Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Appointment of Director
The Board of Directors (the "Board") of Wetouch Technology Inc. (the "Company")
has appointed Congjin Wang to serve as a member of the Board, effective February
17, 2023 and to serve as a member of the Audit Committee, the Compensation
Committee and as the Chairman of Nominating and Corporate Governance Committees
of the Board.
There are no arrangements or understandings between Mr. Wang and any other
person pursuant to which he was appointed as a director. In addition, there are
no family relationships between Mr. Wang and any of the Company's other officers
or directors. Further, there are no transactions since the beginning of the
Company's last fiscal year, or any currently proposed transaction, in which the
Company is a participant, the amount involved exceeds $120,000, and in which Mr.
Wang had, or will have, a direct or indirect material interest.
Mr. Wang, aged 31, has served as an attorney at Gaopeng (Nanjing) Law Firm since
June 2022. From June 2021 through May 2022, Mr. Wang worked for Guohao Law Firm.
He worked at Beijing Gaopeng (Nanjing) Law Firm from December 2014 through May
2021. He is currently a member of Nanjing Securities and Futures Fund
Professional Committee, a public interest lawyer of China Securities Small and
Medium Investors Service Center, a member of Jiangsu foreign lawyers Talent
Pool, and a member of the Nanjing Foreign Lawyers Talent Pool. Mr. Wang received
a bachelor's degree from Anqing Normal University in July 2014, and he is
currently studying at University of Chinese Academy of Social Sciences for his
master's degree.
The Board believes Mr. Wang's extensive knowledge and background with regard to
touchscreen technology and management makes him a valuable addition to the
Board.
Departure of Director
On February 16, 2023, Jeffrey Kone resigned as a member of the Board of the
Company and as a member of the Audit Committee, Compensation Committee and
Nominating and Governance Committee. Mr. Kone's decision to resign was not the
result of any disagreement with the Company, the Board, management, or any
matter relating to the Company's operations, policies or practices.
Item 8.01 Other Events
Reverse Stock Split
On February 17, 2023, the Board authorized a reverse stock split with a ratio of
not less than one to five (1:5) and not more than one to eighty (1:80), with the
exact amount and the timing of the reverse stock split to be as determined by
the Chairman of the Board. Upon such reverse stock split becoming effective, the
number of authorized shares of the common stock of the Company will also be
decreased in the same ratio. Pursuant to Nevada Revised Statutes Section 78.209,
the reverse stock split does not have to be approved by the shareholders of the
Company.
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