陳列2.5

證券說明書

致保科技有限公司（以下簡稱「本公司」）是一家開曼群島豁免公司，其事務受修訂和重新制訂的備忘錄和章程，隨時修訂的章程（以下簡稱「章程」），開曼群島《公司法》（修訂版）（我們以下簡稱爲《公司法》）和開曼群島普通法所管轄。

根據我們的公司章程，我們有權發行A類普通股和B類普通股。每一股A類普通股在公司股東大會上對所有需表決事項享有一票表決權。每一股B類普通股在公司股東大會上對所有需表決事項享有二十（20）票表決權。截至本年度年度報告日期，已發行和流通的普通股爲31,523,765股，其中16,816,692股爲B類普通股，14,707,073股爲A類普通股。 

普通股

根據我們的章程，持有A類普通股的股東有權每持有一（1）股A類普通股，就對股東的所有事項提交的投票享有一票的表決權，而持有B類普通股的股東有權每持有一（1）股B類普通股，就對股東的所有事項提交的投票享有二十（20）票的表決權。

分紅派息。根據公司法的規定以及根據我們章程不時修訂的任何股類或系列股份的附權和限制：

根據開曼公司法律的要求，公司股本帳戶可以用來支付股利，在董事會經過普通決議的批准下，也可以從任何股本帳戶宣佈並支付股利。董事在向股東支付股利時，可以選擇以現金或實物形式支付。

然而，公司不承擔任何股息的利息。

表決權。我們普通股的持有人在股東大會提交的所有事項上作爲一個單一類別進行投票，除非法律另有要求。A類普通股的持有人有一（1）票的投票權，B類普通股的持有人在任何會員決議上每持有一股B類普通股擁有二十（20）票的投票權。在任何股東大會上，向會議投票的決議應由全體表決。

根據開曼群島法律，（i）普通決議需要公司股東大會出席和投票的股東中多數肯定表決；（ii）特別決議需要公司股東大會出席和投票的股東中至少三分之二或者在公司備忘錄和章程中規定的更高比例的多數肯定表決，或者由有權在公司股東大會上投票的股東一致書面同意。《公司法》僅定義"特別決議"。因此，公司的備忘錄和章程可以調整"普通決議"的定義總體或者對特定條款進行調整。根據我們修訂和重訂的章程，普通決議必須在公司股東大會上由出席的股東中，以簡單多數投票的方式通過，無論是親自出席還是通過委託代理參會的股東。該表達方式包括一致的書面決議。

爲了保護股東利益，根據開曼群島法律，特定事項必須經股東特別決議批准，包括修改公司章程或章程、減少股本（在相關情況下，需獲得法庭批准）、更改名稱、授權合併計劃（不涉及母公司和子公司之間的合併）、授權通過繼續方式轉移至其他司法轄區或公司合併或進行自願清盤。

無論是外國法律還是公司的章程或其他組成文件，都不對非居民或外國股東持有或行使普通股的表決權設置限制。然而，在任何股東大會或持有普通股的任何單獨會議上，除非該人被登記爲該會議的記錄日期之日並且該人在我們的普通股方面的所有應付款項或其他款項已付清，否則該人將無權投票。

清盤; 清算。根據開曼群島法律和我們修訂的章程，公司可以通過股東特別決議清算， 或者如果清算由董事會發起，則可以通過成員特別決議或者如果公司無法按時償還債務，則可以通過成員普通決議。此外，公司也可以通過開曼群島法院的裁定進行清算。法院有權在多種指定情況下下令清盤，包括當法院認爲這樣做是公正和合理的情況。

在公司清算時，待任何其他已發行股份的持有人按清算或清盤分配上優先於普通股的全部金額已付清或已設立支付準備金後，根據清算員確定可供分配的公司剩餘資產的任何持有人均有權接收我公司普通股持有人在清算中獲得的資產。在清算中由我公司普通股持有人收到的資產可能全部或部分由房產組成，對於所有股東並非要求同一種類。

普通股看漲 和普通股沒收根據配股條款，董事可以要求股東支付其股份上的任何未付款項，包括任何溢價，每位股東（需在至少14個清晰的通知指定的支付日期和地點）支付其股份的應繳金額。 登記爲股份聯合持有人的股東應就該股份的所有應繳款項承擔連帶責任。 如果一項應繳款項到期未付，應付款人需支付自其到期支付日起至實際支付日的未付款金額利息，利率按股份配售條款或徵通知中規定的利率計算，若無規定則按年百分之十計算。 董事可完全或部分放棄利息支付。

我們對股東名下（不論是否已全額支付）所有股份享有首要和最高順位留置權（無論該股東是否獨自擁有或與他人共同擁有）。該留置權是爲了由該股東或股東的遺產應向我們支付的所有金額：

董事會可以隨時宣佈任何股票完全或部分豁免對修訂並重新制定的章程中股票留置權規定的約束。

董事會可能決定以任何方式賣出在其擁有留置權的股份，如果已按照修訂後的章程規定給予了應付款項的通知，並且在修訂後的章程規定下，通知視爲已送達之日起的14個自然日內，未能遵守該通知。

普通股的贖回。 我們可能發行的股份，或者根據我們的選擇或股東的選擇，可能受到贖回，在發行這些股份之前，可以根據特定條件和方式來判斷。根據《公司法》，開曼群島公司的股份可以根據公司的利潤、爲此目的而進行的新股發行的收益或資本來贖回或回購，前提是公司的備忘錄和章程授權，並且有能力按照業務的正常流程支付到期債務。

沒有優先購買權。 普通股股東將沒有購買公司任何證券的優先權或優先權。

股份附加的權利變動如果在任何時候股本被劃分爲不同的股類，任何類別的股份附加的權利（除非該類股份的發行條款另有規定）可以，在遵照公司備忘錄和章程的前提下，經該類已發行股份持有人書面同意變更或廢除，或者經該類已發行股份持有人以特別決議在獨立的該類已發行股份持有人大會上通過的方式變更或廢除。

附加於A類普通股的權利。 每股A類普通股授予持有人：（a）在股東大會上就任何決議擁有一（1）票的權利；（b）按照公司法案獲得公司支付的任何股息的平等份額的權利；以及（c）在公司剩餘資產的分配中享有平等份額的權利。

B類股票附帶的權利 普通股份每股B類普通股份授予持有人： （a）在股東會議上擁有20票的權利； （b）有權分享公司根據公司法支付的任何股息； （c）享有公司剩餘資產分配中的等份； （d）可根據修訂後的公司章程行使的轉換權利。

每一股B類普通股可按持有者選擇隨時通過書面通知公司將其轉換爲一股A類普通股，但A類普通股不得在任何情況下轉換爲B類普通股。儘管章程中包含的任何內容，但B類普通股持有人將B類普通股轉讓給非B類普通股或其關聯企業的任何人或實體時，該B類普通股將自動且立即轉換爲相應數量的A類普通股。如果涉及的B類普通股已完全支付且不受評估，其轉換爲的A類普通股也應是完全支付且不受評估的。書面通知公司可以規定擬轉換的轉換應以及自有關的B類普通股轉讓起生效，此時任何這類B類普通股的轉換應與B類普通股的轉讓同時生效。

股本變更。 根據公司法，我們可以通過普通決議：

根據公司法和股東持有特定類別股份時享有的任何權利，我們可以通過特別決議以任何方式減少我們的股本。

轉換權利。公司的每個B類普通股都可以按照持有人的選擇隨時通過書面通知公司轉換爲一（1）股A類普通股，但在任何情況下A類普通股均不得轉換爲B類普通股。儘管公司章程中包含任何內容，但B類普通股持有人轉讓其B類普通股給除B類普通股持有人或其關聯公司之外的任何人或實體時，該B類普通股將自動立即轉換爲相同數量的A類普通股。

優先股份

however

普通認股權

期限和行使價格

2024年9月和10月，公司發行了總計154,050份普通認股權證。普通認股權證初始行權價格爲每股4.71美元。普通認股權證發行後立即可執行，並且在發行日後的五年內均可行權。行權價格和行使後可發行的A類普通股數量將根據股息、股票分割或影響我們A類普通股的類似事件適當調整。除某些特定例外情況外，如果公司隨後以低於普通認股權證當前行權價格的價格進行後續股權銷售，則行權價格也會相應調整。

Exercisability

The Common Warrant is exercisable, at the option of the holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full for the number of Class A ordinary shares purchased upon such exercise (except in the case of a cashless exercise as discussed below). The holder (together with its affiliates) may not exercise any portion of the holder’s Common Warrant to the extent that the holder would own more than 4.99% (or, at the election of the holder, 9.99%) of our outstanding Class A ordinary shares immediately after exercise, except that upon at least 61 days’ prior notice from the holder to us, the holder may increase the amount of ownership of outstanding Class A ordinary shares after exercising the holder’s Common Warrant up to 9.99% of the number of ordinary shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Common Warrant.

Cashless Exercise

If at any time after 90 days after issuance there is not an effective registration statement covering the Class A ordinary shares underlying the Common Warrant, in lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of Class A ordinary shares determined according to a formula set forth in the Common Warrant.

Fundamental Transactions

In the event of any fundamental transaction, as described in the Common Warrant and generally including any merger with or into another entity, sale of all or substantially all of our assets, tender offer or exchange offer, or reclassification of our Class A ordinary shares, then upon any subsequent exercise of a Common Warrant, the holder will have the right to receive as alternative consideration, for each Class A ordinary share that would have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction, the number of Class A ordinary shares of the successor or acquiring corporation or of our Company, if it is the surviving corporation, and any additional consideration receivable upon or as a result of such transaction by a holder of the number of Class A ordinary shares for which the Common Warrant is exercisable immediately prior to such event.

Transferability

In accordance with its terms and subject to applicable laws, the Common Warrant may be transferred at the option of the holder upon surrender of the Common Warrant to us together with the appropriate instruments of transfer and payment of funds sufficient to pay any transfer taxes (if applicable).

Fractional Shares

No fractional Class A ordinary shares will be issued upon the exercise of the Common Warrants. Rather, the number of Class A ordinary shares to be issued will, at our election, either be rounded down to the nearest whole number or we will pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price.

Trading Market

There is no established trading market for the Common Warrants, and we do not expect a market to develop. We do not intend to apply for a listing for the Common Warrants on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Common Warrants will be limited.

Rights as a Shareholder

Except as otherwise provided in the Common Warrants or by virtue of the holders’ ownership of Class A ordinary shares, the holders of Common Warrants do not have the rights or privileges of holders of our Class A ordinary shares, including any voting rights, until such Common Warrants holders exercise their warrants.

Pre-Funded Warrant

Duration and Exercise Price

The Pre-Funded Warrant will be exercisable at any time on or after the occurrence of an Event of Default (as defined in the Notes (as defined in the prospectus)) and until the date on which no notes are outstanding or may be issuable under the Securities Purchase Agreement (as defined in the prospectus). Upon the occurrence of an Event of Default, the Holder (as defined in the prospectus) may subscribe for and purchase from the Company up to 191,522 shares (as subject to adjustment thereunder) at a nominal exercise price of $0.0001 per share.

Exercisability

The Pre-Funded Warrant will be exercisable, at the option of the holder, in whole or in part, at any time on or after the occurrence of an Event of Default. The holder (together with its affiliates) may not exercise any portion of the holder’s Pre-Funded Warrant to the extent that the holder would own more than 4.99% (or, at the election of the holder, 9.99%) of our outstanding Class A ordinary shares immediately after exercise, except that upon at least 61 days’ prior notice from the holder to us, the holder may increase the amount of ownership of outstanding Class A ordinary shares after exercising the holder’s ordinary shares up to 9.99% of the number of Class A ordinary shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Common Warrant.

Cashless Exercise

In lieu of making the cash payment otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to receive upon such exercise (either in whole or in part) the net number of Class A ordinary shares determined according to a formula set forth in the Pre-Funded Warrant.

Fundamental Transactions

In the event of any fundamental transaction, as described in the Pre-Funded Warrant and generally including any merger with or into another entity, sale of all or substantially all of our assets, tender offer or exchange offer, or reclassification of our Class A ordinary shares, then upon any subsequent exercise of a Pre-Funded Warrant, the holder will have the right to receive as alternative consideration, for each Class A ordinary share that would have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction, the number of Class A ordinary shares of the successor or acquiring corporation or of our Company, if it is the surviving corporation, and any additional consideration receivable upon or as a result of such transaction by a holder of the number of Class A ordinary shares for which the Pre-Funded Warrant is exercisable immediately prior to such event.

Transferability

In accordance with its terms and subject to applicable laws, the Pre-Funded Warrant may be transferred at the option of the holder upon surrender of the Pre-Funded Warrant to us together with the appropriate instruments of transfer and payment of funds sufficient to pay any transfer taxes (if applicable).

Fractional Shares

No fractional Class A ordinary shares will be issued upon the exercise of the Pre-Funded Warrant. Rather, the number of Class A ordinary shares to be issued will, at our election, either be rounded up to the nearest whole number or we will pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price.

Trading Market

There is no established trading market for the Pre-Funded Warrants, and we do not expect a market to develop. We do not intend to apply for a listing for the Pre-Funded Warrants on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Pre-Funded Warrant will be limited.

Rights as a Shareholder

Except as otherwise provided in the Pre-Funded Warrants or by virtue of the holders’ ownership of Class A ordinary shares, the holders of Pre-Funded Warrants do not have the rights or privileges of holders of our Class A ordinary shares, including any voting rights, until such Pre-Funded Warrant holders exercise their warrants.

Note

Principal and Maturity

In September 2024, the Company issued a convertible promissory note in the aggregate principal amount of up to $2,500,000 (the “Note”) to an institutional investor. The Note was issued in the principal amount of $2,500,000, with a 10% Original Issue Discount of $250,000. The Note is initially convertible into Class A ordinary shares at conversion price of $4.71, subject to certain adjustments, provided that the Conversion Price shall not be reduced below $0.7616. The Note does not bear any interest and matures on September 23, 2025.

Payment of the Outstanding Principal Amount

Commencing on the earlier of (i) the day that is the 60-day anniversary after September 23, 2024 and (ii) the date on which the Registration Statement is declared effective by the SEC, the Company is required to pay to the holder the outstanding principal balance under the Note in monthly installments, on such date and each one (1) month anniversary thereof, in an amount equal to 105% of the total principal amount multiplied by the quotient determined by dividing one by the number of months remaining until the maturity date of the Note, until the outstanding principal amount has been paid in full or, if earlier, upon acceleration, conversion or redemption of the Note in accordance with its terms. All monthly payments are payable the Company, in cash, provided that under certain circumstances, as provided in the Note, the Company may elect to pay in Class A ordinary shares.

Prepayment

The Company may not repay any portion of the outstanding principal amount of the Note.

Beneficial Ownership Limitation

The Note may not be converted to the extent that the holder would own more than 4.99% (or, at the election of the holder, 9.99%) of our outstanding Class A ordinary shares immediately after conversion, except that upon at least 61 days’ prior notice from the holder to us, the holder may increase the amount of ownership of outstanding Class A ordinary shares after converting the Note up to 9.99% of the number of Class A ordinary shares outstanding immediately after giving effect to the conversion, as such percentage ownership is determined in accordance with the terms of the Note.

Events of Default

Upon the occurrence of any Event of Default (as defined in the Note), interest shall accrue on the Note at a rate equal to 10% per annum or, if less, the highest amount permitted by law. In addition, upon the occurrence of Event of Default, which has not been cured within any applicable cure period, interest is also payable at the “Mandatory Default Amount” (i.e. 120% of the sum of (i) the outstanding principal balance of the Note on the date on which the first Event of Default has occurred and (ii) any accrued and unpaid interest thereon. Furthermore, if an Event of Default in not cured, the Investor also shall have the right to convert the Mandatory Default Amount, upon the terms provided in the Note.

Security

As collateral for the obligations under the Securities Purchase Agreement and the Note, the Company has granted to the holder a senior security interest in all of the Company’s current and future assets, if any, (inclusive of intellectual property) in the United States and an account in connection with a duly executed deposit account control agreement (“DACA”) subject to certain exceptions, as set forth in the Security Agreement (as defined in the Securities Purchase Agreement).

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