Company: NTCL
Filing Date: 2025-10-20
Form Type: F-1
Source: 0001104659-25-100526
Chunk: 103

Company: NetClass Technology Inc
Filing Date: 2025-10-20
Form: F-1
Chunk 103
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 our total issued and outstanding share capital as of the date of this prospectus due to the disparate voting powers associated with our dual-class share structure. Because of the dual-class share structure and the concentration of ownership, Mr. Dai will continue to control a majority of the voting power of our total issued and outstanding share capital and therefore have considerable influence over matters such as decisions regarding mergers and consolidations, election of directors, and other significant corporate actions so long as Mr. Dai owns at least 50% of the voting power of the total issued and outstanding share capital. This concentrated control will limit the ability of holders of Class A Ordinary Shares to influence corporate matters for the foreseeable future and could discourage others from pursuing any potential merger, takeover, or other change of control transactions that holders of Class A Ordinary Shares may view as beneficial. Furthermore, should the Company decide to issue additional Class B Ordinary Shares in the future, the fifteen-to-one voting ratio between the Class B Ordinary Shares and Class A Ordinary Shares will result in further dilutive effect on the voting power of holders of Class A Ordinary Shares.

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As a result, for so long as Mr. Jianbiao Dai, owns a controlling or significant voting power in our issued and outstanding share capital, he generally will be able to control or significantly influence, directly or indirectly and subject to applicable law, all matters affecting us, including:

| ● | the election of directors; |

| ● | determinations with respect to our business direction and policies, including the appointment and removal of officers; |

| ● | determinations with respect to corporate transactions, such as mergers, business combinations, change in control transactions or the acquisition or the disposition of assets; |

| ● | our financing and dividend policy; |

| ● | determinations with respect to our tax returns; and |

| ● | compensation and benefits programs and other human resources policy decisions. |

Even if Jianbiao Dai intends to dispose of certain Class B Ordinary Shares such that he would control less than a majority of the voting power of our total issued and outstanding share capital, he may be able to influence the outcome of corporate actions so long as he retains Class B Ordinary Shares. During the period of Mr. Jianbiao Dai’s controlling or significant ownership of our Class A Ordinary Shares and Class B Ordinary Shares, shareholders may not be able to affect the outcome of such corporate actions. Mr. Jianbiao Dai may have interests that differ from yours and may vote in a way with which you disagree,