its a rs/fs to cashout players with only a small h
Post# of 98042
Posted On: 02/25/2016 10:38:35 AM
Re: tommyboyboy #45266
its a rs/fs to cashout players with only a small holding it does nothing in essence, but reduce # of shareholders, then will probably quit filing or go private Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
On February 17, 2016, IEG Holdings Corporation (the “Company”) filed Articles of Amendment to the amended and restated articles of incorporation of the Company (the “Articles of Amendment Effecting the Reverse Split”) with the Secretary of State of the State of Florida to effect as of 6:00 p.m., Eastern Time, on March 28, 2016 a one-for-one hundred reverse stock split (the “Reverse Split”) of the Company’s common stock, par value $0.001 per share (“Common Stock”). In accordance with the Articles of Amendment Effecting the Reverse Split, immediately prior to the Reverse Split on March 28, 2016, the Company will pay in cash to those shareholders holding fewer than 100 shares of common stock, instead of issuing fractional shares, an amount per share equal to the average closing price per share of the common stock on the OTCQB, averaged over the period of 30 consecutive calendar days ending on (and including) March 28, 2016, without interest. The foregoing description is subject to, and qualified in its entirety by the Articles of Amendment Effecting the Reverse Split attached as Exhibit 3.1 hereto and incorporated herein by reference.
On February 17, 2016, the Company filed Articles of Amendment to the amended and restated articles of incorporation of the Company (the “Articles of Amendment Effecting the Forward Split/Reduction in Authorized Shares”) with the Secretary of State of the State of Florida to effect as of 6:01 p.m., Eastern Time, March 28, 2016 (i) a one hundred-for-one forward stock split of the Common Stock (the “Forward Split,” and together with the Reverse Split, the “Reverse/Forward Split”) and (ii) a reduction in the number of authorized shares of Common Stock from 3,000,000,000 to 200,000,000 (“Reduction in Authorized Shares of Common Stock”). The foregoing description is subject to, and qualified in its entirety by the Articles of Amendment Effecting the Forward Split/Reduction in Authorized Shares attached as Exhibit 3.2 hereto and incorporated herein by reference.
The Reverse/Forward Split and Reduction in Authorized Shares of Common Stock had been approved by the Company’s Board of Directors and the holder of a majority of the voting power of the issued and outstanding capital stock of the Company, as required, on January 14, 2016.
On February 17, 2016, IEG Holdings Corporation (the “Company”) filed Articles of Amendment to the amended and restated articles of incorporation of the Company (the “Articles of Amendment Effecting the Reverse Split”) with the Secretary of State of the State of Florida to effect as of 6:00 p.m., Eastern Time, on March 28, 2016 a one-for-one hundred reverse stock split (the “Reverse Split”) of the Company’s common stock, par value $0.001 per share (“Common Stock”). In accordance with the Articles of Amendment Effecting the Reverse Split, immediately prior to the Reverse Split on March 28, 2016, the Company will pay in cash to those shareholders holding fewer than 100 shares of common stock, instead of issuing fractional shares, an amount per share equal to the average closing price per share of the common stock on the OTCQB, averaged over the period of 30 consecutive calendar days ending on (and including) March 28, 2016, without interest. The foregoing description is subject to, and qualified in its entirety by the Articles of Amendment Effecting the Reverse Split attached as Exhibit 3.1 hereto and incorporated herein by reference.
On February 17, 2016, the Company filed Articles of Amendment to the amended and restated articles of incorporation of the Company (the “Articles of Amendment Effecting the Forward Split/Reduction in Authorized Shares”) with the Secretary of State of the State of Florida to effect as of 6:01 p.m., Eastern Time, March 28, 2016 (i) a one hundred-for-one forward stock split of the Common Stock (the “Forward Split,” and together with the Reverse Split, the “Reverse/Forward Split”) and (ii) a reduction in the number of authorized shares of Common Stock from 3,000,000,000 to 200,000,000 (“Reduction in Authorized Shares of Common Stock”). The foregoing description is subject to, and qualified in its entirety by the Articles of Amendment Effecting the Forward Split/Reduction in Authorized Shares attached as Exhibit 3.2 hereto and incorporated herein by reference.
The Reverse/Forward Split and Reduction in Authorized Shares of Common Stock had been approved by the Company’s Board of Directors and the holder of a majority of the voting power of the issued and outstanding capital stock of the Company, as required, on January 14, 2016.
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