[6-K] VS MEDIA Holdings Ltd Current Report (Foreign Issuer)
Rhea-AI Filing Summary
VS MEDIA Holdings Limited reported that its board approved an Amended and Restated 2023 Equity Incentive Plan. The maximum aggregate number of Class A ordinary shares that may be issued under this plan was increased from 4,400,000 Class A ordinary shares to 9,850,000 Class A ordinary shares, an increase of 5,450,000 Class A ordinary shares, effective on December 11, 2025. All other provisions of the 2023 plan remain unchanged. The company also stated that, as a foreign private issuer, it has elected to rely on the British Virgin Islands home country rule exemption under Nasdaq Rules 5615(a)(3) and be exempt from Nasdaq Rules 5635, which generally require shareholder approval for certain issuances of securities.
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FAQ
What change did VS MEDIA Holdings Limited (VSME) make to its 2023 Equity Incentive Plan?
VS MEDIA Holdings Limited adopted an Amended and Restated 2023 Equity Incentive Plan, approved by its board of directors. The change increases the maximum aggregate number of Class A ordinary shares that may be issued under the plan.
How many VS MEDIA (VSME) shares can now be issued under the Amended and Restated 2023 Equity Incentive Plan?
The maximum aggregate number of shares issuable under the plan was increased from 4,400,000 Class A ordinary shares to 9,850,000 Class A ordinary shares, an increase of 5,450,000 Class A ordinary shares, effective on December 11, 2025.
Did VS MEDIA (VSME) change any other terms of the 2023 Equity Incentive Plan?
No. The company stated that the rest of the provisions of the 2023 Plan remain in full force and effect. Only the maximum aggregate number of shares issuable under the plan was adjusted.
What Nasdaq rule exemption is VS MEDIA (VSME) using as a foreign private issuer?
The company explained that, as a foreign private issuer, it may follow British Virgin Islands practices under the home country rule exemption in Nasdaq Rules 5615(a)(3), instead of certain Nasdaq corporate governance requirements.
How does VS MEDIA (VSME) treat Nasdaq Rule 5635 on shareholder approval for share issuances?
VS MEDIA stated that it has elected to be exempt from Nasdaq Rules 5635, which generally require shareholder approval for certain issuances of securities related to acquisitions, equity-based compensation, changes of control, and specified 20% issuances at less than the Minimum Price.
What legal opinion supports VS MEDIA’s (VSME) exemption from Nasdaq Rule 5635?
The company’s British Virgin Islands counsel, Maples and Calder (Hong Kong) LLP, provided a letter to Nasdaq certifying that under British Virgin Islands law and its amended and restated memorandum and articles of association, it is not prohibited from issuing securities without first obtaining shareholder approval where Nasdaq Rules 5635 would otherwise require it.
What exhibit is included with VS MEDIA’s Form 6-K regarding the equity plan?
The Form 6-K lists Exhibit 99.1, which is the Amended and Restated 2023 Equity Incentive Plan.