Solar Energy Initiatives Inc (SNRY)

[Bucks4Buckeyes]

A couple of quotes to re-examine from the 8-K announcing the R/S:

FOURTH: The Corporation is authorized to issue two classes of stock. One class of stock shall be common stock, par value $0.001, of which the Corporation shall have the authority to issue 750,000,000 shares. The second class of stock shall be blank check preferred stock, par value $0.001, of which the corporation shall have the authority to issue 10,000,000 shares. The preferred stock, or any series thereof, shall have such designations, preferences and relative, participating, optional or other special rights and qualifications, limitations or restrictions thereof as shall be expressed in the resolution or resolutions providing for the issue of such stock adopted by the board of directors and may be made dependent upon facts ascertainable outside such resolution or resolutions of the board of directors, provided that the matter in which such facts shall operate upon such designations, preferences, rights and qualifications; limitations or restrictions of such class or series of stock is clearly and expressly set forth in the resolution or resolutions providing for the issuance of such stock by the board of directors.

The 702,171,901 issued and outstanding shares of the Corporation’s common stock outstanding shall be reverse split, on a one hundred (100) to one (1) share ratio, with each one hundred (100) currently issued and outstanding shares of the Corporation’s common stock being replaced by one (1) share of post-split common stock. Par value shall remain unchanged. All other rights and privileges of the common stock shall remain unchanged. Preferred stock shall not be affected by this Amendment. Any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole number.

The Amendment of the Certificate of Incorporation, as amended, herein shall be effective as of January 31, 2012.

So, the remaining shares which are not in the market, but are still in the company treasury (assumably) ARE NOT AFFECTED by the reverse split. So approximately 47M shares will still be available to be purchased BESIDES the "NEW" 7M "post-split shares" which are currently on the market.

So, the S/S will be actually 54M authorized shares and (I think) 7M outstanding. If this is a strong company coming into SNRY, that is a pretty good share structure.

Preferred shares ARE NOT affected by the R/S. So, there is still 10M preferred shares authorized by the company.

"Effective as of January 31, 2012" means that the R/S should have already been placed in effect. I don't get it.