Company: CLIK
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001493152-25-019286
Chunk: 38

Company: Click Holdings Ltd.
Filing Date: 2025-10-24
Form: 20-F
Item: Item 3
Chunk 38
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 and most matters requiring shareholder
approval, including the election of directors and approval of significant corporate transactions. The interests of these shareholders
may not be the same as or may even conflict with your interests. For example, these shareholders could attempt to delay or prevent a
change in control of us, even if such change in control would benefit our other shareholders, which could deprive our shareholders of
an opportunity to receive a premium for their Shares as part of a sale of us or our assets, and might affect the prevailing market price
of our Class A Ordinary Shares due to investors’ perceptions that conflicts of interest may exist or arise. As a result, this concentration
of ownership may not be in the best interests of our other shareholders.

Nasdaq
Capital Market may apply additional and more stringent criteria for our continued listing because we had a small public offering and
our insiders hold a large portion of our listed securities.

Under
Section 101 of the Nasdaq Capital Market Company Guide, Nasdaq Capital Market has discretionary authority to deny initial listing, apply
additional or more stringent criteria for the initial or continued listing of particular securities, or suspend or delist particular
securities based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities
on Nasdaq Capital Market inadvisable or unwarranted in the opinion of Nasdaq Capital Market, even though the securities meet all enumerated
criteria for initial or continued listing on Nasdaq Capital Market.

Additionally,
Nasdaq Capital Market has used its discretion to deny initial or continued listing or to apply additional and more stringent criteria
in the instances, including but not limited to: (i) where the company engaged an auditor that has not been subject to an inspection by
PCAOB, an auditor that PCAOB cannot inspect, or an auditor that has not demonstrated sufficient resources, geographic reach, or experience
to adequately perform the company’s audit; (ii) where the company planned a small public offering, which would result in insiders
holding a large portion of the company’s listed securities. Nasdaq Capital Market was concerned that the offering size was insufficient
to establish the company’s initial valuation, and there would not be sufficient liquidity to support a public market for the company;
and (iii) where the company did not demonstrate sufficient nexus to the U. S. capital market, including having no U. S. shareholders, operations,
or members of the BOD or management. Our initial public offering was relatively small and the insiders of our