The Company, as authorized by the necessary actions of its board of directors and stockholders, has approved the adoption of a reverse stock split at a split ratio of 8,484-to-1, whereby record owners of the Company’s Common Stock as of the close of business on the Effective Date, shall, after the Effective Date, own one share of Common Stock for every 8,484 shares held as of the close of business on the Effective Date (the “Reverse Split”). The Reverse Split will become effective as of the close of business on the Effective Date.
The capital accounts of the Company shall remain unaffected by the Reverse Split and, consequently, upon such Reverse Split, the stated value of the Common Stock will remain the same as before the Reverse Split. The par value of the Common Stock will remain $0.00001 per share. The Common Stock issued pursuant to the Reverse Split will be fully paid and non-assessable.
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