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Youxin Technology Ltd (NASDAQ:YXT) announced that its shareholders approved all proposals presented at the extraordinary general meeting held Monday in Guangzhou, according to a press release statement and a filing with the U.S. Securities and Exchange Commission.
The meeting saw participation from holders of 188,875,146 ordinary shares, representing approximately 92.81% of the company’s total issued voting shares, constituting a quorum.
Shareholders passed an ordinary resolution authorizing the board of directors to implement one or more share consolidations of the company’s class A ordinary shares, at a ratio not exceeding 1-for-4,000, at any time or multiple times within two years from the date of the meeting. The board also has the discretion not to implement any share consolidation during this period. No fractional shares will be issued in any consolidation, and entitlements will be rounded up to the next whole share.
Additionally, shareholders approved a special resolution to amend and restate the company’s memorandum and articles of association, replacing the existing documents with the third amended and restated versions, as set out in the meeting notice.
A further special resolution was approved, allowing for the adoption of an amended and restated memorandum of association to reflect any share consolidation, conditional upon board approval of the consolidation ratio and effective date.
Each of the three proposals received 188,864,145 votes in favor and 11,001 votes against, with no abstentions.
The information in this article is based on a press release statement and the company’s recent SEC filing.
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