Company: OTSA
Filing Date: 2025-06-09
Form Type: F-1
Source: 0001213900-25-052720
Chunk: 92

Company: OTSAW Ltd
Filing Date: 2025-06-09
Form: F-1
Chunk 92
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 the above, public shareholders of Otsaw Limited may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would have as public shareholders of a public U.S. company. Certain judgments obtained against us by our shareholders may not be enforceable. You may also face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law, and we conduct substantially all of our operations and all of our directors and executive officers reside outside of the United States. Otsaw Limited is a Cayman Islands exempted company and substantially all of our current operations are conducted by our subsidiaries outside of the United States. All of our directors and executive officers reside outside the United States and a substantial portion of their assets are located outside of the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and Singapore may render you unable to enforce a judgment against us, our assets, our directors and executive officers or the assets of our directors and executive officers. As a result of all of the above, our shareholders may have more difficulties in protecting their interests through actions against us or our officers, directors or major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States. Cayman Islands economic substance requirements may have an effect on our business and operations. Pursuant to the International Tax Cooperation (Economic Substance) Act (As Revised) of the Cayman Islands, or the “ES Act”, that came into force on January 1, 2019, a “relevant entity” is required to satisfy the economic substance test set out in the ES Act. A “relevant entity” includes an exempted company incorporated in the Cayman Islands as is our Company. Based on the current interpretation of the ES Act, we believe that our Company is a pure equity holding company since it only holds equity participation in other entities and only earns dividends and capital gains. Accordingly, for so long as our Company is a “pure equity holding company”, it is only subject to the minimum substance requirements, which require us to (i) comply with