Gulf Resources announced that on December 20, 2023, three members of management of the Company, namely Xiaobin Liu, CEO, Naihui Miao, COO and Min Li, CFO, each entered into an equity interest transfer agreement, pursuant to which each agreed to sell 110,000 shares of common stock of the Company to a third party for a purchase price of $2.50 per share in a privately negotiated transaction. The transactions are anticipated to close in January 2024. The buyer is a local Chinese investor with knowledge of the bromine industry. Considering that the Company had not performed well in recent years, the Company and its executive officers mutually agreed and returned all or a portion of their cash compensation earned for their services with the Company in year 2021, which may be considering pay back later when business improves.
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