Proposal 1: To increase the authorized shares of Common Stock of the Company from 50 billion shares to 250 billion shares.
Proposal 2: To approve an amendment to our Certificate of Incorporation, as amended, to effect a reverse stock split of all of the outstanding shares of our Common Stock, at a specific ratio from 1-for-2,000 to 1-for-10,000, and grant authorization to our Board of Directors to determine, in its discretion, the specific ratio and timing of the reverse split any time before December 31, 2022, subject to the Board of Directors’ discretion to abandon such amendment.
The stockholder approval of the above proposals will not be effective until 20 days after an information statement that has been filed with the Securities and Exchange Commission is mailed to the holders of the Common Stock and Series F Preferred Stock.
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