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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549 </B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FORM
8-K<BR>
CURRENT REPORT<BR>
Pursuant to 13 OR 15(D)<BR>
of The Securities Exchange Act of 1934</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported)
September 28, 2012</P>

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    <TD NOWRAP STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">ACL Semiconductors Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center">(Exact name of registrant as specified in its charter)</TD></TR>
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    <TD NOWRAP STYLE="width: 30%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 32%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">000-50140</TD>
    <TD STYLE="width: 4%; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 30%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">16-1642709</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">(Commission</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">File Number)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">Identification No.)</TD></TR>
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    <TD NOWRAP STYLE="width: 100%; font-weight: bold; text-align: center">Room 1701, 17/F, Tower 1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center">Enterprise Square, 9 Sheung Yuet Road</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">Kowloon Bay, Kowloon, Hong Kong</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">(Address of principal executive offices) &nbsp;(Zip Code)</TD></TR>
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    <TD NOWRAP STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">011-852- 2799-1996</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">(Registrant&rsquo;s telephone number, including area code)</TD></TR>
</TABLE>
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    <TD NOWRAP STYLE="width: 100%; border-bottom: windowtext 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center">(Former name or former address, if changed since last report.)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></P>

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    <TD STYLE="width: 15%; font-weight: bold">Item 1.01.</TD>
    <TD STYLE="width: 85%; font-weight: bold">Entry into a Material Definitive Agreement</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 28, 2012,
ACL International Holdings Limited (&ldquo;ACL Holdings&rdquo; or the &ldquo;Purchaser&rdquo;), a Hong Kong incorporated company
wholly owned by ACL Semiconductors Inc. (the &ldquo;Company&rdquo;), entered into an Agreement of Sale and Purchase (the &ldquo;SPA&rdquo;),
pursuant to which it will acquire (the &ldquo;Acquisition&rdquo;) 100% of the outstanding equity of Jussey Investments Limited
(&ldquo;Jussey&rdquo;), a company incorporated in British Virgin Islands and which owns (i) 100% equity interest in eVision Telecom
Limited (&ldquo;eVision&rdquo;), a Hong Kong incorporated company, and (ii) 80% equity interest in USmart Electronic Products Limited
(&ldquo;USmart&rdquo;), a Hong Kong incorporated company, which owns 100% equity interest in Dongguan Kezheng Electronics Limited
(&ldquo;Kezheng&rdquo;), a wholly foreign-owned enterprise (&ldquo;WFOE&rdquo;) organized under the laws of the People's Republic
of China (the &ldquo;PRC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the terms of
the SPA, the Company, through ACL Holdings,  will purchase from Mr. Zhiming Li, a PRC resident (the &ldquo;Shareholder&rdquo; or &ldquo;Seller&rdquo;)
who owns 100% of the outstanding equity (the &ldquo;Shares&rdquo;) of Jussey. No prior material relationship existed between the
Shareholder and the Company, any of its affiliates, or any of its directors or officers. Pursuant to
the SPA, the purchase price to be paid by ACL Holdings for the Shares is approximately US$1,846,797.89 (HK$14,405,023.55) in
the aggregate (the &ldquo;purchase price&rdquo;).&nbsp;&nbsp;The purchase price is payable in cash in full within 5 business days after
the completion of the Acquisition. A copy of the SPA is
attached hereto as Exhibit 2.1.&nbsp;&nbsp;Please refer to Item 2.01 below with respect to the description of the SPA, which description
is qualified in its entirety by reference to Exhibit 2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;2.01.&nbsp;&nbsp;&nbsp;Completion
of Acquisition or Disposition of Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 28, 2012, pursuant to the SPA, the Company, through ACL Holdings, completed the Acquisition
and, as a result, acquired the business of USmart and eVision.&nbsp;&nbsp; To cope with the acquisition, the Company has hired
an Independent professional valuation firm to valuate the business of USmart and eVision. In addition, Jussey was introduced to
the Company by Fairburn Holdings Limited, a company incorporated under the laws of British Virgin Islands (&ldquo;Fairburn&rdquo;).
The Company expects to enter into a finder and consulting agreement with Fairburn and pay Fairburn for its services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">USmart was founded in
2006 and, through either itself or Kezheng, which has a factory located in Dongguan, PRC, provides
both ODM (Original Design Manufacturing) and OEM (Original Equipment Manufacturing) services for various electronic products, such
as computer and peripherals, flash storage devices and home electronic products. USmart has its own research and development (&ldquo;R&amp;D&rdquo;)
and production teams. With the support from eVision, the business of which is described below, USmart is capable of providing its
customers with total solutions from design to manufacture. USmart also holds its own brands&mdash;USmart and VSmart, which can
be used on a broad spectrum of products including covering memory storage devices, visual and audio products such as digital flat
screen television, DAB (Digital Audio Broadcasting) radios, digital photo frames, and other home electronic products. In 2010,
USmart began its business development in the telecommunication industry, and successfully obtained the W-CDMA (Wideband CDMA is
one of the third-generation (&ldquo;3G&rdquo;) wireless standards) license from Intel Mobile Communications GmbH., which offers
cellular platforms for global phone makers. W-CDMA baseband is adapted by China Unicom, one of the three major telecommunication
carriers in the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Founded in 2011, eVision
is a Hong Kong based solution house that specializes in CDMA2000 (also known as Evolution-Data Optimized or &ldquo;EV-DO&rdquo;)
platform. CDMA2000 is one of the 3G wireless standards. This standard is adapted by China Telecom, one of the three major telecommunication
carriers in China. The principal function of eVision is to provide CDMA2000 solutions to USmart. In May 2011, eVision entered into
an exclusive R&amp;D servicing agreement (the &ldquo;Servicing Agreement&rdquo;) with an independent third party in the PRC (the
&ldquo;R&amp;D House&rdquo;), a solution house that works closely with South China University of Technology and has a R&amp;D team
consisting of members with advanced academic qualifications. The R&amp;D House holds, on behalf of eVision, a CDMA2000 software
license granted by VIA Telecom Co. Ltd. According to the Servicing Agreement, the R&amp;D House provides R&amp;D services relating
to CDMA2000 technology exclusively to eVision, and eVision holds the sole and exclusive right, title and interest to and in the
aforementioned license and any R&amp;D results/products obtained or developed by the R&amp;D House during the term of the Servicing
Agreement. eVision will also hold all the intellectual property rights that are obtained or developed by the R&amp;D House in the
course of such research.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After the Acquisition,
the Company is expected to continue to operate both USmart and eVision separately, and each subsidiary will maintain it separate
offices. eVision is expected to continue providing support to USmart regarding CDMA2000 3G standard, and USmart is expected to
continue to focus on developing and manufacturing its 3G smartphones. By acquiring Jussey, the Company is expected to diversify
its product portfolio, to evolve from a distributor to a manufacturer with R&amp;D capacities, and to develop and have its own
products and brands. With 3G baseband licenses obtained from USmart and eVision, the Company also expects to strengthen its competitive
position in the telecom market. As a result of the Acquisition, the Company expects to benefit from vertical integration of
its business and the newly acquired PRC-based design and manufacturing capacities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s
post-acquisition organization structure is summarized below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img src="tchart.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SPA contains customary representations
and warranties regarding the financial condition and operations of Jussey. Under the terms of the SPA, the Shareholder has agreed
to indemnify Purchaser in respect of any breach of any of the Shareholder&rsquo;s warranties and in respect of any loss, liability,
claim or expense incurred by the Purchaser by reason (whether direct or indirect) of any of the warranties being untrue, incorrect
or misleading. No prior material relationship existed between the Shareholder and the Company, any of its affiliates, or any of
its directors or officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After the Acquisition,
the Company continues to hold 30% equity interest in ATMD (Hong Kong) Limited, a joint venture between the Company and Tomen Devices
Corporation.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; font-weight: bold; text-align: justify">Item 8.01.</TD>
    <TD STYLE="width: 85%; font-weight: bold; text-align: justify">Other Events.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 28, 2012,
the Company issued a press release regarding the transaction described above. A copy of the press release is attached hereto as
Exhibit&nbsp;99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;9.01.&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Financial Statement of Business Acquired</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The audited
financial statements of Jussey for the years ended March 31, 2012 and 2011 are filed herewith as Exhibit 99.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">(b)</TD>
    <TD STYLE="text-align: justify">Pro Forma Financial Information</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The pro forma financial
information for the Company and its subsidiaries concerning the Acquisition is filed herewith as Exhibit 99.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">(c)</TD>
    <TD STYLE="text-align: justify">Exhibits</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following exhibits
are filed with this Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: justify">Exhibit&nbsp;No</TD>
    <TD NOWRAP STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: justify">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>2.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Agreement of Sale and Purchase between ACL International Holdings Limited and Zhiming Li, dated September 28, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">99.1</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Press Release dated September 28, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">99.2</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.05pt; text-indent: -25.05pt">(a)</TD>
    <TD STYLE="text-align: justify; padding-left: 0.24in">The audited financial statements of Jussey for the years ended March 31, 2012 and 2011, and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 25.05pt; text-align: justify; text-indent: -25.05pt">(b)</TD>
    <TD STYLE="text-align: justify; padding-left: 0.24in">The pro forma financial information for the three and six months ended June 30, 2012 of the Company and its subsidiaries concerning the Acquisition.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">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. </FONT></P>

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    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2">ACL SEMICONDUCTORS INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 50%">Dated: September 28, 2012</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>By:</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">/s/ Kun-Lin Lee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>Name: Kun-Lin Lee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>Title: &nbsp;&nbsp;Chief Financial Officer</TD></TR>
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[{"type": "8-K", "sequence": "1", "filename": "v324625_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 27620}]
{"company-data": {"conformed-name": "ACL SEMICONDUCTORS INC", "cik": "0000934445", "assigned-sic": "5065", "irs-number": "161642709"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50140", "film-number": "121117571"}, "business-address": {"street1": "ROOM 1701, 17/F, TOWER 1", "street2": "ENTERPRISE SQUARE, 9 SHEUNG YUET ROAD", "city": "KOWLOON BAY, KOWLOON", "state": "K3", "zip": "0", "phone": "011-852-3666-9913"}, "mail-address": {"street1": "ROOM 1701, 17/F, TOWER 1", "street2": "ENTERPRISE SQUARE, 9 SHEUNG YUET ROAD", "city": "KOWLOON BAY, KOWLOON", "state": "K3", "zip": "0"}, "former-company": [{"former-conformed-name": "ACL SEMICONDUCTORS, INC", "date-changed": "20101103"}, {"former-conformed-name": "ACL SEMICONDUCTOR INC", "date-changed": "20031217"}, {"former-conformed-name": "PRINT DATA CORP", "date-changed": "20011025"}]}
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to 13 OR 15(D)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
September 28, 2012
ACL Semiconductors Inc.
(Exact name of registrant as specified in its charter)
Delaware
000-50140
16-1642709
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
Room 1701, 17/F, Tower 1
Enterprise Square, 9 Sheung Yuet Road
Kowloon Bay, Kowloon, Hong Kong
(Address of principal executive offices)  (Zip Code)
011-852- 2799-1996
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report.)
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:
¨
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 1.01.
Entry into a Material Definitive Agreement
On September 28, 2012,
ACL International Holdings Limited ("ACL Holdings" or the "Purchaser"), a Hong Kong incorporated company
wholly owned by ACL Semiconductors Inc. (the "Company"), entered into an Agreement of Sale and Purchase (the "SPA"),
pursuant to which it will acquire (the "Acquisition") 100% of the outstanding equity of Jussey Investments Limited
("Jussey"), a company incorporated in British Virgin Islands and which owns (i) 100% equity interest in eVision Telecom
Limited ("eVision"), a Hong Kong incorporated company, and (ii) 80% equity interest in USmart Electronic Products Limited
("USmart"), a Hong Kong incorporated company, which owns 100% equity interest in Dongguan Kezheng Electronics Limited
("Kezheng"), a wholly foreign-owned enterprise ("WFOE") organized under the laws of the People's Republic
of China (the "PRC").
Under the terms of
the SPA, the Company, through ACL Holdings,  will purchase from Mr. Zhiming Li, a PRC resident (the "Shareholder" or "Seller")
who owns 100% of the outstanding equity (the "Shares") of Jussey. No prior material relationship existed between the
Shareholder and the Company, any of its affiliates, or any of its directors or officers. Pursuant to
the SPA, the purchase price to be paid by ACL Holdings for the Shares is approximately US$1,846,797.89 (HK$14,405,023.55) in
the aggregate (the "purchase price").  The purchase price is payable in cash in full within 5 business days after
the completion of the Acquisition. A copy of the SPA is
attached hereto as Exhibit 2.1.  Please refer to Item 2.01 below with respect to the description of the SPA, which description
is qualified in its entirety by reference to Exhibit 2.1.
Item 2.01.   Completion
of Acquisition or Disposition of Assets
On September 28, 2012, pursuant to the SPA, the Company, through ACL Holdings, completed the Acquisition
and, as a result, acquired the business of USmart and eVision.   To cope with the acquisition, the Company has hired
an Independent professional valuation firm to valuate the business of USmart and eVision. In addition, Jussey was introduced to
the Company by Fairburn Holdings Limited, a company incorporated under the laws of British Virgin Islands ("Fairburn").
The Company expects to enter into a finder and consulting agreement with Fairburn and pay Fairburn for its services.
USmart was founded in
2006 and, through either itself or Kezheng, which has a factory located in Dongguan, PRC, provides
both ODM (Original Design Manufacturing) and OEM (Original Equipment Manufacturing) services for various electronic products, such
as computer and peripherals, flash storage devices and home electronic products. USmart has its own research and development ("R&D")
and production teams. With the support from eVision, the business of which is described below, USmart is capable of providing its
customers with total solutions from design to manufacture. USmart also holds its own brands—USmart and VSmart, which can
be used on a broad spectrum of products including covering memory storage devices, visual and audio products such as digital flat
screen television, DAB (Digital Audio Broadcasting) radios, digital photo frames, and other home electronic products. In 2010,
USmart began its business development in the telecommunication industry, and successfully obtained the W-CDMA (Wideband CDMA is
one of the third-generation ("3G") wireless standards) license from Intel Mobile Communications GmbH., which offers
cellular platforms for global phone makers. W-CDMA baseband is adapted by China Unicom, one of the three major telecommunication
carriers in the PRC.
Founded in 2011, eVision
is a Hong Kong based solution house that specializes in CDMA2000 (also known as Evolution-Data Optimized or "EV-DO")
platform. CDMA2000 is one of the 3G wireless standards. This standard is adapted by China Telecom, one of the three major telecommunication
carriers in China. The principal function of eVision is to provide CDMA2000 solutions to USmart. In May 2011, eVision entered into
an exclusive R&D servicing agreement (the "Servicing Agreement") with an independent third party in the PRC (the
"R&D House"), a solution house that works closely with South China University of Technology and has a R&D team
consisting of members with advanced academic qualifications. The R&D House holds, on behalf of eVision, a CDMA2000 software
license granted by VIA Telecom Co. Ltd. According to the Servicing Agreement, the R&D House provides R&D services relating
to CDMA2000 technology exclusively to eVision, and eVision holds the sole and exclusive right, title and interest to and in the
aforementioned license and any R&D results/products obtained or developed by the R&D House during the term of the Servicing
Agreement. eVision will also hold all the intellectual property rights that are obtained or developed by the R&D House in the
course of such research.
After the Acquisition,
the Company is expected to continue to operate both USmart and eVision separately, and each subsidiary will maintain it separate
offices. eVision is expected to continue providing support to USmart regarding CDMA2000 3G standard, and USmart is expected to
continue to focus on developing and manufacturing its 3G smartphones. By acquiring Jussey, the Company is expected to diversify
its product portfolio, to evolve from a distributor to a manufacturer with R&D capacities, and to develop and have its own
products and brands. With 3G baseband licenses obtained from USmart and eVision, the Company also expects to strengthen its competitive
position in the telecom market. As a result of the Acquisition, the Company expects to benefit from vertical integration of
its business and the newly acquired PRC-based design and manufacturing capacities.
The Company's
post-acquisition organization structure is summarized below:
The SPA contains customary representations
and warranties regarding the financial condition and operations of Jussey. Under the terms of the SPA, the Shareholder has agreed
to indemnify Purchaser in respect of any breach of any of the Shareholder's warranties and in respect of any loss, liability,
claim or expense incurred by the Purchaser by reason (whether direct or indirect) of any of the warranties being untrue, incorrect
or misleading. No prior material relationship existed between the Shareholder and the Company, any of its affiliates, or any of
its directors or officers.
After the Acquisition,
the Company continues to hold 30% equity interest in ATMD (Hong Kong) Limited, a joint venture between the Company and Tomen Devices
Corporation.
Item 8.01.
Other Events.
On September 28, 2012,
the Company issued a press release regarding the transaction described above. A copy of the press release is attached hereto as
Exhibit 99.1.
Item 9.01.   Financial
Statements and Exhibits.
(a)
Financial Statement of Business Acquired
The audited
financial statements of Jussey for the years ended March 31, 2012 and 2011 are filed herewith as Exhibit 99.2.
(b)
Pro Forma Financial Information
The pro forma financial
information for the Company and its subsidiaries concerning the Acquisition is filed herewith as Exhibit 99.2.
(c)
Exhibits
The following exhibits
are filed with this Form 8-K.
Exhibits
Exhibit No
Description
2.1
Agreement of Sale and Purchase between ACL International Holdings Limited and Zhiming Li, dated September 28, 2012
99.1
Press Release dated September 28, 2012
99.2
(a)
The audited financial statements of Jussey for the years ended March 31, 2012 and 2011, and
(b)
The pro forma financial information for the three and six months ended June 30, 2012 of the Company and its subsidiaries concerning the Acquisition.
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.
ACL SEMICONDUCTORS INC.
Dated: September 28, 2012
By:
/s/ Kun-Lin Lee
Name: Kun-Lin Lee
Title:   Chief Financial Officer