Company: XTKG
Filing Date: 2025-03-04
Form Type: F-3/A
Source: 0001213900-25-019896
Chunk: 29

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-03-04
Form: F-3/A
Chunk 29
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, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved, for a creditor-led arrangement, by a majority in number of each class of creditors with whom the arrangement is to be made, and, in either a shareholder or a creditor arrangement, three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands.

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While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

| ● | the statutory provisions as to the required majority                                                             
 vote have been met;                                                                                              |
| ● | the shareholders have been fairly represented at the                                                             
 meeting in question;                                                                                             |
| ● | the arrangement is such                                                                                          
 that an intelligent and honest man of that class acting in respect of his interest would reasonably approve; and |
| ● | the arrangement is not                                                                                           
 one that would more properly be sanctioned under some other provision of the Companies Act.                      |

When a take-over offer is made and accepted by holders of not less than 90% of the shares within four months, the offer, or may, within a two-month period conversing on the expiration of such four months period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed unless there is evidence of fraud, bad faith or collusion.

If the arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to the dissenting shareholders of United States corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

Shareholders’ Suits.In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions to the foregoing principle, including when:

| ● | a company acts or proposes                                                                                                          
 to act illegally or