GUMZSA/GREEN TEAM BOUNCE PLAYS

[gumzsa]

ABWN 8-k a/h debt reduced but 3 1:35 RSes coming makes no sense


http://archive.fast-edgar.com//20180620/AW2ZQ22CZ222H2Z2222Q2M3BE85CZC22I9A2/

As described below under Item 5.07, on June 15, 2018, the stockholders of the Company approved an amendment (the “Amendment”) to the Company’s Amended and Restated Articles of Incorporation (as amended to date, the “Articles”) that increased the number of authorized shares of stock and granted the Company the right to effect up to three reverse stock splits of all of the Company’s issued and outstanding common stock. The number of shares of stock authorized under the Articles prior to the Amendment was 360,000,000, of which 350,000,000 were designated as common stock and 10,000,000 were designated as preferred stock. After giving effect to the Amendment, the number of authorized shares of all classes of stock the Company will have authority to issue is 1,510,000,000, of which 1,500,000,000 are be designated as common stock and 10,000,000 are designated as preferred stock.





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Under the Amendment, the board of directors of the Company (the “Board”) can effect up to three separate reverse splits of the Common Stock, each to be in a ratio of up to thirty five (35) to one (1) (each, a “Reverse Split”), with any fractional shares to be rounded up to the next whole share. Upon the effectiveness of each Reverse Split, the shares of the Company’s common stock outstanding immediately prior to such time will be combined into a smaller number of shares, such that a stockholder will own one share of the Company’s common stock for the number of shares of Common Stock determined by the Board (up to 35) held by that stockholder immediately prior to the effective time of such Reverse Split, subject to the treatment of fractional share interests described above. Prior to the Board effecting a Reverse Spilt, the Company is required to submit notice, provide supporting documentation and pay certain fees to the Financial Industry Regulatory Authority (“FINRA”). The Company intends to submit the necessary materials to FINRA upon the Board’s approval of each Reverse Split, after which FINRA will process the request and determine the effective date for such Reverse Split.