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Guardforce AI shareholders approve capital reorganization and dual-class share structure increasing CEO voting power to 69%
GFAIGuardforce AI Co., Ltd.
Guardforce AI Co., Ltd. shareholders approved a capital reorganization involving the consolidation of every 40 shares into one, followed by a reduction in par value from US$4.80 to US$0.001 and a subdivision of unissued shares. The company also adopted a dual-class share structure creating Class A ordinary shares with one vote per share and Class B ordinary shares with twenty votes per share. This change increases Chairwoman and CEO Lei Wang's voting power from approximately 10% to 69%. Additionally, shareholders approved an amendment to the 2022 Equity Incentive Plan to increase the maximum number of shares available for grant from 15% to 20% of outstanding Class A ordinary shares. Guardforce AI Co., Ltd. operates in the artificial intelligence and security technology industry.