The Board submitted the terms and conditions of the October 2018 Transaction to the Majority Stockholder for ratification and approval by consent in lieu of meeting, and the Majority Stockholder has ratified and approved the issuance and sale, as part of the October 2018 Transaction, of the 21,800,000 shares of Common Stock, including the 21,800,000 shares of Common Stock issuable upon exercise of the Warrants (including issuances in excess of the Exchange Cap) in order to comply with NASDAQ Marketplace Rule 5635(d), all as may be required by and in accordance with NASDAQ Marketplace Rule 5635(d).
2) GRANT OF DISCRETIONARY AUTHORITY TO THE BOARD OF DIRECTORS TO AMEND THE CERTIFICATE OF INCORPORATION OF THE COMPANY, AS AMENDED, TO EFFECT, AT ANY TIME ON OR PRIOR TO MAY 11, 2019, A REVERSE STOCK SPLIT AT AN EXCHANGE RATIO OF UP TO ONE HUNDRED-FOR-ONE.
3) APPROVAL OF THE ISSUANCE OF MORE THAN 20% OF THE COMPANY’S ISSUED AND OUTSTANDING COMMON STOCK IN A CERTAIN OFFERING.