Chaince shareholders to vote on 20 billion shares and reverse-split authority

Shareholders of Chaince Digital Holdings will vote Monday on whether to raise authorized ordinary shares from 1 billion to 20 billion and grant the board authority to conduct reverse splits through the third anniversary of the Aug. 24 annual meeting. The vote follows an agreement dated Aug. 19 establishing an at-the-market program for up to $300 million of ordinary-share sales through or to H.C. Wainwright as agent or principal. Proposal Three would authorize 19 billion additional shares, while Proposal Four would permit one or more reverse splits ranging from 2-for-1 to 200-for-1, subject to a cumulative limit of 4,000-for-1. Either proposal requires a simple majority of votes cast by eligible ordinary shares represented in person or by proxy. Actual share issuance and any reverse split would require later board action. The prospectus illustrates potential dilution by assuming 85,227,272 shares sold at $3.52, compared with 110,003,800 shares outstanding on Aug. 17, and separately describes a preliminary $800 million Bitcoin reserve plan whose funding source and financing instrument remain undetermined.

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