Something HUGE is cooking and I am thinking we get news soon. I mean just read into the 8-K its obvious: "The Company is actively pursuing imminent strategic partnerships in exchange for valuable shares in the Company." They even made up a new class of preferreds just to be able to quickly get shareholder approval, man these guys think outside the box, I wonder if they have an SEC attorney or they do it all themselves with all the experience they have.
This is a strong buy at this price.
Whats not obvious is, assuming this is a game changer, what does the price do, is dilution just too much for it to make a dent, I am not sure yet, but lets see. What I know is that liquidity will not be an issue.
"In connection with obtaining expeditious stockholder approval of the amendment to its Articles of Incorporation for the Authorized Share Increase Proposal, the Company is issuing a new series of preferred stock (“Series I Preferred Stock”) having the right to vote and/or consent solely on the Authorized Share Increase Proposal. Solely with respect to the Authorized Share Increase Proposal, the Series I Preferred Stock shall have voting power equal to 51% of the number of votes eligible to vote at any special or annual meeting of the Company’s stockholders (with the power to take action by written consent in lieu of a stockholders meeting). The Series I Preferred Stock shall not have the right to vote and/or consent on any matter other than an Authorized Share Increase Proposal. The Series I Preferred Stock shall not be entitled to participate in any distribution of assets or rights upon any liquidation, dissolution or winding up of the Company, shall not be convertible into Common Stock or any other security of the Company, and shall not be entitled to any dividends or distributions. Any Series I Preferred Stock issued and outstanding shall be automatically surrendered to the Company and cancelled for no consideration upon the effectiveness of the amendment to the Company’s Articles of Incorporation that is authorized by stockholder approval of such Authorized Share Increase Proposal. Upon such surrender and cancellation, all rights of the Series I Preferred Stock shall cease and terminate, and the Series I Preferred Stock shall be retired and shall not be reissued."
