Chaince Digital Holdings seeks 20B share ceiling and reverse splits after $300M stock offering

Shareholders of Chaince Digital Holdings will vote on increasing authorized shares from 1 billion to 20 billion and granting reverse-split authority. This vote follows the establishment of a program for up to 300 million dollars in stock sales. Approval would provide the board with broader options for financing and capital management. Proposal Three aims to create 19 billion additional authorized shares, while Proposal Four allows for reverse splits ranging from 2-for-1 to 200-for-1, with a cumulative cap of 4,000-for-1. Both proposals require a simple majority of votes from eligible ordinary shares. The meeting is set for 10:00 a.m. Eastern Time in New York and online. A July 28 SEC amendment set the proxy deadline at August 20, 11:59 p.m. Eastern Time. Chaince's prospectus indicates that selling 85,227,272 shares at 3.52 dollars could increase total shares to 195,231,072, with an estimated dilution of 1.71 dollars per share for new investors. The company may use proceeds for working capital and has a preliminary 800 million dollar Bitcoin reserve plan.

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