Company: GINT
Filing Date: 2025-01-28
Form Type: DRS/A
Source: 0001213900-25-007208
Chunk: 157

Company: Gifts International Holdings Ltd
Filing Date: 2025-01-28
Form: DRS/A
Chunk 157
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 contract or transaction is considered. Our directors may exercise all the powers of our Company to issue debentures, debenture stock, bonds, and other securities, whether outright or as collateral security for any debt, liability or obligation of our Company or of any third party. Committees of the Board of Directors A company of which more than 50% of the voting power held by a single entity is considered a “controlled company” under the Nasdaq Capital Market Company Guide. A controlled company is not required to comply with the Nasdaq Capital Market corporate governance rules requiring a board of directors to have a majority of independent directors to have independent audit, compensation, and nominating and corporate governance committees. Following the completion of this offering, we will be a “controlled company” as defined under the Nasdaq Capital Market corporate governance rules. 109 We will establish three committees under the board of directors immediately upon the effectiveness of our registration statement on Form F -1, of which this prospectus is a part: an audit committee, a compensation committee, and a nominating and corporate governance committee. We expect to adopt a charter for each of the three committees. Each committee’s members and functions are described below. Audit Committee.Our audit committee will consist of [Ms. Wai Chun Chik], [Mr.Cheuk Kwan Ng], and [Mr.Man Fai Kwan]. All of them are financially literate and two of whom have accounting or related financial management expertise. [Ms. Wai Chun Chik] will be the chairwoman of our audit committee. We have determined that each of our audit committee members satisfies the “independence” requirements of Rule 5605(c)(2) of the Nasdaq Capital Market Company Guide and meets the independence standards under Rule 10A -3under the Exchange Act. We have determined that [Ms. Wai Chun Chik] qualifies as an “audit committee financial expert” within the meaning of the SEC rules and possesses financial sophistication within the meaning of the Nasdaq Capital Market Company Guide. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our Company. The audit committee will be responsible for, among other things: •appointing the independent auditors and pre -approvingall auditing and non -auditingservices permitted to be performed by the independent auditors; •reviewing with the independent auditors any audit problems or difficulties and management’s response; •discussing the annual audited financial statements with management and the independent auditors; •review