Chanson International Holding issued a notice on November 29, 2024, for an Extraordinary General Meeting (EGM) of holders of Class A ordinary shares, scheduled for December 26, 2024. The primary purpose of the EGM is to consider and vote on a proposal to increase the voting power of Class B ordinary shares.
The proposed change, referred to as the 'Class B Variation,' would increase the number of votes Class B ordinary shareholders are entitled to cast on a poll from 10 votes to 50 votes for each Class B ordinary share held. This alteration would significantly vary the rights attaching to Class A ordinary shares by diluting their voting power.
The Board of Directors unanimously recommended that Class A shareholders vote 'FOR' the proposal. This corporate governance change, if approved, would concentrate more voting control with Class B shareholders, potentially impacting the influence of Class A shareholders on company decisions.
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