Nano Labs Announces Results of Extraordinary General Meeting

Rhea-AI Summary

Nano Labs (Nasdaq: NA), a leading Chinese fabless integrated circuit design company, held an extraordinary general meeting on March 7, 2025 where shareholders approved significant corporate changes. The meeting resulted in three key resolutions: an increase in the company's share capital, doubling of Class B ordinary shares voting power from 15 to 30 votes per share, and the adoption of The Fifth Amended and Restated Memorandum and Articles of Association.

Positive

• None.

Negative

• Doubled Class B share voting rights dilutes voting power of regular shareholders
• Increased share capital may lead to potential dilution

News Market Reaction

-7.93%

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-7.93% News Effect

On the day this news was published, NA declined 7.93%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

HONG KONG, March 7, 2025 /PRNewswire/ -- Nano Labs Ltd (Nasdaq: NA) ("we," the "Company" or "Nano Labs"), a leading fabless integrated circuit design company and product solution provider in China, today announced that it held an extraordinary general meeting of shareholders on March 7, 2025. At the meeting, the shareholders resolved by ordinary resolutions to increase the share capital of the Company, and by special resolutions (1) to increase the votes per Class B ordinary share of the Company from 15 to 30, and (2) to adopt The Fifth Amended and Restated Memorandum and Articles of Association.

About Nano Labs Ltd

Nano Labs Ltd is a leading fabless integrated circuit ("IC") design company and product solution provider in China. Nano Labs is committed to the development of high throughput computing ("HTC") chips, high performance computing ("HPC") chips, distributed computing and storage solutions, smart network interface cards ("NICs") vision computing chips and distributed rendering. Nano Labs has built a comprehensive flow processing unit ("FPU") architecture which offers solution that integrates the features of both HTC and HPC. Nano Lab's Cuckoo series are one of the first near-memory HTC chips available in the market*. For more information, please visit the Company's website at: ir.nano.cn.

*	According to an industry report prepared by Frost & Sullivan.

For investor inquiries, please contact:

Nano Labs Ltd
ir@nano.cn

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

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SOURCE Nano Labs Ltd

FAQ

What changes were approved at Nano Labs (NA) extraordinary general meeting on March 7, 2025?

Shareholders approved three changes: increased share capital, doubled Class B share voting rights from 15 to 30 votes per share, and adopted new Articles of Association.

How did the voting power of Nano Labs (NA) Class B shares change in March 2025?

Class B ordinary shares' voting power doubled from 15 to 30 votes per share.

What corporate governance changes did Nano Labs (NA) implement in March 2025?

The company adopted The Fifth Amended and Restated Memorandum and Articles of Association and modified share capital structure.

What impact will the increased Class B voting rights have on Nano Labs (NA) shareholders?

The change gives Class B shareholders significantly more voting power, potentially reducing Class A shareholders' influence in corporate decisions.