UNITED STATES
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CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
Master Agreement
On May 21, 2024, Asset Entities Inc., a Nevada corporation (the “Company”), entered into a Master Agreement (the “Master Agreement”) with Live Nation Entertainment, Inc., a Delaware corporation (“Live Nation”). Under the Master Agreement, the Company agreed to provide services (“Services”) to Live Nation as may be mutually agreed upon in writing by the parties from time to time and set forth in a Statement of Work (“SOW”) and to provide Live Nation access to certain of the Company’s proprietary technology platform as set forth in an ordering document (“Order Form”).
Among other material provisions, the term of the Master Agreement shall begin on May 21, 2024, and continue until there are no existing SOWs or Order Forms unless extended by mutual agreement of the parties or earlier terminated. Live Nation may terminate the Master Agreement or any SOW or Order Form at its convenience upon 30 days’ prior written notice to the Company. Either party may terminate the Master Agreement or any SOW or Order Form due to the other party’s material breach upon written notice to the breaching party, provided that the breach is not cured within thirty (30) days after receipt of notice, or immediately if the breach is incapable of cure. Live Nation will compensate the Company the applicable fees as set forth in the Order Form and/or SOW. Live Nation will also reimburse the Company for any out-of-pocket expenses incurred by the Company pre-approved in writing by Live Nation. The Master Agreement stipulated that the Company’s relationship to Live Nation shall be an independent contractor relationship.
There is no relationship between the Company or its affiliates and Live Nation, other than in respect of the Master Agreement.
Under the initial SOW, dated as of May 28, 2024, the Company will be providing Live Nation with access to the Company’s cloud-based platform for Discord CRM and management. The Company may accommodate additional feature requests or third-party integrations as needed by Company. The Company must also provide a fully functional and configurable verification bot integrated into Discord, tailored to meet the requirements set by Live Nation for user verification and role assignment. The Company must also provide a secure and efficient Stripe-based checkout solution, integrated into the platform, allowing for smooth transaction processing for various products, including special access within the Discord community. As part of the Company’s services to Live Nation, the Company will provide a comprehensive administrator dashboard designed for the community’s specific needs, capable of displaying detailed information about members, including data from Discord interactions and purchase history from the checkout system. Finally, the Company is required to provide ongoing technical support and maintenance services.
The initial SOW is for a term of one year and then automatically renews for one-year terms unless Live Nation notifies the Company at least 30 days in advance of its intention not to renew this SOW. After the first year, Live Nation may terminate for convenience pursuant to the terms of the Agreement.
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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.
| Date: May 28, 2024 | ASSET ENTITIES INC. | |
| /s/ Arshia Sarkhani | ||
| Name: | Arshia Sarkhani | |
| Title: | Chief Executive Officer and President | |
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