Active Clothing Co Ltd has announced the cancellation of its previously scheduled Extra Ordinary General Meeting (EGM), which was to take place on April 7, 2025. The EGM was initially called to discuss and approve the issuance of warrants convertible into equity shares on a preferential basis to certain proposed allottees.

The decision to cancel the EGM and the associated proposal comes after a review by the Board of Directors in their meeting held on April 2, 2025. The Board assessed the current adverse market conditions and a significant decline in the share price of Active Clothing Co Ltd. Given the heightened market volatility and the potential impact on shareholders, the Board determined that proceeding with the proposed issuance of warrants at this time may not be in the best interest of the shareholders.

The cancellation of the EGM and the associated issuance of warrants convertible into equity shares is part of the company's commitment to safeguard the long-term value of its shareholders. The Board emphasized that it would continue to closely monitor the market conditions and would explore alternative financing strategies in the future, ensuring that shareholder interests are prioritized.

In addition to the cancellation of the EGM, the company also informed that the e-voting facility provided to shareholders for voting on the proposed business item stands cancelled. This step aligns with the overall decision to suspend the discussions on the preferential issue of warrants.

The Board meeting, which concluded at 01:40 PM on April 2, 2025, commenced at 01:00 PM. The company expressed regret over the inconvenience caused to its shareholders due to the cancellation of the EGM and assured them that it remains focused on finding alternative solutions to meet its financing requirements.

Active Clothing Co Ltd continues to be committed to upholding the interests of its shareholders while navigating the current market challenges. The company reiterated that it will keep its shareholders updated on any future developments and alternative strategies as they arise.

In conclusion, the cancellation of the EGM reflects the company's prudent approach in response to market conditions. As Active Clothing Co Ltd looks ahead, it is focused on protecting the long-term value of the company and its stakeholders while remaining flexible in its financial decision-making.

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