***SORDID HISTORY OF THE DOUCHEBAG CEO’S NEFARIOUS SCHEME TO STEAL EVEN MORE POWER FROM SHAREHOLDERS DURING THE PROPOSED REVERSE SPLIT***
On 11 Jul 2019, KBLB announced that they were having a (faux) shareholders meeting. It was a "faux" meeting, because the Douchebag CEO had enough votes to enact anything he wanted, and the votes of the average shareholder weren't really needed. This was later admitted by the company when they had another vote without the average shareholder.
One of the main purposes of the meeting was to "vote" on a reverse stock split of between 10:1 and 40:1. But buried in an obscure SEC file attachment was text that showed that the plan was to reverse split ALL of the shares EXCEPT for the preferred shares (aka super voting shares worth 400 MILLION votes), and those preferred shares were owned by the Douchebag CEO himself. In other words, if the reverse split went through then his voting power would have increased from around 52% (at that time) to 95%+ (at 40:1).
On 6 Jul 2020, about a year later, KBLB filed Articles of Amendment without any announcement to enact the 40:1 reverse split (on 15 Jul) with the Wyoming Secretary of State. If this would have gone through, then his devious plan would have worked. On 10 Jul, KBLB filed (again) with the WY SOS to delay the date for 40:1 reverse split to 23 Jul. On 20 Jul, KBLB filed with the WY SOS to cancel the reverse split that was to happen 3 days later.
On 25 Jul 2021, KBLB had a "vote" to reverse split the preferred shares at the same ratio as the common shares. This time, the average shareholder was excluded from the vote (because the Douchebag CEO had the majority vote, just like he did at the "faux" shareholders meeting).
One will notice that it took over 2 years for the Douchebag CEO to finally concede his plan.
The first item of concern in all of this is that the Douchebag CEO tried to make it appear that the votes of the average shareholder counted (when they didn't, since he held a majority of the vote). He was just trying to give legitimacy to the vote by saying that the "shareholders voted on the matter".
The second item of concern is that the Douchebag CEO never mentioned at the shareholders meeting that his 2 preferred shares were NOT going to be reverse split. He tried to play it off like the reverse split was needed to uplist the stock to the NASDAQ (which never happened and wasn't even close).
The third item of concern is that the Douchebag CEO tried to enact the reverse split by sneaking a filing with the WY SOS and never mentioning it publicly through a PR.
The fourth item of concern is that it took over 2 years for Mr Scumbag CEO to concede the plan (which should have never been conceived in the 1st place).
Bearish
