Corporate ActionMay 12, 2026, 11:21 AM
Intercont (Cayman) to Vote on Reverse Split, Class B Voting Rights
AI Summary
Intercont (Cayman) Limited announced that its board of directors has resolved to hold a Class A Ordinary Shareholder Meeting and an Extraordinary General Meeting (EGM) on June 5, 2026. Shareholders will vote on several key proposals, including increasing the authorized share capital to US$250,000,000.00 and redesignating shares into Class A and Class B categories. Significant changes include a proposal to increase Class B Share voting rights from 30 votes to 100 votes per share, and to effect a reverse share split for Class A Shares at a ratio between 1:2 and 1:1000. The meetings will also address the adoption of new articles of association to reflect these changes.
Key Highlights
- Shareholders to vote on increasing authorized share capital to US$250,000,000.00.
- Proposal to redesignate shares into 80,000,000,000 Class A and 20,000,000,000 Class B shares.
- Vote to change Class B Share voting rights from 30 votes to 100 votes per share.
- Proposal for a reverse share split of Class A Shares, ratio no less than 1:2 and no greater than 1:1000.
- Shareholders to approve new third amended and restated articles of association.
- Directors authorized to settle fractional entitlements resulting from the reverse share split.
- Class A Meeting and Extraordinary General Meeting scheduled for June 5, 2026.