Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 70

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 70
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 due in the ordinary course of business and the realizable value of assets of our Company will not be less than the sum of our total
liabilities, other than deferred taxes as shown on our books of account, and our capital.

Our Class B Ordinary Shares have greater
voting power than our Class A Ordinary Shares and certain existing shareholders have substantial influence over our Company and their
interests may not be aligned with the interests of our other shareholders.

We have a dual-class voting
structure consisting of Class A Ordinary Shares and Class B Ordinary Shares. Under this structure, holders of Class A Ordinary Shares
are entitled to one vote per share, and holders of Class B Ordinary Shares are entitled to one hundred votes per share, which can cause
the holders of Class B Ordinary Shares to have an unbalanced, higher concentration of voting power. Our management team as a group beneficially
owns over 1.6 million Class B Ordinary Shares representing approximately 87% voting power. As a result, until such time as their collective
voting power is below 50%, our management team as a group of controlling shareholders have substantial influence over our business, including
decisions regarding mergers, consolidations and the sale of all or substantially all of our assets, election of directors and other significant
corporate actions. They may take actions that are not in the best interests of us or our other shareholders. These corporate actions may
be taken even if they are opposed by our other shareholders. Further, concentration of ownership of our Class B Ordinary
Shares may discourage, prevent or delay the consummation of change of control transactions that shareholders may consider favorable, including
transactions in which shareholders might otherwise receive a premium for their shares. Future issuances of Class B Ordinary Shares may
also be dilutive to the holders of Class A Ordinary Shares. As a result, the market price of our Class A Ordinary Shares could be adversely
affected.

Shareholders who hold shares
of Class B Ordinary Shares, including our executive officers and their affiliates, hold approximately 97% of the voting power of
our outstanding ordinary shares. Because of the one hundred-to-one voting ratio between our Class B Ordinary Shares and Class A
Ordinary Shares, the holders of our Class B Ordinary Shares will collectively continue to control a majority of the combined voting
power of our Ordinary Shares and therefore be able to control all matters submitted to our shareholders for approval, so long as the Class B
Ordinary Shares represent at least 1.0% of all outstanding shares of