SEC Filing Document

Company: Ambitious Entertainment, Inc.
Ticker: 
CIK: 1900851
Filing Type: S-1
Document Type: S-1
Date Filed: 2026-05-15
Accession Number: 0001493152-26-023581
Exchange: 
SIC Code: 7812
SIC Description: Services-Motion Picture & Video Tape Production
URL: https://www.sec.gov/Archives/edgar/data/1900851/000149315226023581/forms-1.htm

Chunk 37 of 57
Word Count: 1462
Character Count: 9186

Document Content:

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 No. 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.

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.

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.