Company: LICN
Filing Date: 2025-12-02
Form Type: F-3
Source: 0001185185-25-001892
Chunk: 84

Company: Lichen International Ltd
Filing Date: 2025-12-02
Form: F-3
Chunk 84
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man Islands Companies Act, including a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Dissenting shareholders have the right to be paid the fair value of their shares if they follow the required procedures, under the Cayman Islands Companies Act subject to certain exceptions. The fair value of the shares will be determined by the Cayman Islands court if it cannot be agreed among the parties. Court approval is not required for a merger or consolidation effected in compliance with these statutory procedures.

The Cayman Islands Companies Act provides that shareholders of companies incorporated in Cayman Islands have rights of dissent and appraisal and are entitled to be paid the fair value of their shares upon dissenting to a merger or consolidation.

A company that has received any notice of dissent
must, within specified time periods, make a written offer to each dissenting shareholder to purchase its shares at a price that the company
determines to be the fair value, and if agreed by the shareholder within thirty days of the offer being made, monies must be paid to the
dissenting shareholder forthwith. If no price is agreed upon, the company must file a petition with the Grand Court of the Cayman Islands
for a determination of the fair value of the shares of all dissenting shareholders and any dissenting shareholders is permitted to be
involved in those proceedings.

In addition, there are statutory provisions that facilitate the reconstruction
of companies, provided that the arrangement is approved by (i) 75% in value of the shareholders or class of shareholders, as the case
may be; or (ii) a majority in number representing 75% in value of the creditors or class of creditors, as the case may be, that are present
and voting either in person or by proxy at a meeting convened for that purpose. The convening of the meeting and subsequently the arrangement
must be sanctioned by the Grand Court of the Cayman Islands.

If the arrangement and reconstruction is thus sanctioned by the Grand Court of the Cayman Islands, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

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