Company: EGG
Filing Date: 2025-04-22
Form Type: F-1/A
Source: 0001641172-25-005604
Chunk: 8

Company: ENIGMATIG LTD
Filing Date: 2025-04-22
Form: F-1/A
Chunk 8
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iliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above. We are an “emerging growth company” as the term is used in the JOBS Act and, as such, we are subject to certain reduced public company reporting requirements. See the applicable disclosure under the section captioned “ Risk Factors – Risks Relating to our Class A ordinary shares and this Offering.”

Implications of Being a Controlled Company

We will be a “controlled company” as defined under Section 801(a) of the NYSE American Company Guide because Mr. Foo Chee Weng Desmond, our Chief Executive Officer and the beneficial owner of our outstanding Class B ordinary shares, will hold approximately 90.6% of the voting power of our outstanding shares following this offering (90.3% if the underwriters exercise their option to purchase additional Class A ordinary shares in full). As a result, Mr. Foo Chee Weng Desmond will have considerable influence over matters such as electing directors and approving material mergers, acquisitions or other business combination transactions. In addition, he will continue to be able to control all matters submitted to our shareholders for approval until such time as his collective voting power is below 50%. For so long as we remain as a “controlled company,” we are permitted to elect not to comply with certain corporate governance requirements, including an exemption from the rule that a majority of our board of directors must be independent directors. See “Management — Controlled Company Exemptions.”

Implications of Being a Foreign Private Issuer

We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers. Moreover, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. In addition, as a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the NYSE American Company guide. These practices may afford less protection to shareholders than they would enjoy if we complied fully with the NYSE American corporate governance listing standards. Currently, we plan to rely on home country practices with respect to our corporate governance after we