| <p>Promoters retain significant control over the company through provisions outlined in recently released articles, granting them the right to nominate directors and influence key strategic decisions. The Promoters can nominate a majority of non-independent directors if they collectively own at least 10% of the company’s equity on a fully diluted basis, or two directors with at least 5% ownership. Reserved Matters, including debt issuance, mergers and acquisitions, and asset sales, require Promoter approval. However, these special rights diminish as the Promoters’ ownership stake falls below 5%, with no possibility of revival. After four years and six months, shareholder approval will be required to renew these special rights, and the Promoters and Investor must cooperate to secure that approval.</p> |