Company: OTSA
Filing Date: 2025-07-07
Form Type: F-1/A
Source: 0001213900-25-061733
Chunk: 79

Company: OTSAW Ltd
Filing Date: 2025-07-07
Form: F-1/A
Chunk 79
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 represents 60% of the aggregate voting power of our outstanding Ordinary Shares as of the date of this prospectus. Because of the voting ratio between our Class B Ordinary Shares and Class A Ordinary Shares, after the completion of the offering, the holder of our Class B Ordinary Share 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 by way of ordinary resolution even though the Class B Ordinary Share represents a minority by number of all outstanding Ordinary Shares. This concentrated control will limit the ability of holders of Class A Ordinary Shares to influence corporate matters for the foreseeable future. The holder of our sole issued and outstanding Class B Ordinary Share may also have interests that differ from yours and may vote in a way with which you disagree and which may be adverse to your interests. Furthermore, this concentrated control may have the effect of delaying, preventing or deterring a change in control of our company, could deprive our shareholders of an opportunity to receive a premium for their Class A Ordinary Shares as part of a sales of our company and might ultimately affect the market price of our Class A Ordinary Shares. In particular, Mr. Ling has voting rights with respect to an aggregate of 20,534,245 Class A Ordinary Shares and 1 Class B Ordinary Shares, representing 65.9% of the voting power of the outstanding Ordinary Shares of Otsaw Limited as of the date hereof. As a result, Mr. Ling has the ability to control the outcome of matters submitted to our shareholders for approval, including the election of directors and any merger, consolidation, or sale of all or substantially all of our assets. In addition, Mr. Ling has the ability to control the management and affairs of Otsaw Limited as a result of his position as our chief executive officer and his ability to control the election of our directors. As a board member and officer, Mr. Ling owes a fiduciary duty to Otsaw Limited and must act in good faith in a manner he reasonably believes to be in the best interests of Otsaw Limited. As a beneficial shareholder, even a controlling beneficial shareholder, Mr. Ling is entitled to vote his shares, and shares over which he has voting control as a result of voting agreements, in his own interests, which may not always be in the interests of our shareholders generally. As a “controlled company” under the rules of Nasdaq , we may choose to exempt Otsaw Limited from certain corporate governance requirements that could have an adverse