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MKDWELL Tech Inc. Governance Report: BVI Practices Over Nasdaq Rules

$MKDWW
Form 6-K
Filed on: 2024-11-27
Source
MKDWELL Tech Inc. Governance Report: BVI Practices Over Nasdaq Rules

Here are the key insights extracted from the provided section of the financial report:

General Information:

  • Filing Type: Form 6-K
  • Company Name: MKDWELL Tech Inc.
  • Commission File Number: 001-42197
  • Date of Report: November 27, 2024
  • Address:
  • 1F, No. 6-2, Duxing Road, Hsinchu Science Park, Hsinchu City 300, Taiwan

Corporate Governance:

  • MKDWELL Tech Inc. has elected to follow certain corporate governance practices from the British Virgin Islands (BVI) instead of specific Nasdaq requirements. The following Nasdaq rules are mentioned:
  1. Rule 5605(b)(2): Requires meetings of independent directors. MKDWELL will follow BVI practices.
  2. Rule 5620(a): Requires annual meetings of shareholders. MKDWELL will follow BVI practices.
  3. Rule 5620(b): Requires solicitation of proxies for shareholder meetings. MKDWELL will follow BVI practices.
  4. Rule 5635(a): Requires shareholder approval prior to certain securities issuances related to acquisitions. MKDWELL will follow BVI practices.
  5. Rule 5635(b): Requires shareholder approval prior to issuance resulting in a change of control. MKDWELL will follow BVI practices.
  6. Rule 5635(c): Requires shareholder approval for equity compensation arrangements. MKDWELL will follow BVI practices.
  7. Rule 5635(d): Requires shareholder approval for 20% issuances at prices below the minimum. MKDWELL will follow BVI practices.
  8. Rule 5250(b)(3): Requires disclosure of agreements and arrangements in proxies. MKDWELL will follow BVI practices.
  9. Rule 5250(d): Requires the availability of annual reports and quarterly reports to shareholders. MKDWELL will follow BVI practices.

Compliance Statement:

  • The company confirms that its practices regarding governance are compliant with the BVI Business Companies Act (Revised Edition) 2020 and do not contradict the company's own memorandum and articles of association.

Signature:

  • Signed by: Ming-Chia Huang, Chief Executive Officer and Director

This report outlines the company's decision to align its governance practices with local BVI standards rather than the more stringent Nasdaq requirements, which may be noteworthy for investors and stakeholders monitoring compliance and governance standards.