From what I read... it says canceled and eliminated...is this pertaining to existing shares? I don’t know... :)
VII. MEANS FOR EXECUTION OF THE PLAN
B.
Amendment of Charter
On the Effective Date, the Debtor’s charter shall be amended so as to authorize the issuance of
• Cancel the Class A and B Common Stock. And the Preferred Stock Series A.
• a new Class C Common Stock, $0.001 par value, 50,000,000 shares authorized. For every dollar invested by the Plan Deposit Party, ___ shares shall be issued to the Plan Deposit Party. The Class A and Class B Common Stock will be eliminated, and
• a new Series B of Preferred Stock, $0.001 par value, 100 shares authorized. Ten (10) Shares of the Series B will be issued to certain administrative claim parties for
C.
services rendered subsequent to the August 28, 2020 filing date and during the period of Chapter 11 Reorganization. Each share, at the election of the holder, willl be convertible into 1% of all Classes of Common Stock (Class C or any additional classes created)at the time of an election of conversion of any individual share. IronClad retains the right to repurchase and retire any individual share for $500,000 for each share.
