Coretec Group Inc (CRTG)

[Quikshft]

I don't know....

Quikshft - Coretec currently has about 285 million shares of common stock issued. In the share exchange agreement it looks like 705,561,076 more common shares will be issued. The 10 million series C preferred stock converts to another 1.5 billion shares. With an approved OS of 1.5 billion, how is this possible?

ChatGPT
Thank you for providing the additional context. Based on the information you've provided, it appears that the issuance of shares outlined in the share exchange agreement would indeed exceed Coretec's authorized share count of 1.5 billion shares.

Here's a breakdown of the potential share issuances:

Common Stock: The share exchange agreement mentions the issuance of 705,561,076 shares of Coretec's common stock to the members of Core Optics.

Series C Preferred Stock: Additionally, the agreement states the issuance of 10 million shares of Series C Convertible Preferred Stock, which are convertible into another 1.5 billion shares of common stock.

Adding these two together:

705,561,076 (Common Stock) + 1,500,000,000 (Common Stock from Series C Preferred Stock) = 2,205,561,076

This total exceeds Coretec's authorized share count of 1.5 billion shares.

If Coretec wishes to proceed with these issuances, it would likely need to take steps to increase its authorized share count. This typically involves obtaining approval from its shareholders to amend its articles of incorporation or similar corporate governance documents to authorize the issuance of additional shares.