CVTV China VTV Ltd (CE)

ITEM 8.01 OTHER EVENTS

On May 28, 2020, Mr. Guoping Chen, the former Chief Financial Officer of China VTV Ltd. (the “Company”), acknowledged and accepted the termination notice (the “Notice”) of the pledge agreement (the “Pledge Agreement”) dated March 15, 2019 issued by Mr. Tijin Song, the Chief Executive Officer of the Company, to Mr. Guoping Chen. The Pledge Agreement was executed in connection with the merger transaction (the “Merger”) between the Company and China VTV Limited, a Hong Kong company and now wholly-owned subsidiary of the Company. As set forth in the Notice, Mr. Tijin Song paid Mr. Guoping Chen $300,000 pursuant to a stock exchange agreement dated March 15, 2019, which set forth the terms and conditions of the Merger. As a result of the payment, the Pledge Agreement terminated automatically and the security interest on all of Mr. Tijin Song’s shares in the Company terminated.    

The Company will be relying on the Securities and Exchange Commission’s Order under Section 36 of the Securities Exchange Act of 1934 Granting Exemptions From Specified Provisions of the Exchange Act and Certain Rules Thereunder dated March 25, 2020 (Release No. 34-88465) (the “Order”) to delay the filing of its Annual Report on Form 10-K, which was originally scheduled on May 29, 2020 (the “Report”), due to the circumstances related to COVID-19. In particular, from late February 2020, COVID-19 has caused severe disruptions in the audit process of the Company (including its consolidated subsidiaries), limited access to the Company’s facilities in China and third parties by the auditors to verify the Company’s accounting, and limited support from the Company’s staff. This has, in turn, delayed the Company’s ability to complete its audit and prepare the Report. Notwithstanding the foregoing, the Company expects to file the Report no later than July 13, 2020 (which is 45 days from the Report’s original filing deadline of May 29, 2020).