Here is the full picture:
Effective on September 21, 2017, the two holders of 590 shares of the Company’s Series C preferred stock, voting with the Company’s common stock with each share of Series C preferred stock having 880,375 votes per share, representing 51% of the outstanding shares of the Company’s Series C preferred stock (on an as voted basis) and common stock as of such date, executed a written consent in lieu of a special meeting of stockholders (the “Majority Stockholder Consent”), approving the following matter, which had previously been approved by the Board of Directors of the Company on September 12, 2017:
• authority for our Board of Directors, without further stockholder approval, to effect a reverse stock split of all of the outstanding common stock of the Company, by the filing of a Certificate of Amendment to the Company’s Articles of Incorporation with the Secretary of State of Delaware, in a ratio of 1:50, 1:100 or 1:350, with the Company’s Board of Directors having the discretion as to whether or not the reverse split is to be effected, and with the exact exchange ratio of 1:50, 1:100 or 1:350 as determined by the Board of Directors in its sole discretion, at any time before the earlier of (a) September 19, 2018; and (b) the date of the Company’s 2018 annual meeting of stockholders.
On October 4, 2017, we filed a Definitive Information Statement on Schedule 14C with regard to the foregoing, which we anticipate will be mailed to our shareholders on or about October 10, 2017. On the 20th calendar day subsequent to the mailing date, we will file a Certificate of Amendment to our Articles of Incorporation effecting a reverse split of our issued and outstanding common stock in one of the three ratios approved by our majority shareholders, as approved by our Board of Directors. We will not seek to have this Registration Statement declared effective until this reverse split is effected.
So Oct 30th or 31st is the likely split.
Also,
In accordance with Rule 14c-2 of the Exchange Act, the corporate actions will be effective no earlier than twenty (20) days after this Information Statement has been made available to our stockholders, which effective date we expect to be on or approximately October 25, 2017.
