GrowLife Inc (fka PHOT)

[Trained Monkey]

There was no change in the preferred stock, this is what GrowLife always has had. Note the title of the proxy statement. Increase the common, not increase the common and the preferred. If the preferred were being changed it must be disclosed.

https://research.scottrade.com/qnr/uploadhandler/z01a7110azd193b12dd67e4462a225b0a82cb09495.htm

PROPOSAL 1

CERTIFICATE OF INCORPORATION TO INCREASE THE AUTHORIZED SHARES OF COMMON STOCK



Also, the details below state there was no change in the preferred. The 10M apparently have always existed, and none are currently outstanding. A/S not O/S.


"The present capital structure of the Company authorizes 1,000,000,000 shares of Common Stock. It also authorizes 10,000,000 shares of “blank check” Preferred Stock, which may be issued from time to time in one or more series with such rights, preferences and privileges as may be determined by the Board of Directors. The Company believes that this capital structure is inadequate for the future needs of the Company. Accordingly, the Board has approved the amendment of the Company’s Certificate of Incorporation (the “Certificate”) to increase the authorized number of shares of Common Stock from 1,000,000,000 to 3,000,000,000 shares (the “Common Stock Proposal”). No change is proposed to be made with respect to the number of authorized shares of Preferred Stock."



The Board believes the Common Stock Proposal more appropriately reflects the present and future needs of the Company and recommends such amendment to the Company’s stockholders for adoption. On the Record Date, there were 738,473,611 shares of Common Stock outstanding and 0 outstanding shares of Preferred Stock

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So in conclusion, the 10M apparently have always existed, and none are currently outstanding. A/S not O/S. Whatever rights they will carry will be decided by the BOD if/when they are issued. As none exist, it is impossible to speculate what rights they may have or their value.


Not saying this is good or bad, but hopefully now we all know what we have.

I had no idea GrowLife had 10M blank check preferred shares at their disposal.

GLTU

TM