Company: EGG
Filing Date: 2025-04-24
Form Type: F-1/A
Source: 0001641172-25-005939
Chunk: 45

Company: ENIGMATIG LTD
Filing Date: 2025-04-24
Form: F-1/A
Chunk 45
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 under any circumstances. Upon any transfer of Class B ordinary shares by a holder thereof to any person or entity which is not an affiliate of such holder, such Class B ordinary shares shall be automatically and immediately converted into the equal number of Class A ordinary shares. However, the creation of any pledge, charge, encumbrance or other third party right on any Class B ordinary shares to secure a holder’s contractual or legal obligations, except in cases where and until any such pledge, charge, encumbrance or other third party right is enforced and results in the third party holding legal title to the relevant Class B ordinary shares, will not be considered as a sale, transfer, assignment or disposition and will not trigger the automatic conversion. In addition, the termination of directorship on the board or employment with us of any holder of Class B ordinary shares will not trigger the automatic conversion either.

Due to the disparate voting powers attached to these two classes of ordinary shares, our founder, namely, Mr. Foo Chee Weng Desmond, will beneficially own all of our issued Class B ordinary shares, representing 100% of our total issued and outstanding share capital immediately after the completion of this offering and he will be able to exercise 92.4% of the total voting power of our issued and outstanding share capital immediately following the completing of this offering, assuming that the underwriters do not exercise their over-allotment option to purchase additional Class A ordinary shares. You will experience further dilution to the extent that additional Class B ordinary shares are issued in the future.

Because
of the ten-to-one voting ratio between our Class B and Class A Ordinary Shares, the holder of our Class B Ordinary Shares, namely, Mr. Foo Chee Weng Desmond, will continue
to control a majority of the combined voting power of our ordinary shares and therefore, be able to control all matters submitted to
our shareholders for approval so long as the collective voting power of the shares of Class B Ordinary Shares represent more than 50%
of the voting power of all outstanding shares of our Class A and Class B Ordinary Shares. As a result, until such time as his collective
voting power is below 50%, Mr. Foo Chee Weng Desmond, as the controlling shareholder, has considerable influence over matters such as electing directors and approving material mergers, acquisitions or other business combination transactions. This concentrated control will limit your ability to influence corporate matters and could also discourage others from pursuing any potential merger, takeover or other change of control transactions, which could