24X US Holdings LLC Limited Liability Agreement Amendment
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This notice addresses changes to a business agreement allowing 24X US Holdings to issue new Voting Common Units to a new member, Shinhan Securities, following a convertible promissory note transaction. This affects the ownership structure of 24X US Holdings, slightly reducing the stakes of existing owners. This move enhances investment and operational capacity for the company's exchange platform.
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Key Changes
- Issuance of additional Voting Common Units to Shinhan Securities
- Amendment of ownership proportions among existing members
- Increased total authorized Common Units from 11 million to 12.38 million
Obligations
What this law requires
Amend the Fourth Amended and Restated Limited Liability Company Agreement of 24X US Holdings LLC to authorize the issuance of additional Voting Common Units, increasing total authorized Common Units from 11,000,000 to 12,380,914 units and Voting Common Units from 9,900,000 to 11,280,914 units
Issue 755,632 Voting Common Units of 24X US Holdco to Shinhan Securities Co., Ltd. upon conversion of the convertible promissory note, subject to SEC filing effectiveness
Admit Shinhan Securities Co., Ltd. as a Member of 24X US Holdings LLC with voting rights and membership interests identical to existing members (24X Bermuda Holdings LLC and Rakuten Securities Holdings, Inc.)
Update Exhibit A of the 24X US Holdco LLC Agreement to reflect revised ownership interests showing 24X Bermuda Holdco at 84.41% (9,000,000 units), Rakuten at 8.50% (906,335 units), and Shinhan at 7.09% (755,632 units), with total Voting Common Units of 10,661,967
File proposed rule change with SEC pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4, including all amendments to the limited liability agreement