of the Company's issuance of the Shares and the Investor’s ownership
of the Shares.
(z)
No Integrated Offering. Assuming the accuracy of the Investor’s representations and warranties set forth in Section
3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any
offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the
Shares to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration
of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which
any of the securities of the Company are listed or designated.
(aa)
No Additional Agreements. The Company does not have any agreement or understanding with the Investor with respect to the
transactions contemplated by the Transaction Documents other than as specified in the Transaction Documents.
(bb)
Disclosure. The Company confirms that neither it nor any Person acting on its behalf has provided the Investor or its respective
agents or counsel with any information that the Company believes constitutes material, non-public information concerning the Company,
the Subsidiaries or their respective businesses, except insofar as the existence and terms of the proposed transactions contemplated hereunder
may constitute such information. The Company understands and confirms that the Investor will rely on the foregoing representations and
covenants in effecting transactions in securities of the Company. All disclosure provided to the Investor regarding the Company, the Subsidiaries
or their respective businesses and the transactions contemplated hereby, furnished by or on behalf of the Company (including the Company’s
representations and warranties set forth in this Agreement) are true and correct and do not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which
they were made, not misleading.
The Investor acknowledges and
agrees that the Company has not made nor makes any representations or warranties with respect to the transactions contemplated hereby
other than those specifically set forth in this Section 3.1.
3.2.
Representations and Warranties of the Investor. The Investor represents and warrants to the Company as of the date hereof
and each Closing Date:
(a)
Organization; Authority. If the Investor is a business entity, such Investor is an entity duly incorporated or formed, validly
existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership,
limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction
Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents
and performance of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership,
limited liability company or similar action, as applicable, on the part of Investor. This Agreement has been duly executed by the Investor,
and when delivered by the Investor in accordance with the terms hereof, will constitute the valid and legally binding obligation of the
Investor, enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally,
(ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.
(b)
Investor Status. The Investor is not a registered broker-dealer under Section 15 of the Exchange Act. The Investor, either
alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as
to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and
risks of such investment. The Investor is able to bear the economic risk of an investment in the Shares and, at the present time, is able
to afford a complete loss of such investment.
(c)
Access to Information. The Investor acknowledges that it has reviewed the SEC Reports and has been afforded (i) the opportunity
to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms
and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information about the
Company and the Subsidiaries and their respective financial condition, results of operations, business, properties, management and prospects
sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company
possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect
to the investment. Neither such inquiries nor any other investigation conducted by or on behalf of the Investor or its representatives
or counsel shall modify, amend or affect the Investor’s right to rely on the truth, accuracy and completeness of the SEC Reports
and the Company’s representations and warranties contained in the Transaction Documents. The Investor also acknowledges that the
Company may possess material non-public information not known to the Investor regarding or relating to the Company or the Shares, and
the Investor acknowledges that it has not requested such information and agrees that the Company shall have no liability whatsoever (and
the Investor hereby waives and releases all claims which it would otherwise have) with respect to the non-disclosure of such information
either prior to the date hereof or subsequent hereto.
(d)
Certain Trading Activities. The Investor has not directly or indirectly, nor has any Person acting on behalf of or pursuant
to any understanding with the Investor, engaged in any transactions in the securities of the Company (including, without limitations,
any Short Sales involving the Company’s securities) since the earlier to occur of (1) the time that the Investor was first contacted
by the Company regarding an investment in the Company and (2) the 30th day prior to the date of this Agreement. The Investor
covenants that neither it nor any Person acting on its behalf or pursuant to any understanding with it will engage in any transactions
in the securities of the Company (including Short Sales) prior to the time that the transactions contemplated by this Agreement are publicly
disclosed.
The Company acknowledges and agrees that the Investor
has not made or does not make any representations or warranties with respect to the transactions contemplated hereby other than those
specifically set forth in this Agreement.
ARTICLE
4.
OTHER AGREEMENTS OF THE PARTIES
4.1.
Negative Claw-back. If at any time within six (6) months after the Second Closing, the Nasdaq Official Closing Price of
Ordinary Shares is lower than $1.50 per share (subject to adjustment for reverse and forward share splits, share dividends, share combinations
and other similar transactions of the Ordinary Shares that occur after the date of this Agreement) for five (5) consecutive Trading Days,
upon the written request by the Investor, the Company shall be obligated to issue to the Investor as soon as practicable, for no additional
consideration, 500,000 Ordinary Shares under the Registration Statement.
4.2.
Use of Proceeds. The Company will use the proceeds from the sale of the Shares as described in the Prospectus Supplement.
4.3. Securities
Laws Disclosure; Publicity. By 5:30 p.m. (New York time) on the second (2nd) Trading Day following the date hereof,
the Company will furnish a Report on Form 6-K, disclosing the material terms of the Transaction Documents (and attach as exhibits
thereto all existing Transaction Documents). The Company covenants that following such disclosure, the Investor shall no longer be
in possession of any material, non-public information with respect to the Company or any Subsidiary. In addition, the Company will
make such other filings and notices in the manner and time required by the Commission and the Trading Market on which the Ordinary
Shares may be listed. Notwithstanding the foregoing, the Company shall not publicly disclose the name of the Investor, or include
the name of the Investor in any filing with the Commission or any regulatory agency or Trading Market upon which the Ordinary Shares
may be listed, without the prior written consent of the Investor, except to the extent such disclosure is required by law or
applicable Trading Market regulations.
4.4.
Indemnification of Investor. The Company will indemnify and hold the Investor and its directors, officers, shareholders,
partners, members, affiliates, employees and agents (each, an “Investor Party”) harmless from any and all direct and
indirect losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in
settlements, court costs and reasonable attorneys’ fees and costs of investigation in respect thereof (collectively, “Losses”)
that any Investor Party may suffer or incur as a result of or relating to any misrepresentation, breach or inaccuracy of any representation,
warranty, covenant or agreement made by any of the Company in any Transaction Document. In addition to the indemnity contained herein,
the Company will reimburse the Investor Party for its reasonable legal and other expenses (including the cost of any investigation, preparation
and travel in connection therewith) incurred in connection therewith, as such expenses are incurred.
4.5.
Non-Public Information. The Company covenants and agrees that neither it nor any other Person acting on its behalf will
provide the Investor or its agents or counsel with any information that the Company believes constitutes material non-public information,
unless prior thereto the Investor shall have executed a written agreement regarding the confidentiality and use of such information. The
Company understands and confirms that the Investor shall be relying on the foregoing representations in effecting transactions in securities
of the Company.
4.6.
Listing of Securities. The Company agrees that it will take all action reasonably necessary to continue the listing and
trading of its Ordinary Shares on a Trading Market and will comply in all material respects with the Company’s reporting, filing
and other obligations under the bylaws or rules of the Trading Market.
4.7. No
Net Short Sales. The Investor covenants that until the six months anniversary of the Closing Date, neither such Investor nor any
Person acting on behalf of or pursuant to any understanding with such Investor (collectively, the “Restricted
Persons” and each of the foregoing is referred to herein as a “Restricted Person”) shall maintain, in
the aggregate, a Net Short Position. For purposes hereof, a “Net Short Position” by a Restricted Person means a
position whereby such Restricted Person has executed one or more sales of Ordinary Shares that is marked as a short sale (but not
including any sale marked “short exempt”) and that is executed at a time when such Restricted Person does not have an
equivalent offsetting long position in the Ordinary Shares (or is deemed not to have a long position hereunder or otherwise in
accordance with Regulation SHO under the Exchange Act). Notwithstanding the foregoing, nothing contained herein shall (without
implication that the contrary would otherwise be true) prohibit any Restricted Person from selling “long” (as defined
under Rule 200 promulgated under Regulation SHO under the Exchange Act) the Ordinary Shares then owned by such Restricted
Person.
ARTICLE
5.
CONDITIONS PRECEDENT TO CLOSING
5.1.
Conditions Precedent to the Obligations of the Investor to Purchase the Shares. The obligation of the Investor to acquire
the Shares at the Closing is subject to the satisfaction or waiver by the Investor, at or before the Closing, of each of the following
conditions:
(a)
Representations and Warranties. The representations and warranties of the Company contained herein shall be true and correct
in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in
all respects) as of the date when made and as of the Closing as though made on and as of such date;
(b)
Performance. The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to the Closing;
(c)
No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the
transactions contemplated by the Transaction Documents;
(d)
No Suspensions of Trading in Ordinary Shares; Listing. Trading in the Ordinary Shares shall not have been suspended by the
Commission, any Trading Market or any governmental or regulatory body (except for any suspensions of trading of not more than one Trading
Day solely to permit dissemination of material information regarding the Company) at any time since the date of execution of this Agreement,
the Ordinary Shares shall have been at all times since such date listed for trading on a Trading Market, and the Company shall not have
received notice of any delisting or removal from trading on any Trading Market;
(e)
Adverse Changes. Since the date of execution of this Agreement, no event or series of events shall have occurred that reasonably
could have or result in a Material Adverse Effect or a material adverse change with respect to the Company or any Subsidiary; and
(f)
Company Deliverables. The Company shall have delivered the Company Deliverables in accordance with Section 2.3(a).
5.2.
Conditions Precedent to the Obligations of the Company to Sell the Shares. The obligation of the Company to sell and issue
the Shares at the Closing is subject to the satisfaction or waiver by the Company, at or before the Closing, of each of the following
conditions:
(a)
Representations and Warranties. The representations and warranties of the Investor contained herein shall be true and correct
in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in
all respects) as of the date when made and as of the Closing Date as though made on and as of such date;
(b)
Performance. The Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements
and conditions required by the Transaction Documents to be performed, satisfied or complied with by the Investor at or prior to the Closing;
(c)
No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the
transactions contemplated by the Transaction Documents; and
(d)
Investor Deliverables. The Investor shall have delivered the Investor Deliverables in accordance with Section 2.3(b).
ARTICLE
6.
MISCELLANEOUS
6.1.
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the
fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of the Transaction Documents. The Company shall pay all stamp and
other taxes and duties levied in connection with the delivery of the Shares.
6.2.
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus
Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior
agreements, understandings, discussions and representations, oral or written, with respect to such matters, which the parties acknowledge
have been merged into such documents, exhibits and schedules.
6.3.
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email attachment at the email address as set forth below or on the signature pages
attached hereto at or prior to 4:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth
below or on the signature pages attached hereto on a day that is not a Trading Day or later than 4:30 p.m. (New York City time) on any
Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service
or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall
be as follows:
| If to the Company: | SOLOWIN HOLDINGS |
Room 1910-1912A, Tower
3, China Hong Kong City
33 Canton Road, Tsim Sha Tsui,
Kowloon
Hong Kong
Attn.: Shing Tak Tam, Chief Executive
Officer
Facsimile: (852)3428-3893
Email: thomas@solomonwin.com.hk
| | If to an Investor: | To the address
set forth under the Investor’s name on the signature pages hereof; |
or such other address as may be designated in
writing hereafter, in the same manner, by such Person.
6.4.
Amendments; Waivers; No Additional Consideration. No provision of this Agreement may be waived, modified, supplemented or
amended except in a written instrument signed, in the case of an amendment, by the Company and the Investor, in the case of a waiver,
by the party against whom enforcement of any such waiver is sought. No waiver of any default with respect to any provision, condition
or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver
of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder
in any manner impair the exercise of any such right.
6.5.
Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be
deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by
the parties to express their mutual intent, and no rules of strict construction will be applied against any party. This Agreement shall
be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party
by virtue of the authorship of any provisions of this Agreement or any of the Transaction Documents.
6.6.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent
of the Investor. The Investor may assign any or all of its rights under this Agreement to any Person to whom the Investor assigns or transfers
any Shares, provided that such transferee agrees in writing to be bound, with respect to the transferred Shares, by the provisions of
the Transaction Documents that apply to the “Investor.”
6.7.
No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise
set forth in Section 4.5.
6.8. Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by
and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its
respective Affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby
irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of
the any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it
is not personally subject to the jurisdiction of any such New York Court, or that such Proceeding has been commenced in an improper
or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served
in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of a Transaction Document, then the
prevailing party in such Proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs
and expenses incurred with the investigation, preparation and prosecution of such Proceeding.
6.9.
Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Shares,
until the second anniversary of the date hereof.
6.10.
Execution. This Agreement may be executed and delivered (including by facsimile transmission and electronic mail attaching
a portable document file (.pdf)) in one or more counterparts and all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail
delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were
an original thereof.
6.11.
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by
such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would
have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable.
6.12.
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) any of the other Transaction Documents, whenever the Investor exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then the Investor may rescind
or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole
or in part without prejudice to its future actions and rights.
6.13.
Replacement of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed,
the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution
therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft
or destruction and customary and reasonable indemnity, if requested. The applicants for a new certificate or instrument under such circumstances
shall also pay any reasonable third-party costs associated with the issuance of such replacement Shares. If a replacement certificate
or instrument evidencing any Shares is requested due to a mutilation thereof, the Company may require delivery of such mutilated certificate
or instrument as a condition precedent to any issuance of a replacement.
6.14.
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of
damages, the Investor and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations described in the foregoing
sentence and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a
remedy at law would be adequate.
6.15. Further Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other
actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements
herein contained.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
SIGNATURE PAGES FOLLOW]
IN WITNESS WHEREOF, the parties
hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.
| |
SOLOWIN HOLDINGS |
| |
|
|
| |
By: |
|
| |
Name: |
Shing Tak Tam |
| |
Title: |
Chief Executive Officer |
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
SIGNATURE PAGE FOR THE INVESTOR FOLLOWS]
IN WITNESS WHEREOF, the parties
hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.
| |
NAME OF INVESTOR |
| |
|
|
| |
|
|
| |
|
|
| |
By: |
|
| |
|
Name: |
| |
Tax ID No.: |
______________________ |
| | ADDRESS FOR NOTICE |
| | | |
| c/o: | __________________________________ |
| | | |
| Street: | ___________________________________ |
| City/State/Country/Zip: | _________________________ |
| | | |
| Attention: | _________________________ |
| | | |
| Facsimile: | _________________________ |
| | | |
| Email: | _________________________ |
| | DELIVERY INSTRUCTIONS
(if different from above)
|
| | | |
| c/o: | __________________________________ |
| | | |
| Street: | ___________________________________ |
| City/State/Country/Zip: | __________________________ |
| | | |
| Attetntion: | __________________________ |
| | | |
| Facsimile: | _________________________ |
| | | |
| Email: | __________________________ |
Exhibit 5.1
 |
CONYERS DILL & PEARMAN
29th Floor
One Exchange Square
8 Connaught Place
Central
Hong Kong
T +852 2524 7106 | F +852 2845 9268
conyers.com
|
18 November 2024
Matter No. 1004056/110426867
852 2842 9530
Richard.Hall@conyers.com
SOLOWIN HOLDINGS
Room 1910-12A, Tower 3
China Hong Kong City
33 Canton Road, Tsimshatsui
Hong Kong
Re: SOLOWIN HOLDINGS (the “Company”)
We have acted as special Cayman Islands
legal counsel to the Company in connection with the Company’s shelf registration statement on Form F-3 (File No. 333-282552) (the
“Registration Statement”) filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”)
and declared effective by the Commission on 8 November 2024 under the U.S. Securities Act of 1933, as amended (the “Securities
Act”), and the base prospectus contained in the Registration Statement (the “Base Prospectus”) and the prospectus
supplement to be filed with the Commission on or about 18 November 2024 (the “Prospectus Supplement” and collectively
with the Base Prospectus, the “Prospectus”) in connection with an offering (the “Offering”) by the
Company of up to 1,000,000 ordinary shares of par value US$0.0001 per share of the Company (the “Ordinary Shares”)
pursuant to the Securities Purchase Agreement (as defined below).
For the purposes of giving this opinion,
we have examined copies of the following documents:
| 1.1 | the Registration Statement; |
| 1.3 | a securities purchase agreement between the Company and ZHANG, Jingjing dated 15
November 2024 (the “Securities Purchase Agreement”); |
| 1.4 | the amended and restated memorandum and articles of association of the Company; |
Partners: Piers J. Alexander, Christopher
W. H. Bickley, Peter H. Y. Ch’ng, Anna W. T. Chong, Angie Y. Y. Chu, Vivien C. S. Fung, Richard J. Hall, Norman Hau, Wynne Lau,
Paul M. L. Lim, Ryan A. McConvey, Teresa F. Tsai, Flora K. Y. Wong, Lilian S. C. Woo, Mark P. Yeadon
Consultant: David M. Lamb
BERMUDA
| BRITISH VIRGIN ISLANDS | CAYMAN ISLANDS
| 1.5 | the resolutions in writing of all the directors of the Company dated 7 October
2024 and the resolutions in writing of all the directors of the Company dated 12 November 2024 (collectively, the “Resolutions”); |
| 1.6 | a Certificate of Good Standing issued by the Registrar of Companies in relation
to the Company on 15 November 2024 (the “Certificate Date”); and |
| 1.7 | such other documents and made such enquiries as to questions of law as we have
deemed necessary in order to render the opinion set forth below. |
We have assumed:
| 2.1 | the genuineness and authenticity of all signatures and the conformity to the originals
of all copies (whether or not certified) examined by us and the authenticity and completeness of the originals from which such copies
were taken; |
| 2.2 | that where a document has been examined by us in draft form, it will be or has
been executed and/or filed in the form of that draft, and where a number of drafts of a document have been examined by us all changes
thereto have been marked or otherwise drawn to our attention; |
| 2.3 | the capacity, power and authority of each of the parties to the Securities Purchase
Agreement other than the Company, to enter into and perform its respective obligations under the Securities Purchase Agreement. |
| 2.4 | the accuracy and completeness of all factual representations made in the Securities
Purchase Agreement, the Registration Statement, the Prospectus and other documents reviewed by us; |
| 2.5 | that the Resolutions were passed at one or more duly convened, constituted and
quorate meetings or by unanimous written resolutions, remain in full force and effect and have not been rescinded or amended; |
| 2.6 | that there is no provision of the law of any jurisdiction, other than the Cayman
Islands, which would have any implication in relation to the opinions expressed herein; |
| 2.7 | that upon the issue of the Ordinary Shares, the Company will receive consideration
for the full issue price thereof which shall be equal to at least the par value of the Ordinary Shares; |
| 2.8 | the validity and binding effect under the laws of the United States of America
of the Registration Statement and that the Registration Statement will be duly filed with the Commission; and |
| 2.9 | there is no contractual or other prohibition or restriction (other than as arising
under Cayman Islands law) binding on the Company prohibiting or restricting it from entering into and performing its obligations under
the Registration Statement and the Securities Purchase Agreement. |
| 3.1 | We have made no investigation of and express no opinion in relation to the laws
of any jurisdiction other than the Cayman Islands. This opinion is to be governed by and construed in accordance with the laws of the
Cayman Islands and is limited to and is given on the basis of the current law and practice in the Cayman Islands. This opinion is issued
solely for the purposes of the filing of the Registration Statement and is not to be relied upon in respect of any other matter. |
On the basis of and subject to the
foregoing, we are of the opinion that:
| 4.1 | The Company is duly incorporated and existing under the law of the Cayman Islands
and, based on the Certificate of Good Standing, is in good standing as at the Certificate Date. Pursuant to the Act, a company is deemed
to be in good standing if all fees and penalties under the Act have been paid and the Registrar of Companies has no knowledge that the
Company is in default under the Act. |
| 4.2 | When issued and paid for as contemplated in the Securities Purchase Agreement,
the Registration Statement and the Prospectus, the Ordinary Shares will be validly issued, fully paid and non-assessable (which term when
used herein means that no further sums are required to be paid by the holders thereof in connection with the issue thereof). |
We hereby consent to the filing
of this opinion as an exhibit to the Company’s report filing on Form 6-K with the Commission, which will be incorporated by reference
into and deemed part of the Registration Statement and to the references to our firm under the caption “Legal Matters” in
the Prospectus forming a part of the Registration Statement. In giving such consent, we do not hereby admit that we are experts within
the meaning of Section 11 of the Securities Act or that we are in the category of persons whose consent is required under Section 7 of
the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.
Yours faithfully,
/s/ Conyers Dill & Pearman
conyers.com | 3
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