Company: NEGG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036055
Chunk: 128

Company: Newegg Commerce, Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 10
Chunk 128
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 for non-cash consideration, then such right
of first refusal shall be exercisable based on the fair market value determined in good faith by the board of such non-cash consideration.
Such rights of first refusal may delay or prevent us from raising other funding in the future and may have an adverse impact on the liquidity
and market price of our common shares.

Limitations on Right to Own Shares

British Virgin Islands law and our Amended and
Restated Memorandum and Articles of Association impose no limitations on the right of nonresident or foreign owners to hold or vote our
securities. There are no provisions in the Amended and Restated Memorandum and Articles of Association governing the ownership threshold
above which shareholder ownership must be disclosed.

Anti-Takeover Provisions

Some provisions of our Amended and Restated Memorandum
and Articles of Association may discourage, delay or prevent a change of control of our Company or management, that shareholders may consider
favorable, including provisions that limit the ability of shareholders to requisition and convene general meetings of shareholders. Our
Amended and Restated Memorandum and Articles of Association allow our shareholders holding shares representing in aggregate not less than
thirty percent (30%) of our voting shares to requisition a special meeting of shareholders, in which case our directors are obliged to
call such meeting and to put the resolutions so requisitioned to a vote at such meeting.

However, under British Virgin Islands law, our
directors may only exercise the rights and powers granted to them under our Amended and Restated Memorandum and Articles of Association
for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

Register of Members

The Company is required to keep a register of
members containing (i) the names and addresses of the shareholders, (ii) the number of each class and series of shares held by each shareholder,
(iii) the date on which the name of each shareholder was entered in the register of members, and (iv) the date on which any person ceased
to be a shareholder. A share is deemed to be issued when the name of the shareholder is entered in the register of members and the entry
of the name of a person in the register of members as a holder of a share is prima facie evidence that legal title in the share vests
in that person.

Variation of Rights of Shareholders

If at any time the shares are divided into different
classes, the rights attached to any class may