Company: ZDAN
Filing Date: 2025-06-30
Form Type: F-1
Source: 0001683168-25-004840
Chunk: 236

Company: Zerolimit Technology Holding Co. Ltd.
Filing Date: 2025-06-30
Form: F-1
Chunk 236
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 application is made by the dissenting
shareholder to the Court for an order otherwise within one month from the date on which the notice was given. An objection can be made
to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there
is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction
by way of scheme of arrangement is thus approved and sanctioned, or if a tender offer is made and accepted in accordance with the foregoing
statutory procedures, a dissenting shareholder would have no rights comparable to appraisal rights, save that objectors to a takeover
offer may apply to the Grand Court of the Cayman Islands for various orders that the Grand Court of the Cayman Islands has a broad discretion
to make, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive
payment in cash for the judicially determined value of the shares.

Squeeze-out Provisions

When a take-over offer is
made and accepted by holders of not less than 90% of the shares affected within four months, the offer may, within a two-month period
commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares on the terms
of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer
which has been so approved unless there is evidence of fraud, bad faith or collusion.

If the arrangement and reconstruction
is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be
available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined
value of the shares.

| 147 |

Shareholders’ Suits

In principle, we will normally
be the proper plaintiff to sue for a wrong done to us as a company and as a general rule, a derivative action may not be brought by a
minority shareholder.

However, based on English
authorities, which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, the Cayman Islands
courts can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions
thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name