With effect from 15 December 2022, Cosmos Group Holdings Inc. (OTC: COSG) and Lee Ying Chiu, Herbert (“Dr. Lee”) have entered into a Settlement Agreement under which the Company and Dr. Lee have agreed to settle the issue of 800,000,000 shares of the Company’s common stock owed to Dr. Lee in accordance with the terms of the Share Exchange Agreement from June 17, 2021 for the purchase of Massive Treasure Limited.
According to the settlement: 1. In place of the original 800,000,000 shares of common stock, the Company will now give Dr. Lee 400,000,000 shares of common stock.

2. Dr. Lee or his chosen representatives shall receive ownership of all DOT (based on NFT) technology development organisations.
   Dr. Chan Man Chung, the CEO of Cosmos Group Holdings Inc., commented on the settlement deal and said, “We are thrilled with how this settlement turned out and think that it will significantly improve the COSG Group’s situation. If you check at our most recent financial report, you’ll see that the DOT business was really expanding significantly, with revenues of more over $8 million in the first nine months of 2022. However, after reviewing the COSG Group’s overall financial position, our management team concluded that the significant technology and business development costs we have been and will continue to incur in the DOT business will continue to have an impact on the company’s profitability. Additionally, the broader Crypto Winter provided us with the chance to reevaluate our overall business strategy and the state of the market. We believe that this resolution and the reforms will ensure that COSG continues to create value for its shareholders.”

Source: Prnewswire