Cheetah Net Board Fights Back: Urges Revocation of Takeover Time Consent to Remove All Five Directors
CTNT is trading near its 52-week low of $2.06 (1.9% above the low) on light trading volume (0.1× avg).
Summary
Cheetah Net's board is formally opposing Takeover Time 2026's consent campaign to remove all five directors, urging holders to return WHITE revocation cards. The vote hinges on whether CEO Huan Liu's 53.30% Class B voting bloc survives a Delaware challenge, with a preliminary injunction hearing tentatively set for November 18, 2026.
Key Events · Corporate Governance and Compliance · CTNT
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Board Launches Consent Revocation Defense
The Board unanimously opposes Takeover Time 2026's three mutually conditioned proposals to fix the board at five seats, remove all five incumbent directors without cause, and elect its five nominees, and is mailing WHITE revocation cards.
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Vote Threshold Set at 1,426,229 Votes
Adoption requires consents representing at least 1,426,229 votes, a majority of the 2,852,457 total votes outstanding as of the October 19, 2026 record date. The Company includes the 100,000 Class B shares issued to Mr. Liu on October 9, 2026 (1,500,000 votes) in that count, rejecting Takeover Time's 676,229-vote threshold.
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CEO's 53.30% Bloc Decides Outcome
Huan Liu beneficially owns 101,358 Class B shares, 100% of the class, carrying 53.30% of total voting power — enough on its own to block the removal if those shares are counted.
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Delaware Hearing Set for November 18
Ovsepyan's Chancery action challenging the October Class B issuance had emergency injunctive relief denied on October 21, 2026, but expedited proceedings were granted; a preliminary injunction hearing is tentatively scheduled for November 18, 2026, inside the 60-day consent window that began October 19, 2026.
Analysis · CTNT · Trade & Services
Control of the entire company is being contested by written consent, and this filing is management's formal counter-solicitation. Takeover Time 2026 LLC — a group that holds essentially no stock (its LLC owns zero shares; its largest nominee reports about 22,670 Class A shares) — needs consents representing at least 1,426,229 votes to remove all five directors and install its own slate. The Board's defense rests on a 53.30% voting bloc held by CEO Huan Liu through 101,358 Class B shares (15 votes each), which alone exceeds the roughly 50% threshold, so the outcome likely turns on the Delaware litigation over whether Liu's October 9 Class B purchase is valid. Emergency injunctive relief was denied on October 21, but expedited proceedings were granted with a preliminary injunction hearing tentatively set for November 18, 2026 — before the 60-day consent window closes. If the new board takes over, it has said it would evaluate terminating the ATM and possibly unwinding the JoyPak acquisition, which would directly affect the company's already thin liquidity.
How filings like this one have moved
In the 30 days to Oct 27, 2026, 36.2% of the 898 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.75%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CTNT was trading at $2.10 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $2.8M. The 52-week trading range was $2.06 to $63,599.58. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.