“ PLEASE NOTE THAT THE REVERSE STOCK SPLIT WILL NOT HAVE ANY EFFECT ON THE NUMBER OF AUTHORIZED SHARES.”
“ The principal effect of the Reverse Stock Split will be that the number of shares of Common Stock issued and outstanding will be reduced from 974,728,678 shares of Common Stock as of the Record Date to approximately between 9,747,287 and 974,729 shares (depending on the number of fractional shares that are issued or cancelled and depending on the range chosen by the Board)”
Based on the above, there are 1billion shares authorized and they will have no impact to a reverse split. If a 100:1 reverse split is approved current shareholders will own 9,747,287 shares out of 1 billion authorized. If a 1,000:1 reverse split is approved current outstanding holders will own 974,729 shares out of 1 billion authorized. Note: current shareholders own 974,728,678 shares out of 1 billion authorized.
So, who is still in favor of a reverse split even if it gets snpw listed on a new exchange - not me.
Note: The above is directly from the 14c filing which authorizes the Board to effect a reverse split, or not, between parameters at their discretion. I do not believe they have effected one as of this post - and I hope they don’t effect one.
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