VirTra Inc (VTSI)

[RStevens]

The preferred shares were issued to Ferris, he voted them in favor of the move, then they canceled the shares. I don't really believe that was a legal or ethical move, but launching a shareholder derivative lawsuit over something like this where they didn't directly damage the shareholders would not be worth it.

At the same time, VirTra did say that the reorg triggered their Change of Control provision (again, something I did not agree with). This states that Ferris and other C level executives would receive a payout if the company is acquired within 3 years I believe. So this is another barrier to a company acquiring VirTra. They won't want to pay the executives any money to just stay in their current positions....