Takeover Time Escalates CTNT Proxy Fight, Discloses Delaware Suits Over Class B Voting Power
CTNT sits 41% above its 52-week low of $2.28.
Summary
Takeover Time 2026 filed new soliciting material disclosing Delaware litigation over Cheetah Net's October issuance of 1.5 million votes to CEO Huan Liu and pressing stockholders to replace the entire board. The filing quantifies Liu's post-issuance voting power at roughly 53.3% using the company's September 30 share counts.
Key Events · Corporate Governance and Compliance · CTNT
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Delaware Suits Disclosed Over Class B Issuance
Takeover Time disclosed a Court of Chancery action (C.A. No. 2026-1355-NAC) seeking emergency and injunctive relief over the October 7 Class B transaction, plus a separate DGCL §220 records action (C.A. No. 2026-1358-DH). No merits determination has been entered.
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Liu's Voting Power Quantified at ~53.3%
Using the company's September 30 figures of ~1,332,087 Class A and 1,358 Class B shares, the new 100,000-share Class B block adds 1.5 million votes, putting Liu's holdings at roughly 1,520,370 of ~2,852,457 votes, or ~53.3%.
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Consent Solicitation Seeks Full Board Replacement
Takeover Time's preliminary consent materials propose removing all five incumbent directors and electing five nominees — Ovsepyan, Matthews, Harris, Grimes and Qin — in one integrated written-consent action. Definitive materials have not yet been furnished.
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Rule 5635(b) Change-of-Control Question Raised
Takeover Time asks whether the October issuance triggered Nasdaq's shareholder-approval requirement for change-of-control issuances, noting the purchase agreement addresses Rules 5635(c) and 5635(d) but not 5635(b). No Nasdaq determination is asserted.
Analysis · CTNT · Trade & Services
Takeover Time 2026 is pressing its campaign to replace Cheetah Net's entire five-member board, and this filing adds two concrete new fronts: a Delaware Court of Chancery suit (C.A. No. 2026-1355-NAC) seeking emergency and injunctive relief over the October 7 issuance of 100,000 fifteen-vote Class B shares to CEO/Chairman Huan Liu, and a separate Section 220 books-and-records action (C.A. No. 2026-1358-DH). The filing also quantifies the stakes: using the company's own September 30 capitalization, Liu's holdings would carry roughly 1,520,370 of about 2,852,457 votes, or ~53.3%, after the new block added 1.5 million votes. That is a control question, not a rounding error — the same CEO already serves as Chairman and Interim CFO, and the company's Q2 10-Q previously disclosed ineffective disclosure controls and going-concern considerations. The outcome of the Delaware litigation and the consent solicitation will determine who controls the board and, effectively, the company's financing and capital-allocation strategy after a year of massive dilution and two reverse splits.
How filings like this one have moved
In the 30 days to Oct 15, 2026, 36.7% of the 964 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CTNT was trading at $3.22 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $4.3M. The 52-week trading range was $2.28 to $63,600.00. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.