Replies to post #344703 on Elite Pharmaceuticals Inc (ELTP)

[dr_lowenstein]

looks like the exact proof we were expecting thanks

[no2koolaid]

Any quotes attributed to links I offer are carefully thought and, if truncated, are done to aid in reducing the unnecessary verbiage. Having said that, I also read the quotes carefully and ensure that they say what I think they say. Ergo, I am not missing something in reading comprehension. So, when I read the quote below, I can only say thank you for having made my point. That is - a reverse split by itself does not have a corresponding reduction in the authorized shares. The example makes clear and confirms what has been said...A reduction in both outstanding and authorized shares is only possible with a shareholder vote to approve the reduction of BOTH.

So, not to marginalize, mitigate, minimize, or misconstrue the quote, here is it in its entirety as provided. Please note the words that clearly and convincingly confirm the veracity of my argument.

Quote:
OKLAHOMA CITY, April 13, 2020 /PRNewswire/ -- Chesapeake Energy Corporation (NYSE: CHK) (the "Company") today announced that, at a special meeting of shareholders of the Company held on April 13, 2020, its shareholders voted to approve: (i) a proposal authorizing the Board of Directors of the Company to effect a reverse stock split of the Company's issued and outstanding common stock at a ratio ranging from 1-for-50 (1:50) to 1-for-200 (1:200) and (ii) a proposal to reduce the total number of authorized shares of the Company's common stock as determined by a formula based on two-thirds of the reverse stock split ratio.

It was a highly customized approach, as the prorated formula should make clear.