$UMAX Update (Must read): Below is list of the still outstanding items we have announced which have not been completed along with the time frames for completion.
Cancellation of Common Stock – On November 2, 2020, UMAX announced the cancellation of 500,000,000 shares of its Common Stock thus lowering the amount of common stock issued and outstanding to less than 65,000,000 shares of Common Stock. This planned cancellation has been delayed due to the market value of the certificates being cancelled when attempting to get the required gold medallion signature guarantees through an appropriate banking institution. We are currently in discussions with our stock transfer agent in finding an appropriate resolution to allow this cancellation to get completed. UMAX anticipates this issue will be resolved in the next two to three weeks.
Lowering of Authorized Common Stock – On November 17, 2020, UMAX announced the plans to amend our articles of incorporation from 1,850,000,000 to 500,000,000 shares of Common Stock. As stated in the press release, this lowering of our authorized Common Stock would allow UMAX to trade under a relatively normalized market capitalization with the market's understanding that as we make our future acquisitions, the current shareholders will not suffer significant dilution of their holdings. UMAX will immediately effectuate this amendment to our articles of incorporation shortly after the cancellation of the Common Stock block discussed above is finally completed."
Engagement of a PCAOB Qualified Auditor – On December 28, 2020, UMAX announced the plan to engage a PCAOB qualified auditor, the subsequent completion of an audit of its financial statements, and an up listing to the OTCQB once completed. UMAX is currently set to receive several engagement letters in the next ten days at which such time, we will execute and engagement letter to move forward with the preparation of our audited financial statements. As such, once a PCAOB auditor is engaged in the next two weeks or less, that is will take between sixty (6) and Ninety (90) days to complete the FYE 2020 and 2019 audited financial statements and notes thereto at which such time the application to OTC Market Groups, Inc. will be completed for UMAX to move to the OTCQB.
Cancellation of Common Stock – On November 2, 2020, UMAX announced the cancellation of 500,000,000 shares of its Common Stock thus lowering the amount of common stock issued and outstanding to less than 65,000,000 shares of Common Stock. This planned cancellation has been delayed due to the market value of the certificates being cancelled when attempting to get the required gold medallion signature guarantees through an appropriate banking institution. We are currently in discussions with our stock transfer agent in finding an appropriate resolution to allow this cancellation to get completed. UMAX anticipates this issue will be resolved in the next two to three weeks.
Lowering of Authorized Common Stock – On November 17, 2020, UMAX announced the plans to amend our articles of incorporation from 1,850,000,000 to 500,000,000 shares of Common Stock. As stated in the press release, this lowering of our authorized Common Stock would allow UMAX to trade under a relatively normalized market capitalization with the market's understanding that as we make our future acquisitions, the current shareholders will not suffer significant dilution of their holdings. UMAX will immediately effectuate this amendment to our articles of incorporation shortly after the cancellation of the Common Stock block discussed above is finally completed."
Engagement of a PCAOB Qualified Auditor – On December 28, 2020, UMAX announced the plan to engage a PCAOB qualified auditor, the subsequent completion of an audit of its financial statements, and an up listing to the OTCQB once completed. UMAX is currently set to receive several engagement letters in the next ten days at which such time, we will execute and engagement letter to move forward with the preparation of our audited financial statements. As such, once a PCAOB auditor is engaged in the next two weeks or less, that is will take between sixty (6) and Ninety (90) days to complete the FYE 2020 and 2019 audited financial statements and notes thereto at which such time the application to OTC Market Groups, Inc. will be completed for UMAX to move to the OTCQB.
