CSNH.. $3.00.. Reverse Split..
ITEM 5.02. Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year
On July 1, 2010, pursuant to Section 242 of the General Corporation Law of the State of Delaware, the holder of a majority of the shares of common stock of China Shandong Industries, Inc. (the “Company”) approved a reverse split of such shares with a ratio within a range of 1-for-2 and 1-for-3 and the filing of the Certificate of Amendment to the Certificate of Incorporation (the “Amendment”) with the ratio to be determined by an executive officer of the Company. On July 30, 2010, Mr. Jinliang Li, the Chairman and Chief Executive Officer authorized the effectuation of a 1-for-2 reverse split (the “Reverse Split”).
On August 3, 2010, the Company filed the Amendment to effect the Reverse Split with the Secretary of State of the State of Delaware. Before the Reverse Split becomes effective on the OTC Bulletin Board (the “OTC BB”), it must be approved by the Financial Industry Regulatory Authority, Inc. (“FINRA”). The Company has commenced the process of obtaining FINRA approval. Upon the approval of the Reverse Split by FINRA, each two (2) shares of common stock outstanding prior to the Reverse Split will be converted into one (1) share of common stock, and all options, warrants, and any other similar instruments convertible into, or exchangeable or exercisable for, shares of common stock will be proportionally adjusted. To the extent any fractional shares of common stock result from the Reverse Split, the Company will round up any fraction of a share to the nearest whole share.
