Paranovus Entertainment Technology Limited held an extraordinary general meeting on February 18, 2026, where shareholders approved a capital reduction reducing par value from US$1.00 to US$0.000001 per share without changing share numbers, a capital increase adding 49,000,000 Class B ordinary shares, and a share consolidation authorization for the board.
Key takeaways
EGM held February 18, 2026 at 250 Park Avenue, New York, NY with quorum of 57.53% Class A and 46,123 Class B shares (total votes 3,689,840)
Capital Reduction Proposal approved: For 4,035,110, Against 95,272, Abstain 6,240; reduces par value to US$0.000001 for 3,350,000,000 Class A, 1,000,000 Class B, 500,000 preferred shares
Capital Increase Proposal approved: For 3,732,419, Against 86,475, Abstain 555; increases Class B shares to 50,000,000
Share Consolidation Proposal approved: For 4,003,437, Against 130,051, Abstain 3,134; authorizes board for 1:5,000 consolidation within 2 years
Record date January 21, 2026; Class A: 1 vote per share, Class B: 80 votes per share