NNAN WILL BE FRACKING THE SHAREHOLDERS WITH REVERSE SPLIT, PROBABLY BEFORE END OF 2014, READ THEIR REPORTS . . imo.
On November 4, 2014, the Board of Directors of the Company approved and recommended to the Majority Stockholder (as defined below) for approval the following resolutions (collectively, the “Actions”):
(i)
To approve the Company’s Fourth Amended and Restated Articles of Incorporation (the “Amended and Restated Charter”) to increase the authorized number of shares of preferred stock from 10,000,000 to 100,000,000;
(ii)
To approve the Company’s Amended and Restated Charter to change the required number of directors comprising of the Board of Directors;
(iii)
To approve an amendment to the Company’s Articles of Incorporation to effectuate a reverse stock split of our issued and outstanding shares of common stock (“Common Stock”) in the ratio range of not less than one-for-100 and not more than one-for-600 (the “Reverse Stock Split”), pursuant to which in lieu of issuing fractional shares, holders of Common Stock otherwise entitled to a fractional share as a result of the Reverse Stock Split, will receive shares in an amount to be rounded up to the next whole number, with the exact ratio to be set within this range as determined by the Board of Directors, in its sole discretion; and
(iv)
To ratify the Third Amended and Restated Bylaws of the Company.
