Company: XTKG
Filing Date: 2025-07-17
Form Type: 424B5
Source: 0001213900-25-064921
Chunk: 75

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-07-17
Form: 424B5
Chunk 75
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angements. The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands
companies and non-Cayman Islands companies. For these purposes, a “merger” means the merging of two or more constituent companies
and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and a “consolidation”
means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and
liabilities of such companies to the consolidated company.

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In order to effect a merger
or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be
authorized by a special resolution of the shareholders of each constituent company, and such other authorization, if any, as may be specified
in such constituent company’s articles of association.

The plan of merger or
consolidation must be filed with the Registrar of Companies of the Cayman Islands together with, inter alia, a declaration as to the
solvency of each constituent 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 and 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 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.

In addition, there are statutory
provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement is approved, for a creditor-led
arrangement, by a majority in number of each class of creditors with whom the arrangement is to be made, and, in either a shareholder
or a creditor arrangement, three-fourths in value of each such class of shareholders or creditors, as the case may be, that are 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