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Intelligent Living Application Group Inc. Unveils Series A Preferred Shares Report

$ILAG
Form 6-K
Filed on: 2025-02-11
Source
Intelligent Living Application Group Inc. Unveils Series A Preferred Shares Report

Here are the key insights extracted from the provided section of the financial report (Form 6-K) for Intelligent Living Application Group Inc.:

  1. Company Overview:
  • Name: Intelligent Living Application Group Inc.
  • Incorporation: Cayman Islands exempted company.
  • Address: Unit 2, 5/F, Block A, Profit Industrial Building, 1-15 Kwai Fung Crescent, Kwai Chung, New Territories, Hong Kong.
  1. Report Date: February 6, 2025.
  • This report is submitted under the Securities Exchange Act of 1934.
  1. Commission File Number: 001-41444.
  2. Preferred Shares Issuance:
  • The Board of Directors has designated 2,000,000 Preferred Shares as Series A Preferred Shares with a par value of US$0.0001 each.
  1. Voting Rights:
  • Each holder of the Series A Preferred Shares has 20 votes for each fully paid share, both on a show of hands and on a poll.
  1. Conversion Rights:
  • Each Series A Preferred Share can be converted into one Ordinary Share at the holder's option. The conversion can be initiated by delivering a written notice to the company.
  1. Automatic Conversion:
  • Shares will automatically convert into Ordinary Shares upon sale, transfer, assignment, or disposition to a non-affiliate or upon a change of control involving a non-affiliate.
  1. Conversion Mechanism:
  • There are two mechanisms for conversion:
    • Automatic Conversion: Occurs as described above.
    • Ordinary Conversion: Involves the repurchase of Series A Preferred Shares for cancellation and issuance of Ordinary Shares.
  1. Additional Rights:
  • Other rights of the Series A Preferred Shares will be equivalent to those of Ordinary Shares and any other Preferred Shares.
  1. Current Status of Shares:
    • As of the report date, no Series A Preferred Shares have been issued or are outstanding. The Board may issue these shares in the future.
  1. Signatory:
    • The report is signed by Bong Lau, who serves as the Chief Executive Officer of the company.

This summary provides a clear understanding of the significant developments regarding the Series A Preferred Shares and the governance structure within the company.