Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
Year.
As more fully described in Item 1.01 and Item 3.02 above, upon conversion of our
Series A, Series B-1, Series B-2 and 18 shares of our Series D Preferred Stock
expected to be converted we expect to file a Certificate of Cancellation with
the Secretary of State of the State of Nevada eliminating such series from our
authorized series of preferred stock.
On January 22, 2021, our Board of Directors authorized a possible reverse split
of our common stock at a ratio of between 1 share for every 40 shares held and 1
share for every 50 shares held, to be determined in the further discretion of
the Board. The reverse split is subject to approval by our shareholders unless
the number of authorized shares of our capital stock is reduced proportionately
in accordance with Nevada law, and may be authorized, if at all, in connection
with a recapitalization required in connection with an acquisition or similar
event. The timing of shareholder approval, whether the reverse split will
ultimately be approved by our shareholders, and the ratio is currently unknown.
Item 7.01
Regulation FD Disclosure.
On January 25, 2021, we released the press release furnished herewith as Exhibit
99.1. The Company also reiterated that it is exploring strategic alternatives
which could include one or more mergers or acquisitions in related or unrelated
businesses, asset disposals, and refinancings.
© Edgar Online, source Glimpses