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AGM Group Holdings Inc. (NASDAQ:AGMH) reported Thursday that it amended its previous filing to correct the number of Class B Ordinary Shares held by Chief Executive Officer Bo Zhu. The company stated in a press release that this amendment was made to address a clerical error in an earlier report dated July 1.
The board of directors approved the automatic cancellation of 12,000 Class B Ordinary Shares held by Yufeng Mi, the former Chief Technology Officer, and 30,000 Class B Ordinary Shares held by Wenjie Tang, both following the termination of their employment as of June 25. On the same day, the company issued 1,200,000 Class B Ordinary Shares to Bo Zhu as compensation for services rendered and future services.
Following these changes, AGM Group Holdings’ total issued and outstanding shares are 3,174,163, comprising 1,974,163 Class A Ordinary Shares and 1,200,000 Class B Ordinary Shares. Class A shares carry one vote per share, while Class B shares carry five votes per share. As a result, Bo Zhu now owns 1,200,000 Class B Ordinary Shares, representing approximately 37.81% of the company’s total shares and 75.24% of the aggregate voting power.
The company noted that Class B Ordinary Shares cannot be converted into Class A shares or transferred, sold, or pledged as collateral. With this share structure, AGM Group Holdings qualifies as a “controlled company” under Nasdaq Stock Market LLC rules, allowing it to rely on certain exemptions from Nasdaq corporate governance requirements. The company said it does not currently rely on these exemptions but may do so in the future.
This information is based on a statement released by AGM Group Holdings Inc. in its filing with the Securities and Exchange Commission.
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