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

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of the interested stockholder; ○ any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of voting shares of securities convertible into voting shares of the corporation beneficially owned by the interested stockholder or any affiliate or associate of the interested stockholder; or ○ the receipt by the interested stockholder or any affiliate or associate of the interested stockholder of the benefit, except proportionately as a stockholder of the corporation, of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation. general, Section 78.423 of the NRS defines an interested stockholder as any entity or person beneficially owning, directly or indirectly, 10% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by any of these entities or persons. Control Share Acquisitions

Sections
78.378 through 78.3793 of the NRS limit the voting rights of certain acquired shares in a corporation. The provisions apply to any acquisition
of outstanding voting securities of a Nevada corporation that has 200 or more stockholders, at least 100 of which are Nevada residents,
and conducts business in Nevada (an “issuing corporation”) resulting in ownership of one of the following categories of an
issuing corporation’s then outstanding voting securities: (i) twenty percent or more but less than thirty-three percent; (ii) thirty-three
percent or more but less than fifty percent; or (iii) fifty percent or more. The securities acquired in such acquisition are denied voting
rights unless a majority of the security holders approve the granting of such voting rights. Unless an issuing corporation’s articles
of incorporation or bylaws then in effect provide otherwise: (i) voting securities acquired are also redeemable in part or in whole by
an issuing corporation at the average price paid for the securities within 30 days if the acquiring person has not given a timely information
statement to an issuing corporation or if the stockholders vote not to grant voting rights to the acquiring person’s securities,
and (ii) if outstanding securities and the security holders grant voting rights to such acquiring person, then any security holder who
voted against granting voting rights to the acquiring person may demand the purchase from an issuing corporation, for fair value, all
or any portion of his securities. These provisions do not apply to acquisitions made pursuant to the laws of descent and distribution,
the enforcement of a judgment, or the satisfaction of a security interest, or made in connection with certain mergers or reorganizations.

Recent
Amendment to Nevada Law

May 30, 2025, Nevada enacted Assembly Bill 239 (“AB239”), which introduced certain updates to Nevada corporate law that may
further discourage unsolicited or hostile takeover attempts. Among other changes, AB239 codifies a definition of “controlling stockholder”
as a stockholder having voting power sufficient to elect a majority of the corporation’s directors, and imposes a limited fiduciary
duty requiring such controlling stockholder to refrain from exerting undue influence over directors or officers in a manner that would
induce a breach of fiduciary duty and result in a material, non-ratable benefit to the controlling stockholder. The statute also provides
a statutory safe harbor that shields controlling stockholders from liability where the conflict transaction is approved or recommended
by a committee of disinterested directors, subject to rebuttal only under narrow circumstances.

addition, AB239 clarifies that the exercise or withholding of voting power by a controlling stockholder, standing alone, does not constitute
a breach of fiduciary duty. These recent changes may enhance the ability of our board of directors and certain stockholders to resist
hostile takeovers or changes in control not supported by our board, particularly where procedural protections are observed.

Exclusive
Forum for Resolution of Disputes

Pursuant
to Section 7.06 of our amended and restated bylaws, to the fullest extent permitted by law, unless we consent in writing to the selection
of an alternative forum, the courts of the State of Nevada (the “Courts”)are the sole and exclusive forum for state law claims
for (i) any derivative action or proceeding brought on our behalf, (a) any derivative action or proceeding brought on behalf of the Company,
(b) any action or proceeding asserting a claim of or based on breach of a fiduciary duty owed by any current or former directors, officers,
or other employees or stockholders to the Company, (c) any action or proceeding asserting a claim against the Company arising pursuant
to any provision of the NRS or the bylaws or the certificate of incorporation (as might be amended from time to time), or (d) any action
or proceeding asserting a claim against the Company governed by the internal affairs doctrine, except for, as to each of (a) through
(d) above, any claim as to which the Court determines that there is an indispensable party not subject to the jurisdiction of the Court
(and the indispensable party does not consent to the personal jurisdiction of the Court within ten days following such determination),
which is vested in the exclusive jurisdiction of a Court or forum other than the Court, or for which the Court does not have subject
matter jurisdiction.. This forum selection clause does not apply to suits brought to enforce any liability or duty created by the Securities
Act, the Exchange Act, or any other claim for which the federal courts have exclusive jurisdiction (any such action, a “Federal
Action”). To the fullest extent permitted by law, and unless the Company consents in writing to the selection of an alternative
forum, the district courts of the United States of America shall be the sole and exclusive forum for any Federal Action.

recognize that the forum selection clause may impose additional litigation costs on stockholders who assert the provision is not enforceable
and may impose more general additional litigation costs in pursuing any such claims. Additionally, the forum selection clause in our
bylaws may limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us. The courts of the State of
Nevada may also reach different judgments or results than would other courts, including courts where a stockholder considering an action
may be located or would otherwise choose to bring the action, and such judgments may be more or less favorable to us than our stockholders.

Limitations
of Director Liability and Indemnification of Directors and Officers

Neither
our amended and restated articles of incorporation, nor our amended and restated bylaws, prevent us from indemnifying our officers, directors
and agents to the extent permitted under the NRS. Section 78.7502 of the NRS provides that a corporation may indemnify any director,
officer, employee, or agent of a corporation against expenses, including fees, actually and reasonably incurred by him in connection
with any defense to the extent that a director, officer, employee, or agent of a corporation has been successful on the merits or otherwise
in defense of any action, suit or proceeding referred to in Sections 78.7502(1) or 78.7502(2) of the NRS, or in defense of any claim,
issue, or matter therein.

Section
78.7502(1) 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, 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.