Company: NTCL
Filing Date: 2025-12-29
Form Type: F-3
Source: 0001104659-25-124826
Chunk: 75

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 75
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 a director; or (f) is removed from office pursuant to any other provision of
our memorandum and articles of association.

Transactions with Interested Shareholders

The Delaware General Corporation Law contains
a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically elected not
to be governed by such statute by amendment to its certificate of incorporation or bylaws that its shareholders approve, it is prohibited
from engaging in certain business combinations with an “interested shareholder” for three years following the date that
such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15%
or more of the target’s outstanding voting stock or who or which is an affiliate or associate of the corporation and owned 15% or
more of the corporation’s outstanding voting stock within the past three years. This has the effect of limiting the ability
of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does
not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors
approves either the business combination or the transaction, resulting in the person becoming an interested shareholder. This encourages
any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target’s board of
directors.

There is no comparable statute under Cayman Islands
law. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However,
although Cayman Islands law does not regulate transactions between a company and its significant shareholders, the directors of the company
are required to comply with fiduciary duties which they owe to the company under Cayman Islands laws, including the duty to ensure that,
in their opinion, any such transactions must be entered into bona fide in the best interests of the company, and are entered into for
a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

Dissolution; Winding Up

Under the Delaware General Corporation Law, unless
the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting
power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the
corporation’s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority
voting requirement