Takeover Time seeks to replace entire Cheetah Net board ahead of annual meeting
CTNT•Cheetah Net urged shareholders to reject Takeover Time’s effort to replace all five directors ahead of its December 3, 2026 annual meeting. The written-consent campaign needs 1,426,229 votes, including voting rights tied to a disputed issuance of 100,000 Class B shares to Huan Liu.
1. Board replacement campaign
Takeover Time seeks to replace all five Cheetah Net directors through written consent, which could take effect before the company’s December 3, 2026 annual meeting. Cheetah Net’s board unanimously opposes the proposals and urged shareholders to reject the campaign.
2. Disputed share issuance
The company requires 1,426,229 consent votes, including voting rights from a disputed issuance of 100,000 Class B Common Stock shares to Huan Liu. A Delaware lawsuit challenging the issuance remains pending, with a preliminary injunction proceeding tentatively scheduled for November 18, 2026.
3. Activist concerns
Takeover Time challenged Cheetah Net’s equity dilution, financial reporting controls and capital allocation.
