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All of Republic Power Group's Class B shares are held by a single person or entity. Last week that holder voted to triple the voting power of each share — and to authorize a billion more of them.
The vote took place at an extraordinary general meeting in Singapore on August 24. The proposal to increase Class B voting rights was, according to the 6-K filed with the SEC on August 25, explicitly conditional on the sole Class B holder's approval. They gave it. Each Class B share now carries 100 votes instead of 30.
Only about 30,000 Class B shares exist today, set against roughly 16 million Class A shares outstanding, each carrying one vote. The arithmetic of that gap has just shifted considerably. And the bigger change may be structural: before the vote, the company was authorized to issue no more than 62,500 Class B shares in total. After it, that ceiling is 1 billion Class B shares — a cap that is more than 16,000 times larger than the one it replaced. The total authorized share count now stands at 11 billion, split between 10 billion Class A and 1 billion Class B. Every new Class B share issued would carry those same 100 votes.
Shareholders also handed the board a standalone mandate to consolidate shares without a further vote. The board may, at its sole discretion, carry out one or more reverse splits at any ratio from 1-for-2 up to 1-for-50, at any point within 180 days of the August 24 meeting. If it acts, the articles will be amended to reflect whatever ratio it chooses.
A sixth proposal approved moving the company's legal domicile from the British Virgin Islands to the Cayman Islands, subject to receiving government and regulatory approval, the filing states. A seventh approved the form of Cayman memorandum of association that would take effect on continuation.
Shares closed 16.88% higher at $2.3200 on August 27, after the 6-K was filed, on dollar volume of about $4.9 million across 6,816 trades. Short volume that session was 957,779 shares, equal to 72.69% of reported volume.
The filing does not say who holds the Class B shares, nor does it disclose any plans to issue additional Class B shares or execute a reverse split. The authorization exists; what the board does with it has not been stated.