Snail Inc. filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders
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Item 5.07. Submission of Matters to a Vote of Security Holders.
On June 2, 2026 (the “Record Date”), a written consent (the “Written Consent”) was delivered to the Board of Directors of Snail, Inc. (the “Company”) from Hai Shi, the Company’s Founder, Chief Executive Officer, Chief Strategy Officer, and Chair of Board of Directors, and Ying Zhou, a member of the Board of Directors of the Company and the spouse of Hai Shi (together, the “Majority Stockholders”), the holders of 95% of the voting power of the Company’s issued and outstanding Class A Common Stock, par value $0.0001 per share (the “Class A Common Stock”) and Class B Common Stock, par value $0.0001 per share (the “Class B Common Stock” and together with the Class A Common Stock, the “Common Stock”). Pursuant to the Written Consent, the Majority Stockholders approved an amendment (the “Amendment”) to the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split (the “Reverse Stock Split”) with respect to the Company’s issued and outstanding shares of Common Stock, including stock held by the Company as treasury shares, at a ratio of 1-for-2 to 1-for-10 (the “Range”), with the ratio within such Range to be determined at the discretion of the Board of Directors and included in a public announcement, subject to the authority of the Board of Directors at its discretion to abandon the Amendment.
The Company filed a preliminary Information Statement on Schedule 14C with the U.S. Securities and Exchange Commission with respect to the matter approved by the Majority Stockholder (the “Preliminary Information Statement”) on June 2, 2026, and, as soon as it may do so, expects to mail a definitive Information Statement on Schedule 14C to its stockholders as of the Record Date. The Board of Directors may file the Amendment and implement the Reverse Stock Split no earlier than 20 days after such mailing. Further detail regarding the Reverse Stock Split can be found in the preliminary Information Statement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SNAIL, INC. | ||
| Date: June 3, 2026 | By: | /s/ Hai Shi |
| Name: | Hai Shi | |
| Title: | Chief Executive Officer | |