CTNT Stockholders Urged to Prepare for Board Replacement Effort

KIRKLAND, Wash., Oct. 15, 2026 /CourierPR/ -- Natasha Yuryevna Ovsepyan, a key figure in Takeover Time 2026 LLC, has called on stockholders of Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT) to prepare for a significant change in the company's governance. Ovsepyan, who is also one of the five proposed director nominees, has initiated a campaign to replace the current board with her proposed candidates: Ovsepyan, Jourdan Pierce Matthews, Walter Franklin Harris, Carol Grimes, and Yan Qin.

The push for change comes amid a series of corporate actions that Ovsepyan believes warrant a new board. These actions include substantial capital raises, significant investments, and repeated reverse stock splits.

CTNT has raised substantial capital over the past year. In February, the company closed a private placement involving 33.45 million Class A shares, raising approximately $40.14 million. Subsequently, under an earlier at-the-market offering, CTNT sold an additional 2.775 million Class A shares, producing approximately $30.9 million in net proceeds after offering expenses. In August, CTNT established another at-the-market program, allowing the sale of up to approximately $35.28 million of Class A common stock. By September 25, the company reported that approximately 196.85 million pre-September-reverse-split Class A shares had been sold under this program.

Ovsepyan points out that CTNT's disclosed financials show substantial corporate liquidity being deployed into unsecured third-party lending and other investment arrangements. The company's June 30 Form 10-Q reported approximately $75.7 million of current assets, but only approximately $2.14 million of cash and cash equivalents. The same filing reported approximately $29.95 million of third-party loan receivables and $41.11 million of receivable arising from the withdrawal of an investment deposit. For the first six months of 2026, CTNT reported approximately $71.39 million of cash provided by financing activities while approximately $68.61 million was used in investing activities.

The company's June 30 Form 10-Q also stated that management evaluated the Company's disclosure controls and procedures and determined that they were ineffective at a reasonable-assurance level as of June 30, 2026. Ovsepyan argues that when a public company itself reports ineffective disclosure controls, stockholders are entitled to demand remediation, stronger financial oversight, and accountability from the people charged with supervising the company.

Another significant action was the concentration of executive and board authority. CTNT identifies Huan Liu as its Chief Executive Officer, Interim Chief Financial Officer, Director, and Chairman of the Board of Directors. This concentration of roles, according to Ovsepyan, heightens the importance of genuinely independent Board oversight.

On June 15, CTNT sold Liu 200,000 Class B shares at $2.00 per share for $400,000. On June 16, CTNT reported that Liu and Fairview Eastern International Holdings Limited collectively possessed Class B shares representing approximately 50.80% of CTNT's total voting power. These holders then executed a written consent approving authority for one or more reverse stock splits over the following 18 months, with an aggregate ratio not exceeding 1-for-2,000.

On October 7, CTNT entered into a Securities Purchase Agreement with Liu under which he agreed to purchase 100,000 additional Class B shares at $3.30 per share for aggregate proceeds of $330,000. The transaction closed on October 9. Each Class A share carries one vote, while each Class B share carries fifteen votes. The new block therefore carries 1.5 million votes.

Ovsepyan's campaign for board replacement was publicly disclosed on October 1, 2026, when Takeover Time filed its Preliminary Consent Solicitation Statement with the SEC. The same day, Ovsepyan transmitted to the Company and Board a Section 220 demand and a separate request concerning the establishment of a record date for the contemplated consent solicitation. The Section 220 demand expressly identified communication with stockholders concerning Board composition as part of its stated purpose.

On October 6, CTNT counsel responded concerning both the Section 220 demand and the record-date request. According to Ovsepyan, the Board-replacement effort had been publicly disclosed and CTNT and its counsel had additional direct notice of the stockholder effort.

The October 7 transaction with Liu, involving the issuance of 1.5 million votes, raises questions about the governance and control of the company.

The Nasdaq Listing Rule 5635(b) requires shareholder approval for issuances that result in a change of control. Ovsepyan's campaign for board replacement is part of a broader effort to ensure that stockholders have a say in the company's governance and oversight.