Company: ILAG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001641172-25-006445
Chunk: 50

Company: Intelligent Living Application Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 50
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 price may be more volatile.

Because we are a foreign private issuer and
are exempt from certain NASDAQ corporate governance standards applicable to U. S. issuers, you may have less protection than you would
have if we were a domestic issuer.

The Nasdaq Listing Rules require listed companies
to have, among other things, a majority of its board members be independent. As a foreign private issuer, however, we are permitted to
follow home country practice in lieu of the above requirements. On June 23, 2023, the Company has notified Nasdaq that it will follow
its home country practice in lieu of the provisions under Rule 5620(a), Rule 5635(a), Rule 5635(c) and Rule 5635(d) of the NASDAQ Stock
Market Marketplace Rules (the “ Rules”) by relying on the exemption provided for foreign private issuers under Marketplace
Rule 5615(a)(3). Rule 5620(a) requires that the Company to hold an annual meeting of shareholders no later than one year after the end
of the Company’s fiscal year-end; Rule 5635(a) of the Rules requires shareholder approval for the issuance of securities in connection
with the acquisition of the stock or assets of another company; Rule 5635(c) of the Rules requires shareholder approval prior
to the issuance of securities when a stock option or purchase plan is to be established or materially amended or other equity compensation
arrangement made or materially amended, pursuant to which stock may be acquired by officers, directors, employees; and Rule 5635(d)
of the Rules requires shareholder approval prior to an issuance of securities, other than in a public offering, equal to 20% or more of
the voting power outstanding at a price less than the lower of: (i) the Nasdaq Official Closing Price (as reflected on Nasdaq. com) immediately
preceding the signing of the binding agreement; or (ii) the average Nasdaq Official Closing Price of the common stock (as reflected on
Nasdaq. com) for the five trading days immediately preceding the signing of the binding agreement. The
corporate governance practice in our home country, the Cayman Islands, does not require the Company to follow or comply with the requirements
of Rule 5620(a), Rule 5635(a), Rule 5635(c) and Rule 5635(d). We will comply with other corporate governance requirements of the Nasdaq
Listing Rules. However, we may consider following home country