To approve the Amended Articles of Incorporation providing for the approval of a reverse stock split of our issued and outstanding shares of Common Stock at a range of 100 to 1 and 50,000 to 1 (the “Reverse Stock Split) at the sole discretion of the Board within 24 months from the date of the Board Resolution approving the Reverse Stock Split.
The Board believes that the Reverse Stock Split will help prepare the Company to meet the listing requirements of NASDAQ, NYSE, or similar exchange that requires a minimum stock price that is currently higher than our stock price at the time of this filing. We believe that a listing on such exchange can help provide benefit to our current stockholders by improving liquidity and increasing the appeal of our stock to a larger group of retail and institutional shareholders and investors.
PLEASE NOTE THAT THE REVERSE STOCK SPLIT OPTION WILL NOT CHANGE YOUR PROPORTIONATE EQUITY INTEREST IN THE COMPANY, EXCEPT AS MAY RESULT FROM THE ISSUANCE OR CANCELLATION OF SHARES PURSUANT TO THE FRACTIONAL SHARES.
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