ha ~ Potential Anti-Takeover Effect
We have 500,000,000 shares of Common Stock and 5,000,000 shares of preferred Stock authorized and these authorized shares of our Common Stock and Preferred Stock will not be affected as a result of the reverse stock split. Although the increased proportion of unissued authorized shares to issued shares could, under certain circumstances, have an anti-takeover effect (for example, by permitting issuances that would dilute the stock ownership of a person seeking to effect a change in the composition of our Board or contemplating a tender offer or other transaction for the combination of us with another company), the reverse stock split is not being proposed in response to any effort of which we are aware to accumulate shares of Common Stock or obtain control of us, nor is it part of a plan by management to recommend a series of similar amendments to our Board and stockholders. Other than the reverse stock split proposal, the Board does not currently contemplate recommending the adoption of any other amendments to our Articles of Incorporation that could be construed to affect the ability of third parties to take over or change control of the Company.
where's the verbiage of coverting the preferred's ???!!!
This is straight from jc's mouth when i talked to him the middle of june: i asked about the conversion of the preferred's and how that would be handled and he said 1% of the float every 90 days if the conversion happened like clock work taking 8+yrs to fully convert. which shot his poison pill sentence mentioned a nano second before as contradiction of sorts.
speak as one unified voice.
what's next....
