Form 8-K for GREENWOOD GOLD RESOURCES, INC.
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26-Mar-2012
Other Events
Item 8.01 Other Events
On February 6, 2012, the Board of Directors of Greenwood Gold Resources, Inc., a corporation organized under the laws of the State of Nevada (the "Company") and the controlling shareholder of the Company approved the reverse split of the issued and outstanding shares of the Company on the basis of 1 share for every 500 shares then issued and outstanding. The record date for the reverse split was set at February 20, 2012.
On March 22, 2012, FINRA advised the Company that they have finalized their review and that the Effective Date for the reverse split is March 23, 2012.
As of that date and for the subsequent 20 days thereafter the Company will trade under the symbol GGRID.
At the time of the reverse split the issued and outstanding shares were 21, 699,975. After giving effect to the reverse split the issued and outstanding shares will be 424,000.
The action for the reverse split was undertaken by way of NRS78-2055 of the Nevada Revised Statutes whereby:
"A corporation that desires to decrease the number of issued and outstanding shares of a class or series held by each stockholder of record at the effective date and time of the change without correspondingly decreasing the number of authorized shares of the same class or series may do so if:
(a) The board of directors adopts a resolution setting forth the proposal to decrease the number of issued and outstanding shares of a class or series; and
(b) The proposal is approved by the vote of stockholders holding a majority of the voting power of the affected class or series, or such greater proportion as may be provided in the articles of incorporation, regardless of limitations or restrictions on the voting power of the affected class or series.
2. If the proposal required by subsection 1 is approved by the stockholders entitled to vote, the corporation may reissue its stock in accordance with the proposal after the effective date and time of the change."
