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Ming Shing Group Holdings Ltd (NASDAQ:MSGH) announced Monday that it has elected to rely on home country exemptions from certain Nasdaq corporate governance requirements, according to a statement filed with the Securities and Exchange Commission.
The company, incorporated in the Cayman Islands and listed on the Nasdaq Capital Market, will follow its home country practices in lieu of specific Nasdaq Marketplace Rules. The exemptions apply to requirements related to shareholder approval for certain issuances of securities, including those connected to acquisitions, changes of control, equity-based compensation, and issuances representing 20% or more of outstanding voting power at prices below defined minimums. Ming Shing will also be exempt from holding an annual meeting of shareholders within one year after its fiscal year-end, as otherwise required by Nasdaq Rule 5620(a).
The company’s Cayman Islands legal counsel, Ogier, has provided a letter to Nasdaq certifying that under Cayman Islands law, Ming Shing is not required to comply with these listed requirements.
Apart from these exemptions, Ming Shing stated that its corporate governance practices do not significantly differ from the standards required of domestic U.S. companies listed on Nasdaq.
The information is based on a press release statement and SEC filing.
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