Company: STAK
Filing Date: 2025-11-14
Form Type: F-1
Source: 0001493152-25-023494
Chunk: 51

Company: STAK Inc.
Filing Date: 2025-11-14
Form: F-1
Chunk 51
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 present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

| 36 |

| ● | the                                                                                                                                   
 statutory provisions as to the required majority vote have been met;                                                                  |
| ● | the                                                                                                                                   
 shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion 
 of the minority to promote interests adverse to those of the class;                                                                   |
| ● | the                                                                                                                                   
 arrangement is such that may be reasonably approved by an intelligent and honest person of that class acting in respect of his or     
 her interest; and                                                                                                                     |
| ● | the                                                                                                                                   
 arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.                        |

When a takeover offer is made and accepted by holders of 90.0% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, give notice to require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer that has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction is thus approved, or if a takeover offer is made and accepted, a 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.

Shareholders’ Suits.In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule, a derivative action may not be brought by a minority shareholder. However, based on English law authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands courts can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottleand the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in