[6-K] High-Trend International Group Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Filing type: Schedule 13G/A (Amendment No. 1) for Ikena Oncology (IKNA). The filing discloses that Deep Track Capital, LP, its Cayman-based Deep Track Biotechnology Master Fund, Ltd., and Managing Member David Kroin have reduced their beneficial ownership to 0 shares, or 0.00 % of IKNA’s 48.26 million outstanding shares as of 28 Jul 2025.

The reporting persons now report no sole or shared voting or dispositive power over IKNA common stock and affirm ownership of “5 percent or less” under Item 5. All three entities certify that the securities were not acquired to influence control of the issuer. Signatures are dated 4 Aug 2025.

Key takeaway: A previous >5 % holder has fully exited its position, removing a concentrated biotech-focused shareholder from IKNA’s registry. While the filing is purely informational and contains no financial performance data, it signals a complete divestiture by an institutional investor.

Positive

• Cap-table simplification: Departure of a >5 % holder reduces ownership concentration and potential control dynamics.

Negative

• Institutional divestiture: Deep Track Capital’s complete exit may signal diminished confidence and could have created selling pressure.

Insights

Biotechnology Portfolio Manager

TL;DR Complete exit by Deep Track removes a specialist holder; sentiment skewed negative but no direct financial impact.

Deep Track Capital previously accumulated >5 % of IKNA, a small-cap oncology developer. Their reduction to 0 % indicates a full liquidation. For thinly traded biotech names, such selling can pressure shares and lessen perceived smart-money sponsorship. However, because the ownership is already gone, the filing is backward-looking—any price effect likely occurred before 28 Jul 2025. No governance or financing covenants are triggered, so fundamental valuation remains unchanged. I view the disclosure as moderately negative sentiment with limited ongoing impact.

Corporate Governance Analyst

TL;DR Governance neutral; exit eliminates potential control group, simplifies cap table.

From a governance lens, the exit reduces concentration risk and potential related-party influences. The signatories certify a passive stance and no intent to influence control. While some investors view loss of an informed biotech fund as negative, dispersion of ownership can enhance minority shareholder alignment. Overall impact on governance structure is neutral to mildly positive.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025

Commission File Number 001-41573

HIGH-TREND INTERNATIONAL GROUP
(Translation of registrant’s name into English)

60 Paya Lebar Road

#06-17 Paya Lebar Square

Singapore 409051

+ 1 646 749 0591

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Reverse Stock Split; Record Date

High-Trend International Group (the “Company” or the “Registrant”) is reporting that its board of directors (the “Board”) has approved a reverse stock split (the “Reverse Stock Split”) of the Company’s Class A ordinary shares, a par value of US$0.0001 each (the “Ordinary Shares”), at a ratio of 1-for-25 (the “Reverse Split Ratio”).

The Company is undertaking the Reverse Stock Split with the objective of meeting the minimum $1.00 per Ordinary Share bid requirement for maintaining the listing of the Ordinary Shares on The Nasdaq Capital Market.

The Reverse Stock Split will be effective at 04:01 p.m. (ET) on Thursday, August 7, 2025 (the “Record Date”) and the Ordinary Shares will begin trading on a split-adjusted basis when the Nasdaq Stock Market LLC opens for trading on Friday, August 8, 2025. The Ordinary Shares will continue to trade on The Nasdaq Capital Market under the trading symbol “HTCO” but will trade under the following new CUSIP number: G1901X 116.

As a result of the Reverse Stock Split, every 25 Ordinary Shares held as of the Record Date will be automatically combined into one Ordinary Share. The number of outstanding Ordinary Shares will be reduced from approximately 140,000,000 Ordinary Shares to approximately 5,600,000 Ordinary Shares. No fractional shares will be created or issued in connection with the reverse stock split.

The Reverse Stock Split will affect all holders of Ordinary Shares uniformly and will not affect any shareholder’s percentage ownership interest in the Company.

Shareholders with Ordinary Shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the Reverse Stock Split reflected in their accounts on or after August 8, 2025. Such beneficial holders may contact their bank, broker, or nominee for more information.

Forward-Looking Statements

This current report on Form 6-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The forward-looking statements can be also identified by terminology such as “may,” “might,” “could,” “will,” “aims,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements.

These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks. The reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. A detailed discussion of factors that could cause or contribute to such differences and other risks that affect our business is included in filings we make with the Commission from time to time, including our most recent report on Form 20-F, particularly under the heading “Risk Factors”.

Issuance of Press Release

On August 4, 2025, the Company issued a press release regarding the Reverse Split. A copy of the press release is filed as an exhibit to this Form 6-K as Exhibit 99.1

Exhibit Index

Exhibit
99.1		Press Release dated August 4, 2025

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 4, 2025	HIGH-TREND INTERNATIONAL GROUP
	By:	/s/ Shixuan He
		Shixuan He
		Chief Executive Officer
		(Principal Executive Officer)

2

FAQ

Why did Deep Track Capital file a Schedule 13G/A for IKNA?

The amendment discloses that Deep Track and affiliates have reduced their IKNA holdings to 0 shares (0 %), triggering the “5 % or less” disclosure requirement.

How many IKNA shares does Deep Track Capital now own?

As of 28 Jul 2025, they report 0 shares with no voting or dispositive power.

What percentage of IKNA’s outstanding shares does this represent?

0.00 % of the 48,258,111 shares reported outstanding in the company’s 24 Jul 2025 10-Q.

Does the filing indicate plans to influence IKNA’s control?

No. The certification states the securities were not acquired to influence control and the parties are passive investors.

Is this divestiture positive or negative for IKNA investors?

Market reaction varies; losing a specialist biotech holder can be viewed as negative sentiment, but it also reduces ownership concentration.