---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-013187"
form_type: "8-K"
ticker: "NCPL"
cik: "0001414767"
company_name: "Netcapital Inc."
filed_at: "2025-09-12T23:59:59+00:00"
generated_at: "2026-05-17T06:43:42.457144+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.15
confidence: "high"
source: SEC EDGAR
---

# Netcapital shareholders reject auditor ratification, 4 other proposals; board re-elected with heavy withhold votes

## Summary
- Shareholders voted against ratifying Fruci & Associates as auditor (1.79M against vs 0.90M for).
- Non-binding say-on-pay failed (1.43M against vs 0.90M for).
- Amendments to 2023 Omnibus Equity Incentive Plan rejected (1.46M against vs 0.54M for).
- Reincorporation from Utah to Nevada defeated (1.46M against vs 0.54M for).
- All five directors re-elected, but each received >1.4M withhold votes vs ~580K for.

## SEC filing metadata
- accession: 0001493152-25-013187
- form_type: 8-K
- ticker: NCPL
- cik: 0001414767
- company_name: Netcapital Inc.
- filed_at: 2025-09-12T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.15
- confidence: high
- sec_items: 5.07
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1414767/000149315225013187/0001493152-25-013187-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1414767/000149315225013187/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-013187
- JSON: https://secwatch.observer/filing/0001493152-25-013187.json
- Plain text: https://secwatch.observer/filing/0001493152-25-013187.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.