Company: ZDAN
Filing Date: 2025-07-28
Form Type: F-1/A
Source: 0001683168-25-005450
Chunk: 238

Company: Zerolimit Technology Holding Co. Ltd.
Filing Date: 2025-07-28
Form: F-1/A
Chunk 238
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 not provide for cumulative
voting.

| 147 |

Removal of Directors

Under the Delaware General
Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of
the outstanding shares entitled to vote, unless the Certificate of Incorporation provides otherwise.

Removal of directors is
governed by the terms of our Amended and Restated Articles of Association.

Transactions with Interested Shareholders

The Delaware General Corporation
Law contains a business combination statute applicable to Delaware public corporations whereby, unless the corporation has specifically
elected not to be governed by such statute by amendment to its Certificate of Incorporation, it is prohibited from engaging in certain
business combinations with an “interested shareholder” for three years following the date that such person becomes an
interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target’s
outstanding voting shares within the past three years.

This statute has the effect
of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated
equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder,
the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested
shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with
the target’s board of directors.

Cayman Islands law has no
comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination
statute. However, although the Companies Act does not regulate transactions between a company and its significant shareholders, interested
director transactions are governed by the terms of a memorandum and articles of association, the directors of the company are also required
to comply with fiduciary duties which they owe to the company under Cayman Islands law, including the duty to ensure that, in their opinion,
such transactions must be entered into in the bona fide best interests of the company and for a proper purpose and
not with the effect of constituting a fraud on the minority shareholders.

Dissolution; Winding Up

Under the Delaware General
Corporation 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