More like headed toward bankruptcy, or buyout.
This story was from the 8K issued on 7/20/2016, which was paid the note holders 36K at .00042/share. - This was mentioned in the 08/01/2016 8K, So the market makers did not want the share price to get down to .0004/share because Charles would lose his safety net to pay future creditors, where we are at the low of .0008 to .0009/share. This is why it's already been discounted for.
No where in the 8K's does it state that "BTCS had recently announced that it would seek the approval of its shareholders, to adjust its capitalization." What is does say is that "While no assurances can be made, the Company intends to seek shareholder approval to adjust the Company’s capitalization." Which has not happened, and probably will never happen.
If the share price declines below .00042/share, bankruptcy will be declared, or Charles will have a buyout offer.
This situation with paying off note holders with this credit on the bottom from selling sub-penny shares will not last long if Charles can not find a buyout, or merger, so, and this is why we are waiting on news from Charles for where ever the events take us.
Since there was no approval from the shareholders, the 6.2 billion can always be retracted as part of the authorized shares with the 10.3 billion in warrants as an anti-takeover pill, and at this point never will be used.
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