Skychain Technol Stock Price, News & Analysis

SkyChain Technologies (TSXV: SCT.H) warns shareholders about a dissident group's attempt to gain control through yellow proxies and a dissident circular dated October 10, 2024. The company reveals that dissident group principal Jialiang Zhou is connected to former CEO Ningtao Zhang, who is currently being sued by the company. Under Zhang's management until December 2021, the company accumulated a $6 million working capital deficit and recorded a $6.6 million annual loss in Q3 2022. The company urges shareholders to use management's white proxies, even if they previously voted with yellow proxies.

SkyChain Technologies (TSXV: SCT.H) has issued a statement addressing a proxy solicitation by 1154557 B.C. , referred to as the 'Purported Concerned Shareholder.' The company states that the yellow proxies and dissident proxy circular dated October 10, 2024, are invalid as they failed to comply with the company's advance notice requirements for director nominations. The company emphasizes that only the white proxy will be valid for the upcoming annual and general special meeting scheduled for November 7, 2024. SkyChain maintains that the Purported Concerned Shareholder's actions are deliberately misleading shareholders and urges all shareholders to vote using the white proxy.

SkyChain Technologies Inc. (TSXV: SCT.H) provides an update on ongoing legal proceedings against former CEO Bill Zhang and associated individuals. The company has two active lawsuits: one in the Supreme Court of British Columbia and another in Manitoba, where the court has granted a charge against a defendant's property. Examinations for discovery are scheduled for November 2024. Management believes recent dissident shareholder actions may be attempts to prevent these discoveries and notes that the competing circular for the upcoming November 7 shareholder meeting is signed by a Zhang associate. The company intends to continue pursuing both litigations in shareholders' interest.

SkyChain Technologies Inc. (TSXV: SCT.H) has announced that the October 10, 2024 meeting improperly called by the Small Minority Dissidents has been cancelled. The company received confirmation and acceptance of this cancellation from the dissidents. SkyChain emphasizes that the annual and general special meeting of shareholders scheduled for November 7, 2024, which was announced on September 16, 2024, is the only valid meeting and will proceed as planned.

The company expressed disappointment over the unnecessary costs and expenses incurred due to the invalid meeting attempt, noting that it only served to confuse shareholders. SkyChain reiterates that the October 10 meeting was invalid from the start and was never going to proceed.

SkyChain Technologies Inc. (TSXV: SCT.H) has clarified the date for its annual and general special meeting of shareholders, which will be held on November 7, 2024, with a record date of October 3, 2024. The company has declared that the attempt by Small Minority Dissidents to requisition a shareholders meeting for October 10, 2024, is invalid and non-compliant with corporate law. SkyChain has requested the Small Minority Dissidents to issue a news release acknowledging this invalidity to avoid public confusion.

Additionally, SkyChain has received an Advance Notice from the Small Minority Dissidents to nominate candidates for director election at the November 7 meeting. However, this notice was also found to be non-compliant with corporate law. The company has communicated with the dissidents to rectify these deficiencies. Further details about the meeting will be provided in the management information circular to be delivered to shareholders and filed on SEDAR+.

SkyChain Technologies Inc. (TSXV: SCT.H) has announced its annual general and special meeting to be held on November 7, 2024, with a record date of October 3, 2024. The company addressed an invalid attempt by certain parties to requisition a shareholders meeting on October 10, 2024. SkyChain is currently under a cease trade order (CTO) but is working to rectify and revoke it to restore trading and liquidity of its common shares.

The company cautioned against any activities that may violate the CTO, such as arranging future purchases or sales of common shares. At the upcoming meeting, SkyChain plans to present financial statements, conduct business, and discuss steps towards rectifying the CTO and restoring shareholder value.