Maptelligent Inc (MAPT)

[87 LC2]

Reasons for the Reverse Stock Split



As of July 22, 2020, the Company had a total of 5,304,973,069 of its 10,000,000,000 authorized shares of Common Stock issued and outstanding, 3,520,270,579 shares reserved for convertible notes, leaving 1,174,756,352 shares of Common Stock available for issuance. The Board has considered the following two methods to provide for additional authorized shares of Common Stock: (i) to hold an annual meeting to approved an increase in authorized shares of Common Stock from 10,000,000,000 to a much higher number or (ii) to approve a reverse stock split which would make available adequate shares. The Board believes the latter method is more practical to execute. Therefore, the Board has chosen the Corporate Action to increase the number of our available shares for future financings, capital raises and general corporate purposes.