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- Related Party (new) — The reverse stock split was approved by related parties (CEO and his spouse, a board member) holding 95% voting power, bypassing other shareholders.
Snail, Inc. insiders approve reverse stock split up to 1-for-10 via written consent
Filed June 3, 2026 · Period ending June 2, 2026 · ~1 min read
Key Changes
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CEO Hai Shi and spouse Ying Zhou, who together control 95% of voting power, approved a reverse stock split between 1-for-2 and 1-for-10 without a shareholder vote. The Board will choose the exact ratio.
Item 5.03 view on EDGAR → -
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The reverse split will reduce outstanding shares proportionally, typically done to boost per-share price and maintain exchange listing requirements. Implementation expected after a 20-day notice period.
8-K: Corporate Action verify on EDGAR → -
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Extreme voting concentration: the CEO/Chair and his spouse (also a board member) hold 95% of voting power, enabling them to approve major corporate actions without input from other shareholders.
Item 5.03 view on EDGAR →
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Source-verified from EDGAR · Narrative written by AI · Jun 3, 2026 · How we verify