$ABQQ Yes a Form 4 was filed & the 8K was defined in a Tweet.
Tweet said "As a result, the only preferred stock which is currently designated by the Company is the Company’s Series A Preferred Stock."
SCHEDULE 14C INFORMATION STATEMENT filed June 1, 2023
VOTING ON THE REVERSE SPLIT
Chiyuan Deng, our Chief Executive Officer and Director, holds all of our outstanding 100,000 shares of Series A Preferred Stock. For the actions described herein, he voted together with the holders of common stock as a single class. Accordingly, there were 2,282,337,507 votes outstanding voting together as a single class with the Series A Preferred Stock having 51% of that number, or roughly 1,163,544,611 votes, as of May 18, 2023. Mr. Deng executed a written consent over his 100,000 shares of Series A Preferred Stock in favor of the Reverse Split.
Chiyuan Deng, our Chief Executive Officer and Director, holds all of our outstanding 100,000 shares of Series A Preferred Stock. For the actions described herein, he voted together with the holders of common stock as a single class. Accordingly, there were 2,282,337,507 votes outstanding voting together as a single class with the Series A Preferred Stock having 51% of that number, or roughly 1,163,544,611 votes, as of May 18, 2023. Mr. Deng executed a written consent over his 100,000 shares of Series A Preferred Stock in favor of the Reverse Split.
Our Majority Stockholder and our Board of Directors believe that the Reverse Split is in our best interests, principally because it may increase the bid price of our Common Stock and facilitate our ability to attract investment. Our common stock is currently quoted on the OTCPink tier of the marketplace maintained by OTC Markets Group, Inc. under the symbol “ABQQ.” The closing bid price of our Common Stock on the OTCPink was below $0.01 on May 18, 2023. Among other requirements, the OTCQB requires that companies maintain a stock price of at least $0.01 to remain eligible for quotation on the OTCQB. We are currently under this threshold. The Reverse Split will help us to establish a bid price above $0.01 per share to that management believes will assist the company regain eligibility on the OTCQB and to better facilitate our ability to attract investment and business opportunities.
This FORM 8-K On September 8, 2023, however, the Board of Directors decided to cancel the company's upcoming 10,000 to 1 reverse split. The Board of Directors decided it would not be in the best interest of the shareholders or the Company to execute a reverse split at this time. The Company plans to inform FINRA that it will not be moving forward with the reverse split and will withdraw its application.
REASON FOR REVERSE SPLIT
The principal effect of the Reverse Split will be the reduction in the number of shares of our common stock issued and outstanding on the effective date of the Reverse Split, from 1,118,792,896 shares, as of the effective date, to a number of shares within the range of 559,396 share. The Reverse Split will help us to establish a bid price above $0.01 per share to that management believes will assist the company regain eligibility on the OTCQB and to better facilitate our ability to attract investment and business opportunities.
The other primary effect of the Reverse Split will be to provide us with additional shares of common stock that will be available for various corporate purposes. We may use the shares of our common stock for, among other things:
§ Raising working capital through equity issuances;
§ Providing equity incentives to employees, officers or directors;
§ Establishing strategic relationships with other companies;
§ Expanding our business through acquisitions and other investment opportunities;
§ Paying existing and future obligations and commitments; and,
§ For general corporate purposes.
We now know that a exponentially better plan was put on the table to accomplish the lower share structure with a share buyback.
$ABQQ CEO thinks the current market price 0.001 is very good timing to buyback 210m shares by that $210K cash which received from a film licence fee. He is ask the legal counsel for advising setting up buyback account and how to achieve the buyback plan is maximum increase shareholder value.
1:33 PM · Nov 21, 2023 10.2K Views
$ABQQ almost have to execute the SPA (the agreement) for selling the IP of NFT MMM. It’s consideration $1.1m, that is fair.
10:52 AM · Nov 17, 2023 6,582 Views
$ABQQ management is actively exploring the possibility of returning and/or canceling up to 1.6 billion common shares to the company. This move is part of a broader effort to optimize the company's capital structure and provide increased value to its shareholder. The board is seeking legal advice to ensure it is able to implement the buy back schemes.
9:34 AM · Oct 23, 2023 18.2K Views
With a current OS @ 2,567,226,432 - 1.6 billion = 967,226,432 after buyback.
Looking forward to details on how they plan to execute this buyback?? Tender Offer or open market? IMO they will retain those shares as Treasury stock for various corporate purposes as listed above
