[S-8] Baiya International Group Inc. Employee Benefit Plan Registration

Rhea-AI Filing Summary

Form 4 Overview – BTCS Inc. (BTCS)

Chief Operating Officer and Director Michal Handerhan reported two insider transactions dated 8-9 July 2025.

• 8 Jul 2025 – Sale: Disposed of 87,221 common shares at a $6.04 weighted-average price under a Rule 10b5-1 trading plan.
• 9 Jul 2025 – Option exercise (cashless): Exercised 350,000 stock options at $1.90 per share. To cover the exercise cost, BTCS withheld 112,521 shares; the insider received 237,479 newly issued shares.

Resulting ownership: Holdings increased from 1,516,881 to 1,754,360 shares, a net gain of ≈237 k shares (+15.7%).

Key context

• The option block vested between 2022 and achievement of stock-price milestones; it expires 1 Jan 2026.
• The 87 k-share sale was executed within a 10b5-1 plan at prices ranging $6.00–$6.11.
• Shares acquired via option exercise are subject to vesting conditions for restricted stock noted in footnote 2.

Investor takeaway: Although there was a modest open-market sale, the insider’s net position increased materially, signalling continued exposure to BTCS’s equity upside. The cashless exercise introduces ~237 k new shares to the float, a minor dilutive effect relative to BTCS’s outstanding shares.

Positive

• Net increase of 237,479 shares in insider’s beneficial ownership, signalling confidence.
• Option exercise priced at $1.90 versus recent sale prices above $6, indicating substantial in-the-money value captured.

Negative

• 87,221 shares sold on the open market, suggesting partial profit-taking.
• Exercise adds ~237 k new shares to the float, introducing minor dilution.

Insights

Financial Analyst

TL;DR: Insider sold 87 k shares but gained 237 k via option exercise; net holdings up 16%, impact neutral–slightly positive.

The filing combines a modest disposition with a larger cashless option exercise. On the bearish side, the market sale indicates limited profit-taking at ~3× the option strike, and the 237 k new shares are dilutive. However, the executive’s total stake rose to 1.75 m shares, demonstrating longer-term alignment. Because the exercise was close to option expiry (2026) and under a 10b5-1 plan, the transactions look scheduled rather than opportunistic. From a valuation lens, the share count increase is immaterial (<1% of BTCS’s basic shares), while the insider’s larger ownership could reassure investors. Overall impact is neutral with a slight positive bias.

&nbsp;

As filed with the Securities and Exchange Commission on July 10, 2025.

&nbsp;

Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;

&nbsp;

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

&nbsp;

FORM S-8

&nbsp;

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

&nbsp;

Baiya International Group Inc.

(Exact Name of Registrant as Specified in Its Charter)

&nbsp;

Cayman Islands	 	Not Applicable
(State or Other Jurisdiction of	 	(I.R.S. Employer
Incorporation or Organization)	 	Identification No.)

&nbsp;

5Q, No. 5 Golf Avenue

Guangpei Community, Guanlan Street

Longhua District, Shenzhen, China

Telephone: +86 0769-88785888

(Address, Including Zip Code, of Principal Executive Offices)

&nbsp;

Baiya International Group Inc.

2025 Share Incentive Plan

(Full Title of the Plan)

&nbsp;

Baiya International Group Inc.

Suite 7540, The Empire State Building

350 Fifth Avenue

New York, New York 10118

Telephone: +1838 900 8888

(Name, Address and Telephone Number, Including Area Code, of Agent for Service)

&nbsp;

Copies To:

&nbsp;

Pang Zhang-Whitaker, Esq.

Carter Ledyard & Milburn LLP

28 Liberty Street, New York, NY&nbsp;10005

+1 212.238.8844

&nbsp;

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.:

&nbsp;

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
 	 	Emerging growth company	☒

&nbsp;

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

EXPLANATORY NOTE

&nbsp;

This registration statement on Form S-8 (the &ldquo;Registration Statement&rdquo;) is being filed by Baiya International Group Inc. (the &ldquo;Registrant&rdquo;) in accordance with the requirements of Form S-8 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), in order to register 2,400,000 Class A ordinary shares, $0.0001 par value per share (the &ldquo;Class A Ordinary Shares&rdquo;), issuable pursuant to the 2025 Share Incentive Plan (the &ldquo;Plan&rdquo;) of the Registrant.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

PART I

&nbsp;

INFORMATION REQUIRED IN SECTION 10(a) PROSPECTUS

&nbsp;

The documents containing the information required in Part I of this Registration Statement have been or will be sent or given to participating employees as specified in Rule&nbsp;428(b)(1)&nbsp;under the&nbsp;Securities Act, in accordance with the rules and regulations of the United States Securities and Exchange Commission, or the Commission. Such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule&nbsp;424&nbsp;of the&nbsp;Securities Act. These documents and the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

&nbsp;

1

&nbsp;

&nbsp;

PART II

&nbsp;

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

&nbsp;

Item 3. Incorporation of Certain Documents by Reference.

&nbsp;

The following documents previously filed or furnished by the Registrant with the SEC are incorporated herein by reference in this Registration Statement:

&nbsp;

 	●	our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the SEC on May 13, 2025; and
 	 
 	●	the description of our Class A ordinary shares, $0.0001 par value contained in our annual report on Form 20-F, filed with the SEC on May 13, 2025, and any amendment or report filed with the SEC for the purpose of updating the description.

&nbsp;

In addition, all documents subsequently filed by the Registrant pursuant to Section 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) (prior to filing of a post-effective amendment which indicates that all securities offered have been sold or that deregisters all securities then remaining unsold) shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement.

&nbsp;

II-1

&nbsp;

&nbsp;

Item 4. Description of Securities.

&nbsp;

Not applicable.

&nbsp;

Item 5. Interests of Named Experts and Counsel.

&nbsp;

Not applicable.

&nbsp;

Item 6. Indemnification of Directors and Officers.

&nbsp;

Cayman Islands law does not limit the extent to which a company&rsquo;s memorandum and articles of association may provide for indemnification of officers and directors. The Registrant&rsquo;s Memorandum and Articles of Association provides for indemnification of its officers and directors for any liability incurred in their capacities as such, except through their own fraud or willful default to the extent permitted under Cayman law. Indemnification is only available to a person who acted in good faith and in what that person believed to be in the Registrant&rsquo;s best interests. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is theretofore unenforceable.

&nbsp;

Item 7. Exemption from Registration Claimed.

&nbsp;

Not applicable.

&nbsp;

Item 8. Exhibits.

&nbsp;

The Exhibit Index immediately preceding the exhibits is incorporated herein by reference.

&nbsp;

II-2

&nbsp;

&nbsp;

Item 9. Undertakings.

&nbsp;

(a) The undersigned registrant hereby undertakes:

&nbsp;

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;

(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of a prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and

&nbsp;

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

&nbsp;

provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the information required to be included in the post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in this registration statement.

&nbsp;

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;

II-3

&nbsp;

&nbsp;

EXHIBIT INDEX

&nbsp;

Exhibit	 	 
Number	 	Description of Exhibit
 	 	 
3.1	 	Amended and Restated Memorandum and Articles of Association of the Registrant Currently in Effect (incorporated herein by reference to the Exhibit 3.1 of the Registrant’s annual report on Form 20-F, filed with the SEC on May 13, 2025)
 	 	 
10.1	 	2025 Share Incentive Plan of Baiya International Group Inc.
 	 	 
5.1	 	Opinion of Ogier
 	 	 
23.1	 	Consent of Kreit & Chiu CPA LLP, an independent registered public accounting firm
 	 	 
23.2	 	Consent of Ogier (included in its opinion filed as Exhibit 5.1)
 	 	 
24.1	 	Power of Attorney (included on signature page hereto)
 	 	 
107	 	Filing Fee Table

&nbsp;

II-4

&nbsp;

&nbsp;

SIGNATURES

&nbsp;

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Form S-8 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, on July 10, 2025.

&nbsp;

 	Baiya International Group Inc.
 	 
 	By:	/s/ Siyu Yang
 	Name:	Siyu Yang
 	Title:	Chief Executive Officer

&nbsp;

POWER OF ATTORNEY

&nbsp;

Each person whose signature appears below constitutes and appoints Siyu Yang as his or her true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him or her and in his or her name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

&nbsp;

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on July 10, 2025.

&nbsp;

Name	 	Title
 	 	 
/s/ Siyu Yang	 	Chief Executive Officer and Director
Siyu Yang	 	(Principal Executive Officer)
 	 	 
/s/ Dan Bin	 	Chief Financial Offer
Dan Bin	 	(Principal Accounting Officer and Principal Financial Officer)
 	 	 
/s/ Weilai Zhang	 	Director and Chairman of the Board of Directors
Weilai Zhang	 	 
 	 	 
/s/ Huashu Yuan	 	Director
Huashu Yuan	 	 
 	 	 
/s/ Zicen Liao	 	Director
Zicen Liao	 	 
 	 	 
/s/ Linxi Xie	 	Director
Linxi Xie	 	 

&nbsp;

&nbsp;

II-5

&nbsp;

&nbsp;

FAQ

How many BTCS shares did the COO sell on 8 July 2025?

He sold 87,221 shares at a weighted-average price of $6.04.

What was the size of the option exercise reported by BTCS insider Michal Handerhan?

He exercised 350,000 options at $1.90 per share on 9 July 2025 via a cashless method.

How many BTCS shares does the insider own after these transactions?

Post-transactions, his beneficial ownership stands at 1,754,360 shares.

Was the BTCS share sale executed under a 10b5-1 trading plan?

Yes. The 87,221-share sale was conducted under a Rule 10b5-1 plan.

Do the new shares from the option exercise increase BTCS’s share count?

Yes, the cashless exercise issues 237,479 new shares, a minor dilutive effect relative to total shares outstanding.