Were screwed, I can't believe this crap. They wait until after hours to put this out. They had no balls to put it out this morning.
Furthermore it's the old bate and switch BULL-CRAP.
On 06-20-2018 they (Filed the 8K) stating the increased the number of authorized shares of stock and granted the Company the right to effect up to three 35-1 reverse stock splits.
I could deal with that I've been through worst.
Then on June 21, 2018 The CEO Michael Warren released the BS PR
understand your frustration with the recent declines in the trading price of our stock going on to state that he is obviously frustrated as well. All BS
Then they come out after hours today with the worst 8K that anyone can imagine. a 30000 - 1 RS
WTF!!
What a classic setup for the shareholders to get left holding the bag. We don't have a printing press running full speed to print shares out.
1 BILLION shares traded today.
We've been duped...
AIRBORNE WIRELESS NETWORK - 8-K (Filed: 20-06-2018)
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
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.
2
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.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the terms of the Amendment, a copy of which is filed as Exhibit 3.1 hereto and is incorporated herein.
Item 5.07 Submission of Matters to a Vote of Security Holders.
On June 15, 2018 through the written consent of holders of a majority of voting securities, the stockholders of the Company voted on and approved the Amendment described above under Item 5.03 “Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.” Specifically, holders of 87,091,862 shares of common stock, or 51.3% of the issued and outstanding securities of the Company, including the shares of Series A Convertible Preferred Stock entitled to vote on an as-converted basis, approved the Amendment.
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Airborne Wireless Network Issues Update
SIMI VALLEY, June 21, 2018 /PRNewswire/ -- Airborne Wireless Network (“Airborne Wireless” or the “Company”) (OTCQB: ABWN) is today delivering a message to its stockholders.
“I understand your frustration with the recent declines in the trading price of our stock, and I am obviously frustrated as well as a shareholder and the CEO,” explained Michael Warren, the Company’s Chief Executive Officer. “As you know, we do not control the trading price of our common stock, which trades freely on the OTCQB Marketplace. As previously disclosed, we recently raised $8 million in the form of convertible preferred stock. We believe conversions by the investors in our convertible preferred stock have put downward pressure on our stock price, but as we previously explained, the structure of the offering has the potential to generate significant additional proceeds.”
As a result of the recent capital raise, and because of the Company’s confidence in its underlying business plan and the transformative potential of our technology, the Company is continuing to operate its business in the ordinary course, and will communicate any new material information to investors in a timely manner, compliant with our obligations under the law.
About Airborne Wireless Network
The Company intends to create a high-speed broadband airborne wireless network by linking commercial aircraft in flight. It is projected that each aircraft participating in the network will act as an airborne repeater or router, sending and receiving broadband signals from one aircraft to the next and creating a digital information superhighway in the sky. The Company intends the network to be a high-speed broadband internet pipeline to improve coverage and connectivity. The Company does not intend to provide retail customer coverage to end users but, instead, act as a wholesale carrier with target customers, such as internet service providers and telephone companies.
