Company: OTSA
Filing Date: 2025-07-16
Form Type: F-1/A
Source: 0001213900-25-064434
Chunk: 80

Company: OTSAW Ltd
Filing Date: 2025-07-16
Form: F-1/A
Chunk 80
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 effect on our public shareholders. As of the date of this prospectus, our chairman, director, chief executive officer and controlling shareholder, Mr. Ling Ting Ming, indirectly owns more than 50% of the voting power of our outstanding Class A Ordinary Shares and Class B Ordinary Shares. Immediately after completion of the offering, he will own approximately 41.4% of our total issued and outstanding Class A Ordinary Shares and 100% of our total issued and outstanding Class B Ordinary Shares, representing approximately 63.4% of the total voting power of our shares, assuming that the underwriters do not exercise their over -allotmentoption, which is more than 50% of the total voting power of our shares. Therefore, we are, and will continue to be, a “controlled company” within the meaning of the Nasdaq Stock Market Rules. Under the Rule 4350I of Nasdaq, a company of which more than 50% of the voting power is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance requirements, including the requirement that a majority of our directors be independent, as defined in Nasdaq Rules, and the requirement that our compensation and nominating and corporate governance committees consist entirely of independent directors. Although we currently do not intend to rely on the “controlled company” exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future. If we elect to rely on the “controlled 42 company” exemption, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, during any time while we remain a controlled company relying on the exemption and during any transition period following a time when we are no longer a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of Nasdaq corporate governance requirements. Our status as a controlled company could cause our Class A Ordinary Share to look less attractive to certain investors or otherwise harm our trading price. The dual-class structure of our Ordinary Shares may adversely affect the trading market for the Class A Ordinary Shares Certain shareholder advisory firms have announced changes to their eligibility criteria for inclusion of shares of public companies on certain indices, including the S&P 500, to exclude companies with multiple classes of shares and companies whose public shareholders hold no more than 5% of total voting power from being added to such indices. In addition, several