Company: NEGG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036055
Chunk: 132

Company: Newegg Commerce, Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 10
Chunk 132
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 BVI law, shareholders’ consents need only shareholders representing a majority
of votes of the shares entitled to vote signing to take effect. Our Amended and Restated Memorandum and Articles of Association provide
that an action that may be taken by the shareholders at a meeting (other than the election of directors) may also be taken by a resolution
of shareholders consented to in writing, without the need for any notice, but if any resolution of shareholders is adopted otherwise than
by the unanimous written consent of all shareholders, a copy of such resolution shall forthwith be sent to all shareholders not consenting
to such resolution.

Shareholder Proposals

Under Delaware corporate law, a shareholder has
the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing
documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents,
but shareholders may be precluded from calling special meetings. BVI law and our Amended and Restated Memorandum and Articles of Association
provide that our directors shall call a meeting of the shareholders in respect of the matter for which the meeting is requested in writing
by shareholders entitled to exercise 30% or more of the voting rights.

Sale of Assets

Under Delaware corporate law, a vote of the shareholders
is required to approve the sale of assets only when all or substantially all assets are being sold. In the BVI, shareholder approval is
required when more than 50% of a company’s total assets by value are being disposed of or sold.

Dissolution; Winding Up

Under Delaware corporate law, unless the board
of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of
the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation’s
outstanding shares. Delaware corporate law allows a Delaware corporation to include in its certificate of incorporation a supermajority
voting requirement in connection with dissolutions initiated by the board. As permitted by BVI law and our Amended and Restated Memorandum
and Articles of Association, we may by a resolution of shareholders or, subject to the requirements under our Amended and Restated Memorandum
and Articles of Association, by resolution of directors appoint a voluntary liquidator to undertake the liquidation of the Company.

Redemption of Shares

Under Delaware corporate law, any stock may be
made