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Replies to post #1133 on Southern Concepts Restaurant Group Inc (RIBS)
OMOLIVES
03/18/24 6:51 PM
#1134 RE: fink #1133
on February 28, 2024, the Board duly adopted the following resolution providing for the authorization of 10,000 shares of the Corporation’s Series C Convertible Preferred Stock (the “Series C Stock”), to be issued to Switchback Capital, LLC (“Switchback”) who holds a 50% interest in a judgment in the aggregate amount of $2,089,517 entered on May 16, 2019 by the District Court of El Paso County, Colorado Springs, Colorado(the “Judgment”), which 50% interest in the Judgment is convertible into approximately 632,169,022 shares of the Corporation’s Common Stock. The Corporation desires to issue to Switchback 10,000 shares of the Corporation’s Series C Stock convertible into 60,688,226 shares of the Corporation’s Common Stock in exchange for the satisfaction of $100,000 of the Judgment.