Company: ZDAN
Filing Date: 2025-01-10
Form Type: DRS/A
Source: 0001683168-25-000168
Chunk: 231

Company: Zerolimit Technology Holding Co. Ltd.
Filing Date: 2025-01-10
Form: DRS/A
Chunk 231
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 such merger or consolidation. 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 (b) 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.

In order to effect such
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) a special resolution of the shareholders of each constituent company, and (b) such other authorization,
if any, as may be specified in such constituent company’s Articles.

The written plan of merger
or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with, among other things, 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. Court approval is not required
for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman
parent company and its Cayman subsidiary or subsidiaries does not require authorization by a special resolution of shareholders. For
this purpose, a subsidiary is a company of which at least 90% of the issued shares entitled to vote are owned by the parent company.

The consent of each holder
of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman
Islands.

Except in certain limited
circumstances, a dissenting shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting
from a merger or consolidation. The exercise of such dissenter rights will preclude the exercise by the dissenting shareholder of any
other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds
that the merger or consolidation is void or unlawful.

In addition, there are
also statutory provisions that facilitate the reconstruction and amalgamation of companies provided that the arrangement is approved
by (i) seventy-five percent (75%) in value