Exchange LLC Updates Agreement for Loan-to-Ownership Conversions
Published Date: 4/10/2026
Notice
Summary
24X National Exchange is updating its parent company’s agreement to allow new voting shares to be issued when a special loan converts into ownership. This change affects 24X US Holdings LLC and helps the company manage ownership smoothly. The update took effect right away and could impact who gets to vote on company decisions.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 0 costs, 2 mixed.
Authorized Voting Units Increased
The company increased the total number of Common Units authorized from 11,000,000 to 12,380,914, and increased Voting Common Units from 9,900,000 to 11,280,914. An additional 618,947 Voting Common Units are reserved for the 24X US Holdco Equity Incentive Plan.
New Member Admission and Ownership Shifts
A convertible promissory note issued November 24, 2025 automatically converted on February 4, 2026 into 755,632 Voting Common Units for Shinhan Securities (about 7.09% ownership). As a result, 24X Bermuda Holdco's ownership is reduced from 90.97% to ~84.41% and Rakuten's ownership is reduced from 9.03% to ~8.50%. The filing admits Shinhan as a Member but states Shinhan will not have decision-making authority over the Exchange and 24X Bermuda Holdco will remain Manager.
Transaction Funds Could Support Exchange Operations
The filing states proceeds from the Transaction could be used by 24X US Holdco and its subsidiary, the Exchange, for regulation and operation of the Exchange. The Exchange also states the Transaction could facilitate additional investment and funding and thereby allow for enhanced competition in the equities markets.
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