SEC Filing Document

Company: Ambitious Entertainment, Inc.
Ticker: 
CIK: 1900851
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2025-10-08
Accession Number: 0001493152-25-017387
Exchange: 
SIC Code: 7812
SIC Description: Services-Motion Picture & Video Tape Production
URL: https://www.sec.gov/Archives/edgar/data/1900851/000149315225017387/filename1.htm

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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.

Sales
under Rule 144 by our affiliates are also subject to manner of sale provisions and notice requirements and to the availability of current
public information about us.

Regulation

Regulation
S under the Securities Act provides that securities owned by any person may be sold without registration in the United States, provided
that the sale is effected in an “offshore transaction” and no “directed selling efforts” are made in the United
States (as these terms are defined in Regulation S) and subject to certain other conditions. In general, this means that our shares may
be sold in some manner outside the United States without requiring registration in the United States.

Rule

general, under Rule 701 of the Securities Act, any of our employees, consultants or advisors, other than our affiliates, who purchased
shares from us in connection with a qualified compensatory stock plan or other written agreement is eligible to resell these shares 90
days after the date of this prospectus in reliance on Rule 144, but without compliance with the holding period requirements of Rule 144
and without regard to the volume of such sales or the availability of public information about us.

However,
substantially all Rule 701 shares are subject to lock-up agreements as described below and under “Underwriting” included
elsewhere in this prospectus and will become eligible for sale upon the expiration of the restrictions set forth in those agreements.

Lock-Up
Agreements

connection with this offering, we, our directors and officers and holders of more than 5% of our equity securities outstanding immediately
prior to this offering, have agreed, subject to certain exceptions, not to offer, sell or transfer any shares of common stock or securities
convertible into or exchangeable for our common stock for 180 days after the date of this prospectus without the prior written consent
of the representative of the underwriters and certain other exceptions. The representative of the underwriters has advised us that they
have no current intent or arrangement to release any of the shares subject to the lock-up agreements prior to the expiration of the lock-up
period. See “Underwriting”.

addition to the restrictions contained in the lock-up agreements described above, we have entered into agreements with certain of our
security holders, including our investors’ rights agreement and agreements governing our equity awards, that contain market stand-off
provisions imposing restrictions on the ability of such security holders to offer, sell or transfer our equity securities for a period
of [●] days following the date of this prospectus.

MATERIAL
U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS

The
following discussion is a summary of the material U.S. federal income tax consequences to non-U.S. holders (as defined below) of the
ownership and disposition of shares of our common stock issued pursuant to this offering but is not intended to be a complete analysis
of all potential tax consequences. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state,
local or non-U.S. tax laws are not discussed. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the “Code”),
final, temporary, and proposed Treasury Regulations, judicial decisions, and published rulings and administrative pronouncements of the
U.S. Internal Revenue Service (the “IRS”), in each case as in effect as of the date of this prospectus. These authorities
may change or be subject to differing interpretations, and any such change or differing interpretation may be applied retroactively in
a manner that could adversely affect a non-U.S. holder of our common stock. We have not sought and will not seek any rulings from the
IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a position contrary to that discussed
below regarding the tax consequences of the ownership and disposition of our common stock.