Company: OTSA
Filing Date: 2025-03-26
Form Type: DRS/A
Source: 0001013762-25-002776
Chunk: 76

Company: OTSAW Ltd
Filing Date: 2025-03-26
Form: DRS/A
Chunk 76
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 At a general meeting, each Class A Ordinary Share has one (1) vote and the Class B Ordinary Share entitles the holder thereof to that number of votes equal to sixty (60) percent of the total number of Class A Ordinary Shares and Class B Ordinary Shares outstanding as at the record date for determining those shareholders that are entitled to vote at the general meeting. The sole issued and outstanding Class B Ordinary Share is beneficially owned by our chairman, director and chief executive officer, Mr. Ling Ting Ming, and represents 60% of the aggregate voting power of our outstanding Ordinary Shares as of the date of this prospectus. Because of the voting ratio between our Class B Ordinary Shares and Class A Ordinary Shares, after the completion of the offering, the holder of our Class B Ordinary Share will collectively 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 by way of ordinary resolution even though the Class B Ordinary Share represents a minority by number of all outstanding Ordinary Shares. This concentrated control will limit the ability of holders of Class A Ordinary Shares to influence corporate matters for the foreseeable future. The holder of our sole issued and outstanding Class B Ordinary Share may also have interests that differ from yours and may vote in a way with which you disagree and which may be adverse to your interests. Furthermore, this concentrated control may have the effect of delaying, preventing or deterring a change in control of our company, could deprive our shareholders of an opportunity to receive a premium for their Class A Ordinary Shares as part of a sales of our company and might ultimately affect the market price of our Class A Ordinary Shares. In particular, Mr. Ling has voting rights with respect to an aggregate of [#] Class A Ordinary Shares and 1 Class B Ordinary Shares, representing [#]% of the voting power of the outstanding Ordinary Shares of Otsaw Limited as of the date hereof. As a result, Mr. Ling has the ability to control the outcome of matters submitted to our shareholders for approval, including the election of directors and any merger, consolidation, or sale of all or substantially all of our assets. In addition, Mr. Ling has the ability to control the management and affairs of Otsaw Limited as a result of his position as our chief executive officer and his ability to control the election of our directors. As a board member and officer, Mr. Ling owes a fiduciary duty to Otsaw Limited and must act in good faith in a manner he reasonably believes to be