Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On
The foregoing summary and description of the provisions of the Bylaw Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Bylaw Amendment, a copy of which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 8.01 Other Events.
On
As previously reported, the Reverse Stock Split was previously approved by the
Company's shareholders at the Company's
As a result of the Reverse Stock Split, every one hundred and fifty (150) shares of the issued and outstanding common stock of the Company will be converted into one (1) share of common stock. Any and all fractional shares resulting from the Reverse Split which are less than 1 (one) whole share, shall not be rounded up to the next whole share and rather such Holder shall receive a fractional pro-rata cash payment equal to 120% of the closing market price on the Record Date. Any and all fractional shares created by the Reverse Stock Split which are greater than one (1) whole share will be rounded up to the nearest whole share.
The number of authorized shares will not change as a result of the Reverse Stock Split.
The Reverse Stock Split will become effective upon announcement by
An amendment to Articles of Incorporation will also be filed citing the Reverse Stock Split.
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Description 3.1 Amendment to Second Amended and Restated Bylaws Amendment 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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