Doubt a number of shareholders felt like they had an equity stake when the 14c for a potential reverse split was approved and filed without a general vote. “Certain of our shareholders”.
“ This Information Statement is furnished to holders of shares of common stock, par value $0.001 per share (the “Common Stock”), of Sun Pacific Holding Corp. (the “Company”). Our Board of Directors (the “Board”) approved on February 18, 2022 and recommended the approval by our stockholders, of the following corporate actions (“Corporate Actions”):
1. To authorize the Board the Option to effectuate a reverse stock split of our issued and outstanding shares of Common Stock (the “Reverse Stock Split Option”), at the sole discretion of the Board within 12 months of this Information Statement, without the issuance of another Information Statement, within the range of 100:1 through 1000:1.
Certain of our stockholders, holding a majority of our voting power on February 18, 2022 (the “Record Date”), approved the Corporate Actions by written consent in lieu of a special meeting of stockholders.
As a matter of regulatory compliance, we are sending to you this Information Statement which describes the purpose and provisions of the contemplated Corporate Actions.”
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