Company: NTCL
Filing Date: 2025-12-29
Form Type: F-3
Source: 0001104659-25-124826
Chunk: 69

Company: NetClass Technology Inc
Filing Date: 2025-12-29
Form: F-3
Chunk 69
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 of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together
with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent
company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each
constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval
is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman Islands parent company
and its Cayman Islands subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman Islands
subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise.
For this purpose, a company is a “parent” of a subsidiary if it holds issued shares that together represent at least 90% of
the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating
security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Except in certain limited circumstances, a shareholder
of a Cayman Islands constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his
shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation;
provided that the dissenting shareholder complies strictly with the procedures set out in the Cayman Islands Companies Act. The exercise
of such dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise
be entitled by virtue of holding shares, except for the right to seek relief on the grounds that the merger or consolidation is void or
unlawful.

Separate from the statutory provisions relating
to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation
of companies by way of schemes of arrangement, provided that the arrangement is approved by (i) 75% in value of the members or class
of members or (ii) a majority in number representing 75% in value of the creditors or class of creditors, in each case depending
on the circumstances, as are present at a meeting called for such purpose and thereafter sanctioned by the Grand Court of the Cayman Islands