from the definitive 14C
SUMMARY OF REVERSE STOCK SPLIT
Below is a brief summary of the reverse stock split:
·
The issued and outstanding Common Stock shall be reduced on the basis of one post-split share of the Common Stock for every 540.61745923707 pre-split shares of the Common Stock outstanding. The consolidation shall not affect any rights, privileges or obligations with respect to the shares of the Common Stock existing prior to the consolidation.
·
Stockholders of record of the Common Stock as of October 25, 2010 shall have their total shares reduced on the basis of one post-split share of Common Stock for every 540.61745923707 pre-split shares outstanding.
·
As a result of the reduction of the Common Stock, the pre-split total of issued and outstanding shares of 735,428,571 shall be consolidated to a total of approximately 1,360,349 issued and outstanding shares (depending on the number of fractional shares that are be issued or cancelled).
·
The Company’s authorized number of common stock shall remain at 980,000,000 shares of the Common Stock.
·
The Series M Preferred Shares shall automatically convert into 8,639,651 shares of common stock.
