Takeover Time 2026 LLC filed definitive additional soliciting materials with the SEC on November 9, 2026, pressing Cheetah Net Supply Chain Service Inc. stockholders to use a green consent card to replace the company's incumbent board of directors.

Key Highlights

  • Board replacement campaign: Takeover Time 2026 LLC is soliciting stockholder consent to fix the board at five members, remove incumbent directors, and seat five nominees: Natasha Ovsepyan, Jourdan Pierce Matthews, Walter Franklin Harris, Carol Grimes, and Yan Qin.
  • Class B share issuances at issue: According to the filing, CTNT sold CEO Huan Liu 200,000 fifteen-vote Class B shares for $400,000 in June 2026, and then sold him 100,000 Class B shares for $330,000 under an October 7 agreement closing October 9, 2026, the latter carrying 1.5 million votes.
  • Voting power shift: The filing states that immediately before June 15, 2026, Liu and Fairview Eastern together held approximately 1.7% of CTNT's voting power; following the June issuance their combined power rose to approximately 50.8%, and following the October issuance returned to approximately 53.3%.
  • Share price decline: The filing states that CTNT Class A shares declined approximately 99.4% from the September-reverse-split-adjusted equivalent of $247.50 to $1.57 between the June 15 closing price and November 6.
  • Reverse splits and overseas lending: The filing acknowledges two 2026 reverse splits, 1-for-200 in April and 1-for-150 in September, and reports approximately $29.5 million in loan receivables from two overseas borrowers as of September 30.
  • Delaware Chancery Court litigation: Takeover Time states it filed suit challenging the October Class B issuance; the Court of Chancery denied immediate emergency relief but granted expedition, with a preliminary-injunction hearing scheduled for November 18, 2026.
  • No full-board meetings: According to the filing, CTNT's own proxy statements report zero full-board meetings in fiscal 2024 and 2025, with the Compensation and Nominating/Corporate Governance Committees also reporting no meetings in those years.

Takeover Time's Case Against the CTNT Incumbent Board

The filing, submitted by Takeover Time 2026 LLC and five individual nominees as a party other than the registrant, lays out the dissident group's arguments for replacing Cheetah Net Supply Chain Service Inc.'s (NASDAQ:CTNT) board through a written consent process. Central to the campaign is what the filing characterizes as a pattern of high-vote Class B share issuances to CEO Huan Liu that, in Takeover Time's view, subordinated unaffiliated stockholder voting power to management control at critical moments.

The filing states that on October 1, Takeover Time publicly filed its board-replacement proposal, and five days later the board approved another Class B issuance. Under an October 7 agreement closing October 9, Liu received 100,000 Class B shares for $330,000, carrying 1.5 million votes and returning him to approximately 53.3% voting power. The filing notes that by November 6 the stock was approximately 40.5% below its October 9 close, and quotes CTNT's November 5 filing as describing the transaction as returning Liu "to roughly his June position," adding that "majority voting control is not an entitlement to be replenished whenever dilution reduces the CEO's power." Takeover Time's managing member Natasha Ovsepyan is quoted stating that the disputed 1.5 million votes "could frustrate the pending board-replacement consent," which is the basis for the Delaware Chancery Court challenge.

The filing also raises questions about board oversight, citing the absence of full-board meetings in fiscal 2024 and 2025 per the company's own proxy statements, and stating that Takeover Time has "repeatedly requested complete minutes and supporting approval records for the October 6, 2026 Class B issuance" and that "those requests have not been fully satisfied." On the company's finances, the filing references approximately $29.5 million in loan receivables from two overseas borrowers as of September 30, noting that "lending is not among CTNT's stated principal operating businesses." Liu serves as CTNT's Chairman, CEO, and interim CFO, according to the filing.

What Was Disclosed

Takeover Time 2026 LLC filed definitive additional soliciting materials urging CTNT stockholders to return a green consent card supporting three mutually conditioned proposals: fixing the board at five members, removing incumbents, and seating five named nominees, while detailing disputes over Class B share issuances, share price performance, overseas lending, and board meeting records.