AI
Wednesday, June 22, 2016 9:31:34 PM
R/S may have been illegal.
"Under Nevada law, because the Reverse Stock Split was approved by the Board of Directors of the Company in accordance with NRS Section 78.207. No stockholder approval is required. NRS Section 78.207 provides that the Company may effect the reverse stock split without stockholder approval if (x) both the number of authorized shares of Common Stock and the number of outstanding shares of Common Stock are proportionally reduced as a result of the reverse stock split (y) the reverse stock split does not adversely affect any other class of stock of the Company and (z) the Company does not pay money or issue scrip to stockholders who would otherwise be entitled to receive a fractional share as a result of the Reverse Stock Split. As described herein, the Company has complied with these requirements."
The A/S was not proportionally reduced post R/S. Associates of mine have already contacted Finra and the SEC. Don't know how much good that will do, but wouldn't be surprised to see a halt then grey markets once this all comes together.
Anyone here remember Calissio Resources?
Nasty....
"Under Nevada law, because the Reverse Stock Split was approved by the Board of Directors of the Company in accordance with NRS Section 78.207. No stockholder approval is required. NRS Section 78.207 provides that the Company may effect the reverse stock split without stockholder approval if (x) both the number of authorized shares of Common Stock and the number of outstanding shares of Common Stock are proportionally reduced as a result of the reverse stock split (y) the reverse stock split does not adversely affect any other class of stock of the Company and (z) the Company does not pay money or issue scrip to stockholders who would otherwise be entitled to receive a fractional share as a result of the Reverse Stock Split. As described herein, the Company has complied with these requirements."
The A/S was not proportionally reduced post R/S. Associates of mine have already contacted Finra and the SEC. Don't know how much good that will do, but wouldn't be surprised to see a halt then grey markets once this all comes together.
Anyone here remember Calissio Resources?
Nasty....
