Company: AGCC
Filing Date: 2025-07-29
Form Type: F-1/A
Source: 0001213900-25-068743
Chunk: 64

Company: Agencia Comercial Spirits Ltd.
Filing Date: 2025-07-29
Form: F-1/A
Chunk 64
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 We cannot predict the effect that our dual-class structure may have on the market price of our Class A Ordinary Shares. We cannot predict whether our dual -classstructure will result in a lower or more volatile market price of our Class A Ordinary Shares, adverse publicity or other adverse consequences. For example, certain index providers have announced and implemented restrictions on including companies with multiple -classshare structures in certain of their indices. In July 2017, FTSE Russell announced that it would require new constituents of its indices to have greater than 5% of the company’s voting rights in the hands of public stockholders, and S&P Dow Jones announced that it would no longer admit companies with multiple -classshare structures to certain of its indices. Affected indices include the Russell 2000 and the S&P 500, S&P MidCap 400 and S&P SmallCap 600, which together make up the S&P Composite 1500. Also in 2017, MSCI, a leading stock index provider, opened public consultations on its treatment of no -voteand multi -classstructures and temporarily barred new multi -classlistings from certain of its indices; however, in October 2018, MSCI announced its decision to include equity securities “with unequal voting structures” in its indices and to launch a new index that specifically includes voting rights in its eligibility criteria. Under such announced and implemented policies, the dual -classstructure of our Ordinary Shares would make us ineligible for inclusion in certain indices and, as a result, mutual funds, exchange -tradedfunds and other investment vehicles that attempt to passively track those indices would not invest in our Class A Ordinary Shares. These policies are relatively new and it is unclear what effect, if any, they will have on the valuations of publicly -tradedcompanies excluded from such indices, but it is possible that they may adversely affect valuations, as compared to similar companies that are included. Due to the dual -classstructure of our Ordinary Shares, we will likely be excluded from certain indices and we cannot assure you that other stock indices will not take similar actions. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from certain stock indices would likely preclude investment by many of these funds and could make our Class A Ordinary Shares less attractive to other investors. Any such 37 exclusion from stock indices could result in a less active trading market for our Class A Ordinary Shares. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital