U-BX Technology Ltd. received a legal opinion confirming that its home country practices are not prohibited by Cayman Islands law or its governing documents.
Key takeaways
The company elected to follow Cayman Islands practices instead of certain NASDAQ shareholder approval rules.
The legal opinion confirms these practices are permitted under Cayman Islands law and the company's charter.
This allows U-BX to bypass NASDAQ requirements for shareholder approval on certain issuances and equity plans.
The opinion is limited to Cayman Islands law and does not address compliance with NASDAQ rules.