Company: OTSA
Filing Date: 2025-06-09
Form Type: F-1
Source: 0001213900-25-052720
Chunk: 221

Company: OTSAW Ltd
Filing Date: 2025-06-09
Form: F-1
Chunk 221
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 is a company with more than 50% of its voting power held by a single person, entity or group. Under Nasdaq rules, a controlled company is exempt from certain corporate governance requirements, including: •the requirement that a majority of the board of directors consist of independent directors; •the requirement that a listed company have a nominating and governance committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; •the requirement that a listed company have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and •the requirement for an annual performance evaluation of the nominating and governance committee and compensation committee. Controlled companies must still comply with the exchange’s other corporate governance standards. These include having an audit committee and the special meetings of independent or non -managementdirectors. 135 Upon completion of this offering, our issued and outstanding shares will consist of [•] Class A Ordinary Shares and [1] Class B Ordinary Share. Currently, our chief executive officer, chairman of the Board and controlling shareholder, Mr. Ling Ting Ming, indirectly owns more than 50% of the voting power of our outstanding Class A Ordinary Shares and Class B Ordinary Shares. Immediately after completion of this offering, he will own approximately [•]% of our total issued and outstanding Class A Ordinary Shares and [•]% of our total issued and outstanding Class B Ordinary Shares, representing approximately [•]% of the total voting power of our shares, assuming that the underwriters do not exercise their over -allotmentoption, which is more than 50% of the total voting power of our shares. As a result, we are, and will continue to be a “controlled company” as defined under Nasdaq Listing Rule 5615(c), because our Controlling Shareholder will hold more than 50% of the voting power for the election of directors. As a “controlled company,” we are permitted to elect not to comply with certain corporate governance requirements. We do not plan to rely on these exemptions, but we may elect to do so after we complete this offering. Duties of Directors Under Cayman Islands law, our board of directors has the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among others: •convening shareholders’ annual and extraordinary general meetings and reporting its work to shareholders at such meetings; •declaring dividends and distributions; •appointing officers and determining the term of