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Real Messenger Corp (NASDAQ:RMSG) announced Monday that it has elected to follow certain corporate governance practices permitted under Cayman Islands law, as disclosed in a statement based on a press release and SEC filing.
As a foreign private issuer, Real Messenger Corp is allowed to rely on home country exemptions instead of specific Nasdaq Stock Market rules, subject to certain exceptions. The company stated that it will not follow four Nasdaq rules that typically require shareholder approval for specific types of securities issuances. These exemptions include shareholder approval prior to issuing securities related to acquisitions, changes of control, equity-based compensation for officers or employees, and issuances representing 20% or more of voting power at prices below a defined minimum.
The company’s Cayman Islands counsel, Ogier, provided a letter certifying that these governance practices are permitted under Cayman Islands law and the company’s governing documents. The letter was included as an exhibit in the filing.
Except for these exemptions, Real Messenger Corp stated there are no material differences in its corporate governance practices compared to U.S. domestic companies listed on Nasdaq.
The information in this article is based on a statement from a press release and the company’s SEC filing.
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