Chaince Seeks 20 Billion-Share Ceiling and Reverse Split Authority

Crypto treasury firm Chaince Digital Holdings is seeking to increase its authorized ordinary shares from 1 billion to 20 billion, giving its board more flexibility in future financing and capital management decisions. Shareholders will vote on Monday to approve or reject the proposal, which also grants the board broad reverse-split authority.

The vote comes just days after Chaince established an at-the-market program allowing up to $300 million of stock sales through H.C. Wainwright as agent or principal. The company has already filed a prospectus supplement for up to $300 million of ordinary-share sales, and the actual number of shares issued will depend on future sales under the program.

According to Chaince's annual-meeting proxy, Proposal Three would create 19 billion additional authorized shares, raising the ceiling to 20 billion. Proposal Four would grant the board authority to conduct one or more reverse splits through August 24, 2029, with each split ranging from 2-for-1 to 200-for-1 and a cumulative ratio of up to 4,000-for-1.

The meeting begins at 10:00 a.m. Eastern Time in New York and online, and shareholders can still vote at the meeting even if their shares are held through a broker. The proxy deadline was corrected from August 21 to August 20 at 11:59 p.m. Eastern Time due to an SEC amendment.