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Thursday, July 20, 2017 9:27:02 AM
The Reverse Split will not change the number of authorized shares of the Common Stock under the Company’s Articles of Incorporation. Because the number of issued and outstanding shares of Common Stock will decrease, the number of shares of Common Stock remaining available for issuance will increase. Under the Company’s Articles of Incorporation, the Company’s authorized capital stock consists of 975,000,000 shares of Common Stock and 50,000,000 shares of preferred stock, par value $0.001. Based on 890,767,976 shares of Common Stock issued and outstanding as of June 30, 2017, immediately following the Reverse Split the Company would have approximately 971,041,031 shares of Common Stock remaining available for issuance.
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