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HiTek Global Inc. (symbol HKIT), now named Biddance AI Systems, Inc., reports that shareholders approved, and the company completed, a transfer by way of continuation from the Cayman Islands to the British Virgin Islands and a corporate name change to "Biddance AI Systems, Inc.". The continuation and name change were completed on August 24, 2026, following approval at the July 29, 2026 annual general meeting. In connection with this redomiciliation, the company adopted a new memorandum and articles of association under the laws of the British Virgin Islands, filed as Exhibit 3.1. This report is incorporated by reference into the company’s registration statements on Form F-3 (File Nos. 333-279459 and 333-281723) and related prospectuses.
HiTek Global Inc. received an amended beneficial ownership report from L1 Capital Global Opportunities Master Fund, Ltd. The fund now reports beneficial ownership of 0 Class A Ordinary Shares, representing 0% of the class, with no sole or shared voting or dispositive power. The amendment references an earlier filing covering 112,800 Class A Ordinary Shares purchased on June 3, 2026, but confirms that L1 Capital Global Opportunities Master Fund, Ltd. no longer beneficially owns any of these securities.
HiTek Global Inc. agreed on August 3, 2026 to acquire all shares of Ju Fu Limited, an advertising and digital marketing business operating under the “Beijing Fourth Coco” brand, for an aggregate consideration of US$20,000,000.
The purchase price includes aggregate cash consideration of up to US$14,000,000 (with US$11,000,000 payable at two closings and up to US$3,000,000 deferred based on performance) and 4,000,000 Class A ordinary shares. These shares are subject to performance-based lock-up, leak-out, sale-proceeds limitations, and potential forfeiture. The deal is expected to close in two stages, with the first closing around August 11, 2026 and the second within sixty days of August 3, 2026, subject to customary conditions.
Hitek Global Inc. held its 2026 Annual General Meeting of shareholders on July 29, 2026 in Xiamen, China. Holders of Class A and Class B ordinary shares representing 123,638,194 votes, about 93.08% of the 132,835,587 votes entitled to be cast as of June 3, 2026, were present by proxy, establishing a quorum.
Shareholders voted on the election of five director nominees and several other matters. Director nominee Shenping Yin received 122,929,075 votes for, 43,849 against and 5,560 abstentions, and the other four nominees recorded very similar totals. Other agenda items also showed much higher votes for than against, including one matter with 123,586,555 votes for, 50,991 against and 648 abstentions.
HiTek Global Inc. is implementing a 1-for-25 reverse split of its Class A ordinary shares, effective July 6, 2026, which will reduce issued and outstanding Class A shares from 19,996,492 to 799,860. Class B ordinary shares will remain at 8,192,000 outstanding.
At the effective time, every 25 issued and unissued Class A ordinary shares will automatically combine into one share, and the par value will change from $0.015 to $0.375 per share. Any fractional shares will be rounded up to the nearest whole share at the participant level.
The company’s total authorized share capital will stay at US$316,000, reclassified into 800,000 Class A ordinary shares, 150,000,000 Class B ordinary shares, and 10,000,000 preference shares. HiTek’s Class A shares will continue trading on the Nasdaq Capital Market under “HKIT” on a split-adjusted basis starting July 6, 2026, with new CUSIP G45139139.
Hitek Global Inc. has called its 2026 annual general meeting for July 29, 2026 at 9:00 p.m. Eastern time, with shareholders of record at 4:00 p.m. Eastern time on June 3, 2026 entitled to vote. The board is asking investors to re-appoint all five current directors and to ratify Wei, Wei & Co., LLP as independent auditor for the year ending December 31, 2026.
A key proposal would amend authorized share capital by subdividing each Class A ordinary share on a 1:3,750 ratio, changing 800,000 Class A shares of par value US$0.375 into 3,000,000,000 Class A shares of par value US$0.0001, while keeping authorization for 150,000,000 Class B ordinary shares and 10,000,000 preference shares. Subject to that change, the board also seeks authority, for up to two years, to implement one or more consolidations of Class A shares at ratios up to 1‑for‑6,000.
Shareholders are also being asked to approve changing the company’s name from “Hitek Global Inc.” to “Biddance AI Systems, Inc”, and to approve a transfer by way of continuation from the Cayman Islands to the British Virgin Islands, with new BVI‑law memorandum and articles. An adjournment proposal would allow the chair to postpone the meeting if more time is needed to gather votes. The board unanimously recommends voting in favor of all eleven proposals.
HiTek Global Inc. Schedule 13G shows L1 Capital Global Opportunities Master Fund, Ltd. reports beneficial ownership of 112,800 Class A Ordinary Shares, representing 9.99% of the class. The filing states this amount reflects 85,000 Class A Ordinary Shares and 27,800 Pre-Funded Warrants subject to a 9.99% beneficial ownership limitation. It cites 1,016,474 Class A Ordinary Shares outstanding per the issuer's prospectus and a Form 6-K. The filing names David Feldman and Joel Arber as directors of the reporting fund and notes customary disclaimers regarding beneficial ownership attribution.
HiTek Global Inc. insider Jane Street Group, LLC and affiliates reported mixed open-market trades in Class A Ordinary Shares. On June 4, 2026, they sold 169,820 shares at $0.33 per share, leaving 67,718 shares indirectly held. On June 2, 2026, they executed a series of smaller open-market purchases and sales around $1.66–$1.75 per share, resulting in total reported purchases of 1,093 shares and sales of 2,611 shares that day. Footnotes state their beneficial ownership rose above 10% of HiTek Global’s Class A Ordinary Shares on June 2, and after these transactions their beneficial ownership is below 10%.
HiTek Global Inc. completed a registered direct offering of 4,000,000 Class A ordinary shares, or pre-funded warrants in lieu, at $2.00 per security, together with ordinary warrants. The deal generated $8,000,000 in gross proceeds before fees and expenses.
Each warrant has a $4.5678 exercise price and is exercisable for approximately 3.8 Class A ordinary shares. The company will pay a 7.0% cash fee on gross proceeds plus $100,000 in expenses to the placement agent. Class A ordinary shares outstanding were 846,474 before the transaction and are 19,996,474 after, assuming full exercise of all pre-funded warrants and warrants.
Hitek Global Inc. is registering up to 19,150,000 Class A Ordinary Shares in a registered direct offering pursuant to a June 2, 2026 Securities Purchase Agreement. The offering consists of 170,000 Class A Ordinary Shares, 3,830,000 Pre-Funded Warrants (each exercisable for one Class A share at $0.015) and accompanying warrants that could underlyingly issue up to 15,150,000 Class A Ordinary Shares through a zero price exercise feature.
The public purchase price per Class A Ordinary Share is $2.00, the aggregate subscription amount is up to $8,000,000, estimated net proceeds are approximately $7.16 million, and Placement Agent compensation equals 7.0% of gross proceeds. The offering and warrant mechanics include cashless and zero-price exercises, a Floor Price of $1.5751, and potential non-cash proceeds from warrant exercises.