The November 18 preliminary injunction hearing will be pivotal: if the court excludes the contested Class B shares from the consent threshold, the dissident's path to board control opens significantly. Monitor the court ruling and the mailing of consent cards (anticipated November 2-6) for the next escalation point.
Price Chart
Executive Summary
Dissident Takeover Time 2026 LLC filed additional proxy soliciting material responding to management's consent revocation statement, escalating the proxy fight for control of Cheetah Net's board. The filing challenges the validity of CEO Huan Liu's October 9 purchase of 100,000 Class B shares (1.5M votes) for $330,000, which restored his 53.30% voting majority, and notes that a Delaware court granted expedited proceedings but denied interim relief, with a preliminary injunction hearing set for November 18. The dissident urges stockholders to reject management's white revocation cards and support its green consent cards to replace all five directors.
Key Financial Metrics
Key Facts
- Takeover Time 2026 LLC is soliciting written consents to remove all five incumbent directors and elect five nominees.
- CEO Huan Liu purchased 100,000 Class B shares (15 votes each) for $330,000 on October 9, 2026, adding 1.5 million votes and giving him 53.30% voting power.
- Delaware Court of Chancery granted expedited proceedings on October 21 but denied interim injunctive relief; preliminary injunction hearing set for November 18, 2026.
- CTNT reports 1,332,087 Class A shares and 101,358 Class B shares outstanding, totaling 2,852,457 votes; 1,426,229 votes needed for consent approval including the disputed shares.
- Takeover Time disputes the voting base, asserting an alternative 676,229-vote threshold if the challenged Class B shares are excluded.
- The dissident criticizes management for omitting the October 21 court hearing from its principal chronology in the October 27 revocation statement.
- Several incumbent independent directors own zero Class A shares according to CTNT's October 27 ownership table.
- The company faces material financial challenges including a $41.11M receivable, $29.5M in unsecured loans, and ineffective internal controls.
Financial Impact
The disputed $330,000 Class B share issuance added 1.5 million votes, effectively entrenching CEO control with 53.30% voting power; the outcome of the proxy fight determines board control for a company with a $3M market cap.
Risk Factors
- CEO Huan Liu's 53.30% voting power through Class B shares makes the dissident's consent solicitation extremely unlikely to succeed even if the court excludes the October issuance, as Liu still controls a majority of votes.
- The pending litigation over the Class B issuance creates legal uncertainty; a final ruling validating the shares would cement management control.
- The company's severe financial distress ($3M market cap, $41.11M terminated investment receivable, $29.5M unsecured loans) may limit the dissident's ability to effect change even if it wins board seats.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DFAN14A Filing (Primary) | 0002107788-26-000016 |
| Document: 0002107788-26-000016-index-headers.html | 0002107788-26-000016 |
| Document: 0002107788-26-000016-index.html | 0002107788-26-000016 |
| Document: 0002107788-26-000016.txt | 0002107788-26-000016 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | DFAN14A | $2.23 | awaiting T+20 | awaiting T+20 | $2.23 (+0.00%) |
Oct 27, 2026 3d ago | PREC14A | $2.17 | awaiting T+20 | awaiting T+20 | $2.23 (−2.76%) |
Oct 16, 2026 14d ago | DEF 14A | $2.69 | awaiting T+20 | awaiting T+20 | $2.23 (+17.10%) |
Oct 15, 2026 15d ago | DEFA14A | $2.75 | awaiting T+20 | awaiting T+20 | $2.23 (−18.91%) |
Oct 15, 2026 15d ago | Press Release | $2.75 | awaiting T+20 | awaiting T+20 | $2.23 (+18.91%) |
Oct 13, 2026 17d ago | SC 13D/A | $2.72 | awaiting T+20 | awaiting T+20 | $2.23 (−18.01%) |
Oct 9, 2026 21d ago | 8-K | $2.43 | awaiting T+20 | awaiting T+20 | $2.23 (+8.23%) |
Sep 30, 2026 4w ago | 8-K | $2.45 $2.23 | ▲ +8.98% | ▲ +9.68% | $2.23 (+8.98%) |
Sep 25, 2026 4w ago | SC 13D/A | $3.60 $2.18 | ▲ +39.44% | ▲ +39.41% | $2.23 (+38.06%) |
Sep 23, 2026 5w ago | 8-K | $0.0384 $0.0165 | ▼ −56.94% | ▼ −57.63% | $2.23 (+5707.29%) |
US Market Status
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