GNCC Capital Inc (GNCP)

[Tgarfield2]

The contracts for the preferreds all read that GNCP has no choice but to increase the float if the preferreds want to convert. They probably just haven't told you yet. GNCP was suppose to keep the float high enough that this didn't happen. But that doesn't look good, so last year when this was brought up, management(Lumb) they stated they didn't need to because they didn't think preferred holders (also lumb) would convert (LMAO). Time to pay the piper!!

https://backend.otcmarkets.com/otcapi/company/financial-report/197095/content

GNCC CAPITAL, INC.
FURTHER STOCKHOLDER UPDATE
JULY 8, 2018

A lot of our Stockholders were of the opinion that we were going raise our Authorized Shares of Common Stock due to the requirements set out in respect of our issued shares of Preferred Stock. We addressed this issue with all the various holders of shares of Preferred Stock; all of whom verbally stated that they felt this was unnecessary at this time; many of whom cannot covert for a year; it was agreed that the Company was not expected to increase our Authorized shares of Common Stock; and therefore we are not going to do so.

Should any of the holders of Preferred Stock request that we do so; we would accommodate them and raise the Authorized Shares but given the large Authorized number and our drastically reduced number of issued shares of Common Stock; it would require a fair number of holders of Preferred Stock to require any increase in the number of our Authorized Shares. We are the opinion that this it a “non-issue” and advise that our stockholders that they should not expect to see any increase in the number of Authorized Shares.

A Preferred contract. The x's but they are all nearly the same.
https://backend.otcmarkets.com/otcapi/company/financial-report/191432/content

Section 7: OTHER PROVISIONS
(a) Reservation of Common Stock.
The Corporation shall at all times reserve from its authorized Common Stock, one hundred ten percent (110%) of the maximum aggregate number of shares of Common Stock issued or issuable upon conversion of all Series X Convertible Preferred Stock, ignoring any conversion limits set forth herein.

No one probably told you guys reading was going to involved with DD.