Once again they mention the reason for the reverse split in the PRE 14 C FILING. This happened in March too and I questioned the company as to if it was a typo, but never got a response. If u look on page 3, under AMENDMENT OF THE ARTICLES OF INCORPORATION, etc., it says:
Bitzio with flexibility in pursuing its long-term business objectives. The primary reason for the reverse split is the requirement contained in Bitzio’s agreements with its primary lender to maintain a sufficient number of shares of authorized common stock to enable conversion of debt issued by Bitzio to its lenders. Additional reasons for the reverse split include:
This is the part talking about why the increase in authorized and the lowering of the par value. Is it a typo again, or a caveat of what is next? I wouldn't be surprised with a reverse with all the authorized now and how quickly OS can change. Any thoughts on this?
