SEC Filing Document

Company: Ambitious Entertainment, Inc.
Ticker: 
CIK: 1900851
Filing Type: DRS
Document Type: DRS
Date Filed: 2025-07-17
Accession Number: 0001493152-25-011282
Exchange: 
SIC Code: 7812
SIC Description: Services-Motion Picture & Video Tape Production
URL: https://www.sec.gov/Archives/edgar/data/1900851/000149315225011282/filename1.htm

Chunk 32 of 56
Word Count: 1477
Character Count: 9036

Document Content:

action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he: (a) is not liable pursuant to NRS 78.138; or (b) acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

Section
78.7502(2) of the NRS provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason
of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses,
including amounts paid in settlement and attorneys’ fees actually and reasonably incurred by him in connection with the defense
or settlement of the action or suit if he: (a) is not liable pursuant to NRS 78.138; or (b) acted in good faith and in a manner which
he reasonably believed to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim,
issue or matter as to which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals there
from, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court
in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the
circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.

Section
78.747 of the NRS provides that except as otherwise provided by specific statute, no director or officer of a corporation is individually
liable for a debt or liability of the corporation, unless the director or officer acts as the alter ego of the corporation. The court
as a matter of law must determine the question of whether a director or officer acts as the alter ego of a corporation.

Our
amended and restated bylaws provide that the Company shall, to the fullest extent permitted by the provisions of Section 78.751 of the
Nevada Revised Statutes, indemnify any and all persons whom it shall have the power to indemnify under such section.

Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Company pursuant to the foregoing provisions, or otherwise, we have been advised that, in the opinion of the SEC, such indemnification
is against public policy as expressed in such Act and is, therefore, unenforceable.

will enter into agreements with our officers and directors to provide contractual indemnification in addition to the indemnification
provided for in our amended and restated articles of incorporation and amended and restated bylaws.

do not currently carry directors’ and officers’ insurance. However, we may in the future purchase a policy of directors’
and officers’ liability insurance that insures our officers and directors against the cost of defense, settlement, or payment of
a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.

These
provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action,
if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder’s investment may be adversely affected
to the extent we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.

believe that these provisions and the indemnity agreements are necessary to attract and retain talented and experienced officers and
directors.

present, there is no pending litigation or proceeding involving any of our directors or officers where indemnification will be required
or permitted. We are not aware of any threatened litigation or proceeding that might result in a claim for such indemnification.

Transfer
Agent and Registrar

The
transfer agent and registrar for our common stock is Olde Monmouth Stock Transfer Co. Inc. The transfer agent’s address is 200
Memorial Parkway, Atlantic Highlands, New Jersey 07716, and its telephone number is (732) 872-2727.

SHARES
ELIGIBLE FOR FUTURE SALE

Prior
to this offering, there has been no public market for our shares. Future sales of our common stock in the public market, or the availability
of such shares for sale in the public market, could adversely affect market prices prevailing from time to time. As described below,
only a limited number of shares will be available for sale shortly after this offering due to contractual and legal restrictions on resale.
Nevertheless, sales of our common stock in the public market after such restrictions lapse, or the perception that those sales may occur,
could adversely affect the prevailing market price at such time and our ability to raise equity capital in the future.

Based
on the number of shares outstanding as of ____________, 2025, upon the completion of this offering [●] shares of our common stock
will be outstanding, assuming the automatic conversion of all convertible notes into an aggregate of shares of our common stock upon
the closing of this offering, no exercise of the representative of the underwriter’s option to purchase additional shares and no
exercise of outstanding warrants or options. Of the outstanding shares, all of the shares sold in this offering will be freely tradable,
except that any shares held by our affiliates, as that term is defined in Rule 144 under the Securities Act, may only be sold in compliance
with the limitations described below. All remaining shares of common stock held by existing stockholders immediately prior to the completion
of this offering will be “restricted securities” as such term is defined in Rule 144. These restricted securities were issued
and sold by us, or will be issued and sold by us, in private transactions and are eligible for public sale only if registered under the
Securities Act or if they qualify for an exemption from registration under the Securities Act, including the exemptions provided by Rule
144 or Rule 701, summarized below.

Rule

general, under Rule 144, beginning 90 days after the date of this prospectus, any person who is not our affiliate and has not been our
affiliate at any time during the preceding three months and has held their shares for at least six months, including the holding period
of any prior owner other than one of our affiliates, may sell shares without restriction, subject to the availability of current public
information about us. In addition, under Rule 144, any person who is not our affiliate and has not been our affiliate at any time during
the preceding three months and has held their shares for at least one year, including the holding period of any prior owner other than
one of our affiliates, would be entitled to sell an unlimited number of shares immediately upon the closing of this offering without
regard to whether current public information about us is available.

Beginning
90 days after the date of this prospectus, a person who is our affiliate or who was our affiliate at any time during the preceding three
months may sell any unrestricted securities, as well as restricted securities that the person has beneficially owned for at least six
months, including the holding period of any prior owner other than one of our affiliates, under Rule 144. Affiliates selling restricted
or unrestricted securities may sell a number of shares within any three-month period that does not exceed the greater of:

of the number of shares then outstanding, which will equal approximately shares immediately
after this offering, assuming no exercise of the representative of the underwriter’s
option to purchase additional shares; or

●	the
average weekly trading volume in our common stock on the NYSE American during
the four calendar weeks preceding the filing of a notice on Form 144 with respect to such
sale.