Exhibit
99.1
STAK
Announces Results of Class A Meeting and Extraordinary General Meeting
CHANGZHOU,
China, October 9, 2026 /PRNewswire/ – STAK Inc. (the “Company”) (Nasdaq: STAK), a fast-growing company specializing
in the research, development, manufacturing, and sale of oilfield-specialized production and maintenance equipment, today announced the
results of a meeting of holders of its class A ordinary shares of par value of USD0.001 each (the “Class A Ordinary Shares”)
(the “Class A Meeting”) held at its executive office at Building 11, 8th Floor, No. 6 Beitanghe East Road, Tianning District,
Changzhou, Jiangsu, People’s Republic of China 213000, at 10:00 a.m. on October 9, 2026, Beijing/Hong Kong Time, and an extraordinary
general meeting of shareholders of the Company (the “EGM”) held immediately thereafter at the same location.
Class
A Meeting
The
resolution submitted to the holders of the Class A Ordinary Shares (the “Class A Shareholders”) for approval at the Class
A Meeting has been approved. Specifically, the Class A Shareholders passed the following resolution:
| 1. | RESOLVED,
as a special resolution of the holders of Class A Ordinary Shares, to increase the voting
rights attached to each class B ordinary share of par value of USD0.001 of the Company from
thirty (30) votes to one hundred (100) votes on all matters subject to vote at general meetings
of the Company (the “Change of Voting Rights”). |
EGM
The
resolutions submitted to the shareholders for approval at the EGM have been approved. Specifically, the shareholders of the Company passed
the following resolutions:
| 1. | RESOLVED,
as a special resolution, subject to approval of the Change of Voting Rights by the holders
of Class A Ordinary Shares at the Class A Meeting, to increase the voting rights attached
to each class B ordinary share of par value of USD0.001 of the Company from thirty (30) votes
to one hundred (100) votes on all matters subject to vote at general meetings of the Company
(the “Change of Voting Rights”). |
| 2. | RESOLVED,
as a special resolution, subject to all requirements prescribed by sections 14, 14A and 14B
of the Companies Act (Revised) of the Cayman Islands (the “Companies Act”) relating
to share capital reductions being complied with, of the following (together, the “Share
Capital Reduction and Reorganization”): |
| i. | Share
Capital Reduction |
| a) | the
par value of each issued class A ordinary share of par value of USD0.001 and each issued
class B ordinary share of par value of USD0.001 in the share capital of the Company be reduced
to USD0.0000001 by cancelling USD0.0009999 of the paid-up capital on each issued class A
ordinary share of par value of USD0.001 and each issued class B ordinary share of par value
of USD0.001 (the “Share Capital Reduction”); |
| b) | following
the Share Capital Reduction, the amount deemed to be paid up on each issued share of the
Company shall be USD0.0000001; and |
| c) | the
credit arising from the Share Capital Reduction be transferred to a distributable reserve
account of the Company which may be utilised by the Company as the board of directors of
the Company (the “Board”) may deem fit and as permitted under the Companies Act,
the second amended and restated memorandum and articles of association of the Company currently
in effect (the “Existing M&A”) and all relevant applicable laws, including,
without limitation, eliminating or setting off any accumulated losses of the Company (if
any) from time to time; |
| ii. | Share
Capital Subdivision |
| d) | immediately
following the Share Capital Reduction: |
| (1) | each
authorised but unissued class A ordinary share of par value of USD0.001 be subdivided into
10,000 class A ordinary shares of par value of USD0.0000001 each; and |
| (2) | each
authorised but unissued class B ordinary share of par value of USD0.001 be subdivided into
10,000 class B ordinary shares of par value of USD0.0000001 each, (the “Sub-division”); |
| iii. | Share
Capital Cancellation |
| e) | immediately
following the Sub-division, the authorised share capital of the Company be altered by the
cancellation of such number of excess authorised but unissued class A ordinary shares of
par value of USD0.0000001 each and authorised but unissued class B ordinary shares of par
value of USD0.0000001 each as will result in the Company having authorised share capital
of USD10 divided into (i) 75,000,000 class A ordinary shares of par value of USD0.0000001
each and (ii) 25,000,000 class B ordinary shares of par value of USD0.0000001 each (the “Cancellation”);
and |
| iv. | Authorised
Share Capital Confirmation |
| f) | consequent
upon the Share Capital Reduction, Sub-division and Cancellation, the authorised share capital
of the Company shall be changed: |
FROM:
USD100,000 divided into (i) 75,000,000 class A ordinary shares of par value of USD0.001 each and (ii) 25,000,000 class B ordinary shares
of par value of USD0.001 each,
TO:
USD10 divided into (i) 75,000,000 class A ordinary shares of par value of USD0.0000001 each and (ii) 25,000,000 class B ordinary shares
of par value of USD0.0000001 each.
| 3. | RESOLVED,
as an ordinary resolution that, immediately following the Share Capital Reduction and Reorganization
becoming effective, the authorised share capital of the Company be increased: |
FROM:
USD10 divided into (i) 75,000,000 class A ordinary shares of par value of USD0.0000001 each and (ii) 25,000,000 class B ordinary shares
of par value of USD0.0000001 each;
TO:
USD100,000 divided into (i) 750,000,000,000 class A ordinary shares of par value of USD0.0000001 each and (ii) 250,000,000,000 class
B ordinary shares of par value of USD0.0000001 each,
by
the creation of (i) 749,925,000,000 class A ordinary shares of par value of USD0.0000001 each, and (ii) 249,975,000,000 class B ordinary
shares of par value of USD0.0000001 each (the “Share Capital Increase”).
| 4. | RESOLVED,
as a special resolution: |
| a) | to
amend and restate the Existing M&A by their deletion in their entirety and the substitution
in their place with the third amended and restated memorandum and articles of association
of the Company (the “Third Amended M&A”), which incorporate amendments including
but not limited to the Change of Voting Rights, the Share Capital Reduction and Reorganization
and the Share Capital Increase, and effective upon the Change of Voting Rights, the Share
Capital Reduction and Reorganization and the Share Capital Increase; and |
| b) | to
authorise the Company’s registered office provider to make any necessary filing with
the Registrar of Companies in the Cayman Islands in connection with the adoption of the Third
Amended M&A and authorise the Board to take all further actions and execute all further
documents as may be necessary or advisable to carry out the intent of these resolutions. |
About
STAK Inc.
STAK
Inc. is a fast-growing company specializing in the research, development, manufacturing, and sale of oilfield-specific production and
maintenance equipment. The Company designs and manufactures oilfield-specialized production and maintenance equipment, then collaborates
with qualified specialized vehicle manufacturing companies to integrate the equipment onto vehicle chassis, producing specialized oilfield
vehicles for sale. Additionally, the Company sells oilfield-specialized equipment components, related products, and provides automation
solutions. Its vision is to help oilfield services companies reduce costs and increase efficiency by providing the cutting-edge integrated
oilfield equipment and automation solutions service. Its mission is to become a powerful provider for the niche markets of specialized
oilfield vehicles and equipment in China. For more information, please visit the Company’s website at https://www.stakindustry.com/ir/.
Forward-looking
Statements
Certain
statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and
uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes
may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all)
of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,”
“aim,” “estimate,” “potential,” “intend,” “plan,” “believe,”
“likely to” or other similar expressions in this press release. The Company undertakes no obligation to update or revise
publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except
as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable,
it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ
materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s
registration statement and other filings with the SEC.
For
more information, please contact:
STAK Inc.
Investor Relations Department
Email: ir@stakindustry.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
