Cheetah Net Supply Chain Service Inc. (NASDAQ: CTNT) shareholder Takeover Time 2026 LLC said in an amended Schedule 13D that its beneficial ownership of the Class A common stock fell from about 62.45% to 0.92% without selling shares after the company disclosed a much larger Class A share count. The shareholder also called for greater transparency and said it would continue pursuing changes to Cheetah Net’s board and management.
The amended filing reports that Takeover Time beneficially owns 1,846,000 Class A shares, based on the pre-split share count reflected in its ownership calculation. It says the holder made no transactions in Cheetah Net shares after filing its original Schedule 13D on September 21.
The original filing said Takeover Time purchased the shares on September 17 for $84,995.46, or about $0.04604 per share. Using the company’s then-most-recently reported 2,955,935 Class A shares outstanding, that position represented approximately 62.45% of the class.
Class A Share Count Increased by 196.85 Million
Cheetah Net subsequently disclosed in a September 23 Form 8-K that it had 199,805,935 Class A shares issued and outstanding as of September 22 on a pre-split basis. Compared with the 2,955,935-share denominator used in Takeover Time’s original ownership filing, that represents an increase of exactly 196.85 million shares, or about 6,659%.
Against that larger pre-split denominator, Takeover Time’s reported ownership percentage fell below 1%. The amended filing states that the holder ceased to beneficially own more than 5% of the class on September 22 after the number of shares outstanding increased.
Takeover Time described the change as substantial dilution and asked Cheetah Net to disclose how many shares were issued, who received them or how they were distributed, what consideration the company received, and the purpose of the issuances.
The shareholder also reiterated its plans to seek changes at Cheetah Net. Its original filing said it intended to pursue a board seat for managing member Natasha Ovsepyan. In contrast, the amended filing said it also plans to seek to replace Chief Executive Officer Huan Liu through lawful shareholder and corporate-governance procedures.
Cheetah Net had separately established an at-the-market equity program in August, allowing it to sell up to $35.28 million of Class A shares through Pacific Century Securities. The ATM prospectus does not establish that the roughly 196.85 million-share increase came from that program, and the September 23 share-count disclosure did not specify the source of the additional shares.
Friday Trading Preceded the Amended Ownership Filing
CTNT also saw unusually heavy trading Friday, before the amended Schedule 13D was filed later that evening.
About 487.07 million shares changed hands during the regular session, according to Yahoo Finance—roughly 2.4 times Cheetah Net’s reported 199.8 million pre-split Class A shares outstanding. That does not mean the shareholder base changed hands 2.4 times, because the same shares can trade repeatedly during a session.
The stock closed Friday at about $0.0315, down 1.87%, after trading as low as $0.0300. Market data indicate the $0.0300 level matched a 52-week low already reached on Thursday. CTNT later traded around $0.0278 after hours, down another 11.75% from the regular-session close and below that regular-session 52-week low.
CTNT Starts 1-for-150 Split-Adjusted Trading Monday
Separately, Cheetah Net is scheduled to begin trading on a 1-for-150 reverse-split-adjusted basis when Nasdaq opens Monday, September 28.
The company said the reverse split became legally effective at 8 a.m. EDT on September 21, although split-adjusted market trading begins September 28. Its 199,805,935 pre-split Class A shares correspond to about 1,332,040 Class A shares after the consolidation, subject to adjustments for fractional shares, which will be rounded up to the nearest whole share at the participant level. CTNT will retain its ticker while moving to a new CUSIP number.
