Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 32

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 3
Chunk 32
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compare our financial statements under IFRS with those companies that prepare financial statements under U. S. GAAP. Accordingly, we suggest
that readers of our financial statements familiarize themselves with the provisions of IFRS accounting principles in order to better
understand the differences between these two sets of principles.

As
a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance
matters that differ significantly from Nasdaq corporate governance listing standards.

As
a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance
matters that differ significantly from the corporate governance listing requirements of Nasdaq. These practices may afford less protection
to shareholders than they would enjoy if we complied fully with corporate governance listing requirements of Nasdaq.

We
rely on home country practice to be exempted from certain of the corporate governance requirements of Nasdaq as long as we qualify as
a foreign private issuer including: (i) provide an annual certification by our chief executive officer that he or she is not aware of
any non-compliance with any corporate governance rules of Nasdaq; (ii) have regularly scheduled executive sessions with independent directors;
and (iii) obtain shareholder approval prior to an issuance of securities in connection with (a) the acquisition of stock or assets of
another company; (b) equity-based compensation of officers, directors, employees or consultants; (c) a change of control; and (d) transactions
other than public offerings.

  19  

We
may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.

As
discussed above, we are a foreign private issuer under the Exchange Act, and therefore, we are not required to comply with all of the
periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made
annually on the last Business Day of an issuer’s most recently completed second fiscal quarter. In the future, we would lose our
foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U. S. residents and (2) a majority
of our directors or executive officers are U. S. citizens or residents, or we fail to meet additional requirements necessary to avoid
the loss of foreign private issuer status. If we lose our foreign private issuer status, we will be required to file with the SEC periodic
reports and