Sep. 12 at 3:16 PM
$GVH “
EGM vote results
The following proposals were approved at the EGM:
Share capital increase: The authorized share capital was expanded nearly 50-fold, from 10 million shares (
$2 million) to 500 million shares (
$100 million).
Establishment of super-voting management shares: Shareholders approved amendments to the company's articles of association that created "management shares".
Each management share carries 1 million votes.
On August 27, 2025, CEO Wai Yiu Yau purchased 100 of these shares, giving him approximately 98.44% of the total voting power in the company.
Outcomes of the vote
CEO control: Wai Yiu Yau now holds a controlling stake in the company's voting power, which allows Globavend to operate as a "controlled company" under Nasdaq rules. This status exempts the company from certain corporate governance requirements.”