Company: RMSGW
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001641172-25-021609
Chunk: 42

Company: Real Messenger Corp
Filing Date: 2025-07-31
Form: 20-F
Item: Item 3
Chunk 42
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Company has adopted a dual-class share structure with different voting rights, which may adversely affect the value and liquidity of
the Ordinary Shares.

The
Company has adopted a dual-class structure with different voting rights, and such dual-class share structure may result in a lower or
more volatile market price of the Company’s Class A Ordinary Shares. Certain shareholder advisory firms have announced changes
to their eligibility criteria for inclusion of shares of public companies on certain stock market indices, including the S& P 500,
to exclude companies with multiple classes of shares and companies whose public shareholders hold no more than 5% of total voting power
from being added to such indices. In addition, several shareholder advisory firms have announced their opposition to the use of multiple
class structures. As a result, the Company’s dual-class share structure may prevent the inclusion of the Company’s Class
A Ordinary Shares in such indices and may cause shareholder advisory firms to publish negative commentary about the Company’s corporate
governance practices or otherwise seek to cause the Company to change its capital structure. Any such exclusion from indices could result
in a less active trading market for the Company’s securities. Any actions or publications by shareholder advisory firms critical
of the Company’s corporate governance practices or capital structure could also adversely affect the value of the Company’s
securities.

Risks
Relating to Operating as a Public Company

Because
the Company is a foreign private issuer and is exempt from certain Nasdaq corporate governance standards applicable to U. S. issuers,
you will have less protection than you would have if it were a domestic issuer.

The
Company’s status as a foreign private issuer exempts it from compliance with certain Nasdaq corporate governance requirements if
it instead complies with the statutory requirements applicable to a Cayman Islands exempted company. The statutory requirements of the
Company’s home country of Cayman Islands, do not strictly require a majority of its board to consist of independent directors.
Thus, although a director must act in the best interests of the Company, it is possible that fewer board members will be exercising independent
judgment and the level of board oversight on the management of the company may decrease as a result. In addition, the Nasdaq Listing
Rules also require U. S. domestic issuers to have an independent compensation committee with a minimum of two members, a nominating committee,
and an independent audit committee with a minimum of three members. The Company, as a foreign private issuer, with the exception of needing
an independent audit committee composed of at least