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Globavend Holdings Ltd (NASDAQ:GVH) announced that its board of directors entered into a share subscription agreement on Wednesday with Wai Yiu Yau, the company’s founder, chief executive officer, and chairman. Under the agreement, Globavend issued and allotted 100 management shares to Wai Yiu Yau at a total consideration of $1,000.
According to the company’s statement in a press release, the management shares carry a par value of $0.001 each and provide the holder with 1,000,000 votes per share on company resolutions. Aside from voting rights, the management shares and ordinary shares generally have the same rights, preferences, privileges, and restrictions, and vote as one class on all matters, except as otherwise specified.
Following the closing of the subscription on Wednesday, Globavend Holdings has a total of 1,583,437 shares outstanding, consisting of 1,583,337 ordinary shares and 100 management shares. Wai Yiu Yau holds 57,324 shares, including 57,224 ordinary shares and the 100 management shares, representing approximately 3.62% of the total issued and outstanding shares and about 98.44% of the total voting power in the company.
The company stated that, as a result of this transaction, Globavend Holdings is classified as a “controlled company” under Nasdaq Stock Market Rules and is exempt from certain corporate governance requirements. The dual-class share structure grants Wai Yiu Yau the ability to control or significantly influence outcomes of shareholder votes. The company also noted that the voting structure may have anti-takeover effects.
This information is based on a press release statement filed with the Securities and Exchange Commission.
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