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Friday, April 24, 2020 6:53:07 PM
Midwest Holding sold 222,222,222 shares to Crestline Assurance Holdings, LLC at a price of .045 per share, for $10,000,000.
Midwest Holding sold 115,044,467 shares to various investors for .045 per share, for $5,177,000.
As part of the agreement, Midwest agrees to various corporate changes, including the follwing:
"Consistent with its planned corporate structure going forward, the Company will seek stockholder approval to (i) reincorporate in Delaware, (ii) amend its articles of incorporation to have authorized capital stock of 20,000,000 shares of common stock, 2,000,000 million shares of non-voting common stock and 2,000,000 shares of preferred stock, and (iii) effect a reverse split of the Company’s common stock at the ratio of 500 existing shares for one share of new common stock, and (iv) classify, or “stagger” its Board of Directors into three classes. The Company intends to bring these proposals to a vote of its stockholders at its next annual meeting, and the Parties have agreed to vote their shares in favor of these restructuring proposals."
Other corporate changes can be found here:
https://www.sec.gov/Archives/edgar/data/355379/000155837020004305/mdwt-20200424x8k.htm
Things are certainly changing, and with a reverse split of 1 for 500, would put the share price at $35 per share based on today's share price of .07 per share. This would be above any requirement for listing on NYSE or NASDAQ.
I am not concerned about the reverse split. This can only benefit the company.
Rule #1 is never lose money.
Rule #2 is never forget Rule #1.
My posts are my opinions only. Do you your own due diligence.
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