GlobeNewswire·Oct 15, 2026, 6:01 PM ET

Enough is Enough: Takeover Time 2026 Calls on CTNT Stockholders to Prepare to Make Their Voices Heard

CTNT

Takeover Time 2026 LLC, led by Natasha Yuryevna Ovsepyan, has filed preliminary consent-solicitation materials with the SEC to replace Cheetah Net Supply Chain Service Inc.'s (CTNT) five-member Board with five proposed nominees: Ovsepyan, Jourdan Pierce Matthews, Walter Franklin Harris, Carol Grimes, and Yan Qin.
The campaign cites a record of massive capital raising in 2026, including a February private placement of $40.14 million, an at-the-market offering generating $30.9 million, and an August ATM program for up to $35.28 million.
CTNT disclosed in its June 30, 2026 Form 10-Q that approximately $75.7 million in current assets included only $2.14 million in cash, with the remainder deployed into unsecured third-party loans totaling roughly $71 million.
The company implemented two reverse stock splits in 2026: a 1-for-200 split in the spring and a 1-for-150 split in September, which the solicitation argues warrants rigorous Board review regarding dilution.
CTNT's June 30, 2026 Form 10-Q disclosed that its disclosure controls and procedures were ineffective at a reasonable-assurance level.
CEO Huan Liu holds the combined roles of Chairman, CEO, and Interim CFO, creating a concentration of executive and Board authority that the solicitation claims necessitates independent oversight.
On June 15, Liu purchased 200,000 Class B shares, and by June 16, Liu and Fairview Eastern International Holdings Limited collectively held 50.80% of CTNT's voting power, which was used to approve reverse stock splits.
On October 7, 2026, CTNT issued 100,000 Class B shares to Liu for $330,000, granting an additional 1.5 million votes, which occurred after Takeover Time publicly disclosed its effort to replace the Board on October 1.
Takeover Time questions whether the October Class B issuance required shareholder approval under Nasdaq Listing Rule 5635(b) regarding change-of-control provisions, noting Liu's post-transaction voting power could exceed 53%.
Ovsepyan has filed two lawsuits in the Delaware Court of Chancery: C.A. No. 2026-1355-NAC challenging the legality of the October Class B transaction, and C.A. No. 2026-1358-DH seeking stockholder identification records under DGCL Section 220.
The solicitation clarifies that it does not allege the loans or stock issuance were unlawful but emphasizes the need for Board accountability regarding capital allocation, voting power concentration, and the timing of the October transaction relative to the Board challenge.
Takeover Time's proposed nominees intend to advocate for a comprehensive Board review of financing strategies, reverse splits, lending practices, internal controls, and the approval process for the October Class B issuance if elected.
Definitive consent-solicitation materials containing requests for written consents will be furnished to stockholders at a later date in accordance with federal proxy rules.