Innovation New Material shareholders approve fund redeployment to boost working capital

Innovation New Material Technology Co., Ltd. held its third extraordinary general meeting of shareholders for 2025 on September 15, 2025, in Binzhou City, Shandong Province. The meeting, presided over by director Wang Wei, saw the approval of the sole agenda item: "Proposal on the completion of the fundraising project and the permanent allocation of surplus raised funds to working capital, as well as the cancellation of the special fundraising account."

A total of 764 shareholders and proxies attended the meeting, representing 2,301,602,689 voting shares, which constituted 61.2768% of the company's total voting shares. The resolution passed with overwhelming support, as 2,299,599,588 shares (99.9129%) voted in favor, 1,525,101 shares (0.0662%) voted against, and 478,000 shares (0.0209%) abstained.

This decision allows the company to integrate residual funds from the completed fundraising project into its permanent working capital. According to legal counsel from Beijing King & Wood Mallesons Law Firm, the meeting's convening, procedures, and resolutions were all in compliance with relevant laws and company articles.