Wetouch Technology Inc. announced that it has entered into a security purchase agreement for the issuance of 160,000,000 common shares of the company at a price of $0.25 per share for gross proceeds of $40,000,000 on January 19, 2023. The transaction is expected to close on January 30, 2023, which date may be extended for an additional thirty days at the sole discretion of the company. All the securities issued in the transaction will be exempt from registration pursuant to Section 4(a)(2) and/or Rule 506 of Regulation D. The company will not pay any brokerage fee or finders' fee in the transaction.