UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): | January 28, 2009 |
HONG KONG HIGHPOWER TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 000-52103 | 20-4062622 |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Building A1, Luoshan Industrial Zone, Shanxia, Pinghu, Longgang, Shenzhen, Guangdong, 518111, China
(Address, including zip code, of principal executive offices)
| Registrant’s telephone number, including area code | (86) 755-89686238 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 28, 2009, Hong Kong Highpower Technology, Inc. (the “Company”) announced that it is appointing Henry Ngan, age 35, as its new Chief Financial Officer, effective February 1, 2009. The Company’s current Chief Financial Officer, Yui Zhi Qiu, will remain with the Company as the Corporate Controller.
Since July 2008, Mr. Ngan has served as Vice President and Senior Equity Analyst at Brean Murray Carret & Co. in New York City. Prior to that, Mr. Ngan served as an Equity Research Analyst at Buckingham Research Group in New York from June 2004 to January 2008 and at Robotti & Company from October 2002 until June 2004. Mr. Ngan received a B.S. degree in Accounting from the University at Albany, State University of New York in 1995 and an MBA in Finance and Information & Communication Systems from Fordham University in 2004. Mr. Ngan is a Certified Public Accountant in the State of New York.
In connection with Mr. Ngan’s appointment, the Company anticipates entering into an offer letter (the “Offer Letter”) with Mr. Ngan regarding his employment pursuant to which he will be entitled to a base salary at an annual rate of $150,000 and 17,000 shares of restricted common stock of the Company under the Company’s 2008 Omnibus Incentive Plan, which will be granted on August 1, 2009 and vest in equal installments on January 31, 2010 and January 31, 2011. Mr. Ngan will also be entitled to reasonable vacation and sick time and reimbursement for the cost of standard medical and dental insurance premiums and for business expenses. Mr. Ngan will also be required to execute a Confidentiality and Non-Disclosure Agreement in connection with his employment with the Company.
Other than the above, ,there are no other arrangements or understandings between Mr. Ngan and any other person(s) with respect to his appointment as the Company’s Chief Financial Officer. In addition, there has been no transaction, nor is there any currently proposed transaction, to which the Company or any of its subsidiaries was or is to be a party in which Mr. Ngan or any member of his immediate family, had or will have, a direct or indirect material interest. Mr. Ngan is not related to any of Company’s directors or other executive officers.
On January 28, 2009, the Company issued a press release announcing the appointment of Mr. Ngan as Chief Financial Officer. A copy of such press release is attached to this current report on Form 8-K as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description |
| 99.1 | Press release dated January 28, 2009. |
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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 hereunto duly authorized.
Hong Kong Highpower Technology, Inc. | |||
Dated: January 28, 2009 | /s/ Dang Yu Pan | ||
| By: Dang Yu Pan | |||
Its: Chairman of the Board and Chief Executive Officer | |||
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EXHIBIT INDEX
| Exhibit No. | Description |
| 99.1 | Press release dated January 28, 2009. |
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