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Thursday, August 29, 2019 5:08:59 PM
Srikumar Vanamali
Executive Director/Interim Chief Executive Officer
Item 5.01 Changes in Control of the Registrant
The 8K filed only gives them voting control with the Series A Preferred but no ownership and those Series A preferred are junior to any future Preferred issued.
The Series A1 Preferred Stock shall rank senior to the Corporation’s common stock, par value $0.001 (“the Common Stock”) but junior to any class or series of the Corporation’s preferred stock hereafter created and/or issued;
In the event Mr. Srikumar Vanamali and Mr. Shaheed Bailey are no longer acting as Officers and Directors of the Board of Directors of the Corporation, the shares of Series A1 Preferred Stock shall automatically, without any action on the part of any party, or the Corporation, be deemed cancelled in their entirety.
So the next fling I'm looking for will be a new Certificate of Designation (the “COD”) filed with the Texas Secretary of State authorizing a new class of Preferred Stock senior to the Series A1. Until then I do not see any material events taking place like a Merger.
New Management will need to be in place first IMO. With GXXM being current those changes could happen fairly soon?
https://www.otcmarkets.com/filing/html?id=13249138&guid=Ls6IUHAsneXRc3h
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