Takeover Time 2026 LLC filed definitive additional soliciting material (DFAN14A) on October 28, 2026, responding to Cheetah Net Supply Chain Service Inc.'s October 27, 2026 preliminary consent revocation statement and urging stockholders to scrutinize disputed Class B share issuances affecting board-replacement vote thresholds.

Key Highlights

  • Contested Class B transaction: On October 7, 2026, CTNT agreed to sell CEO Huan Liu 100,000 additional Class B shares for $330,000; the transaction closed October 9, 2026, with each Class B share carrying 15 votes, adding 1,500,000 votes to Liu's position.
  • CEO voting power: According to the filing, Liu held approximately 53.30% of total voting power after the October transaction, which the filing states "returned him to roughly his June position."
  • Disputed vote threshold: CTNT's October 27 preliminary statement reports 1,332,087 outstanding Class A shares and 101,358 Class B shares, totaling 2,852,457 votes, with 1,426,229 votes required to approve the written-consent proposals, a calculation that includes the disputed 1,500,000 votes.
  • Alternative threshold asserted: Takeover Time's October 20 definitive consent statement sets out an alternative 676,229-vote majority threshold if the challenged Class B block is excluded.
  • Court action noted: The filing states that on October 21, a court granted expedited proceedings in a challenge to the Class B share issuance; the denial of temporary relief did not, according to the filing, finally adjudicate the validity of the issuance.
  • Solicitation participants: The filing names Takeover Time 2026 LLC, Natasha Yuryevna Ovsepyan, Jourdan Pierce Matthews, Walter Franklin Harris, Carol Grimes, and Yan Qin as participants in the consent solicitation.
  • Mailing anticipated: Takeover Time anticipates mailing definitive solicitation materials to stockholders during the first week of November 2026, anticipated November 2-6, subject to final consent-card approval, receipt of printed materials, and Broadridge processing.

Takeover Time Challenges CTNT Vote Count and Class B Share Issuance

Takeover Time 2026 LLC, a party other than the registrant, submitted this DFAN14A filing in connection with its ongoing consent solicitation targeting the board of Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT). The group is soliciting written consents for three integrated proposals: fixing the board at five seats, removing the incumbent directors, and electing five named nominees. The filing explicitly states that Takeover Time "is not seeking to buy CTNT or purchase stockholders' shares."

The central dispute described in the filing concerns a Class B share transaction completed on October 9, 2026. According to the filing, CTNT's board approved a sale of 100,000 Class B shares to Chairman and CEO Huan Liu for $330,000. Because each Class B share carries 15 votes, the transaction added 1,500,000 votes to Liu's holdings. The filing notes that CTNT's own October 27 preliminary revocation statement describes an earlier June Class B purchase as having "restored his majority voting position" and characterizes the October purchase as having "returned him to roughly his June position." Takeover Time argues this timing, occurring while a board-replacement effort was publicly underway, warrants examination for "business purpose, alternatives, timing, fairness, and effect on the stockholder franchise."

The filing identifies three Nasdaq rules it asserts may be relevant to the October transaction: Nasdaq Rule 5635(b) regarding whether shareholder approval was required given the issuance's effect on control; Nasdaq Rule 5630 regarding independent review of related-party transactions; and Nasdaq Rule 5640 regarding voting-rights protections. The filing explicitly states these are "possible legal issues and asserted grounds for examination, not findings by a court or Nasdaq that any violation has occurred." Takeover Time's Definitive Consent Solicitation Statement was filed with the SEC on October 20, 2026, and is publicly available at the SEC website.

What Was Disclosed

Takeover Time 2026 LLC filed additional soliciting materials on October 28, 2026, disputing CTNT's vote-threshold calculation, challenging the October 9, 2026 Class B share issuance to CEO Huan Liu, and informing stockholders of ongoing Delaware litigation and competing consent thresholds.