Takeover Time: Court Fast-Tracks Challenge to CEO's 1.5M-Vote Class B Shares; Injunction Hearing Nov 18
CTNT is trading near its 52-week low of $2.06 (5.3% above the low) on light trading volume (0.2× avg).
Summary
Takeover Time's latest letter says a Delaware court expedited its challenge to the CEO's 1.5 million-vote Class B block and set a November 18 injunction hearing, while warning that CTNT's consent threshold depends on counting those disputed votes.
Key Events · Corporate Governance and Compliance · CTNT
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Court Expedites Class B Challenge
On October 21, 2026, Vice Chancellor Nathan A. Cook granted expedited proceedings in the challenge to the October Class B issuance but denied immediate interim injunctive relief, leaving the shares in dispute rather than voided.
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Injunction Hearing Set for Nov 18
The preliminary injunction hearing is scheduled for November 18, 2026 at 9:15 a.m. Eastern Time, in person—the next binding ruling on whether the 100,000 Class B shares were lawfully issued.
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Disputed 1.5M-Vote Threshold
CTNT's October 27 statement reports 1,332,087 Class A and 101,358 Class B shares (2,852,457 total votes) and a 1,426,229-vote consent threshold that includes the 1.5 million votes from the October 9 issuance; Takeover Time argues for an alternative 676,229-vote threshold if the block is excluded.
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CEO's $330,000 Super-Voting Purchase
CTNT sold Chairman/CEO Huan Liu 100,000 additional Class B shares for $330,000, closing October 9; at 15 votes each those shares carried 1,500,000 votes and returned him to roughly 53.30% of total voting power.
Analysis · CTNT · Trade & Services
The activist slate seeking to replace Cheetah Net's entire board wants shareholders to know the fight is far from over. On October 21, a Delaware court agreed to expedite the challenge to the 100,000 Class B shares sold to Chairman/CEO Huan Liu for $330,000; those shares carry 15 votes each, giving him 1.5 million votes. The court declined immediate interim relief, so the shares currently count—and CTNT's own October 27 revocation statement uses them to set a 1,426,229-vote consent threshold, versus Takeover Time's alternative 676,229-vote threshold if the block is excluded. That gap frames the entire contest: whether the CEO's super-voting block decides the outcome. A preliminary injunction hearing is set for November 18, 2026, and Takeover Time expects to mail its definitive consent materials November 2-6. The letter also flags that CTNT's proposed WHITE revocation card revokes prior consents even if returned blank.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 39% of the 991 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.56%. 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 $2.17 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $2.9M. 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.