Pinnacle Food Group (NASDAQ:PFAI) shareholders approved proposals to increase the voting power of the company’s Class B common shares and adopt amended governing documents at an Extraordinary General Meeting held Oct. 2, 2026.
Under the approved proposal, each Class B common share will carry 20 votes on matters submitted to a vote at the company’s general meetings, up from five votes per share. The measure was subject to obtaining the requisite approval of Class B shareholders.
Shareholders Approve Two Special Resolutions
Chief Financial Officer Yunhao Chen said the company’s board recommended approval of both proposals. Based on the preliminary report from the inspector of election, each proposal received at least two-thirds of votes cast and was approved as a special resolution.
The company said final voting results will be reported in a Form 6-K filing within four business days after the meeting.
Pinnacle had 11,765,100 common shares outstanding as of the Sept. 15, 2026 record date, including:
- 4,070,100 Class A common shares, carrying one vote per share.
- 7,695,000 Class B common shares, which previously carried five votes per share.
At the Extraordinary General Meeting, 8,757,425 common shares were represented in person or by proxy, meeting the quorum requirement under the company’s Memorandum and Articles.
Class B Holders Also Approve Change
Following the Extraordinary General Meeting, Pinnacle held a separate meeting of Class B shareholders to consider the Class B proposal. The company said Li Xia Du and Jin Yang Zhao, who held all 7,695,000 Class B shares outstanding, were present at the meeting.
The Class B shareholders approved the increase in voting rights from five votes to 20 votes per Class B share, as well as the adoption of the second amended and restated Memorandum and Articles of Association, as a special resolution.
Jiulong You, Pinnacle’s chief executive officer and chairman of both meetings, said there was no other formal business to consider. No shareholder questions were raised during the general question-and-answer session following the Extraordinary General Meeting.
About Pinnacle Food Group (NASDAQ:PFAI)
Our Mission We are committed to becoming a leader in the field of smart farming solution services, focusing on vertical and hydroponic farming. Our goal is to promote sustainable food security by developing and building customized smart farming systems based on the systematic integration of technology, hardware and software, coupled with a full range of integrated technical and supply services (Farming as a Service, or FaaS). We currently sell hydroponic growing systems and technical support services to individual households and community groups and are developing a hydroponic growing system for urban farms.
