AGM/EGMApr 29, 2026, 04:40 PM
PAVS Shareholders Approve Capital Increase & Reverse Split Authority
AI Summary
Paranovus Entertainment Technology Ltd. held an Extraordinary General Meeting on April 28, 2026, where shareholders approved three key proposals. These included a significant increase in the company's authorized share capital, the adoption of the seventh amended and restated memorandum and articles of association, and the authorization for the board to implement one or more reverse share splits with a cumulative ratio not exceeding 1:5,000 within two years. All proposals were approved by a substantial majority of votes.
Key Highlights
- Shareholders approved a capital increase from US$3,400.50 to US$601,200.50.
- The capital increase creates 49,720,833,334 additional Class A shares and 95,833,334 additional Class B shares.
- The Capital Increase Proposal was approved with 1,951,328 votes For, 15,122 Against, and 1,893 Abstain.
- Shareholders approved the seventh amended and restated memorandum and articles of association.
- The Amended M&A Proposal was approved with 1,952,870 votes For, 12,737 Against, and 2,736 Abstain.
- Shareholders authorized the board to effect one or more reverse share splits up to a 1:5,000 cumulative ratio within two years.
- The Share Consolidation Proposal was approved with 1,950,281 votes For, 15,683 Against, and 2,379 Abstain.
- A quorum of 67.12% of total votes was present at the EGM.