Novagant Corp (NVGT)

[ChiefBob]

I guess we'll find out soon enough

Found on EDGAR filed 01/31/22:

NOVAGANT CORP.

Information Statement Pursuant to Section 14C
of the Securities Exchange Act of 1934

This Information Statement is being mailed on or about February 2, 2022, to all holders of record on February 2, 2022 (the “Record Date”), of the common stock, $0.001 par value (the “Common Stock”) of NOVAGANT CORP., a Nevada corporation (the “Company”), in connection with the approval of the following action taken by unanimous written consent by the Board of Directors of the Company (the “Board”) and by written consent of the holders of a majority of the voting power of the issued and outstanding capital stock of the Company:

?Amend our Articles to affect a reverse stock split of the outstanding shares of Common Stock, by a ratio of one-for-one hundred (1-for-100, with any fractional shares being rounded up to the next higher whole share (the “Reverse Stock Split”)

Description of the Reverse Stock Split

The Reverse Stock Split shall cause each 100 shares of Common Stock to be converted into one share of Common Stock. Upon the completion of the Reverse Stock Split, stockholders holding fractional shares will be rounded up and will receive one additional full share of Common Stock.

Effect of the Reverse Stock Split on the Company

The Reverse Stock Split will reduce the number of outstanding shares, which will in turn reduce the Company’s administrative costs associated with such the prior number of shares and is expected to increase the per share price of our Common Stock. See “Background and Purpose of the Reverse Stock Split.”

Of the 1,000,000,000 shares of pre-Reverse Stock Split Common Stock which are presently authorized, 485,235,333 shares of Common Stock are issued and outstanding as of January 21, 2022. The Reverse Stock Split does not itself change number of our authorized shares of Common Stock. The practical effect of the Reverse Stock Split will be to reduce the issued and outstanding shares to 4,852,353 and to provide us with additional authorized but unissued shares of our post-Reverse Stock Split Common Stock which will increase the authorized but unissued shares of Common Stock available for future issuance to 995,147,647.

Effective Date

The Reverse Stock Split will become effective upon the later of (i) the filing of the Amendment with the Secretary of State of the State of Nevada, and (ii) approval of the Reverse Stock Split by FINRA. We expect the Effective Date of the Reverse Stock Split to be on or about February 9, 2022. Our Board retains the authority to abandon the Reverse Stock Split for any reason at any time prior to the Effective Date.