When Bad New Rains, it Pours!
iBio shareholders approve 1-for-25 reverse stock split Jul. 06, 2022 10:25 AM ET
But get this...
"At a June 30 special shareholder meeting, shareholders rejected a proposal that would have reduced the number of common shares from 275M to 22M after the reverse split."
What? Now that is funny.
Shareholders got screwed on that one but funny no one posted how they did the jedi mind trick.
So see, what shareholder voted for was not to reduce the Authorized Shares
2. an amendment to our Certificate of Incorporation, as amended, to decrease, immediately following and conditioned upon the effectiveness of the Reverse Stock Split, the number of authorized shares of Common Stock (the “Authorized Share Decrease”) from 275,000,000 to 22,000,000 (the “Authorized Share Decrease Proposal”); and
No who in the world wouldn't WANT that after a horrendous reverse split.
Now here comes the fun part. Are you ready???
Majority of Common shareholders were dead set against the HUGE reverse split like they were last year. So they voted NO on that which was...
"1, an amendment to our Certificate of Incorporation, as amended, to effect a reverse stock split (the “Reverse Stock Split”) of our issued and outstanding shares of Common Stock, $0.001 par value per share (the “Common Stock”), at the ratio of one (1) share of Common Stock for every twenty five (25) shares of Common Stock (the “Reverse Stock Split Ratio”), such amendment to be effected after stockholder approval thereof only in the event the Board of Directors still deems it advisable (the “Reverse Stock Split Proposal”);"
But they didn't think that #1 was going to pass anyway with the special voting powers of the 1000 shares recently introduce a month prior and #1 was ALL those shares could vote on.
So the majority of common shareholders voted No on #1 AND #2.
#1 passed because of the super vote shares and #2 didn't because those shares couldn't vote on #2. They probably would have said No, but didn't even have to, because majority of common shareholders did the dirty work for them.
Brilliant move for IBIO $5M dollar CEO. Really, really bad for shareholders.
Now why would they need all the Authorized Shares in reserves?
Well, I did mention they will run out of funding within a year, especially of the super high priced management team doesn't take a pay cut.
I predict .12 is coming sooner than you think
iBio shareholders approve 1-for-25 reverse stock split Jul. 06, 2022 10:25 AM ET
But get this...
"At a June 30 special shareholder meeting, shareholders rejected a proposal that would have reduced the number of common shares from 275M to 22M after the reverse split."
What? Now that is funny.
Shareholders got screwed on that one but funny no one posted how they did the jedi mind trick.
So see, what shareholder voted for was not to reduce the Authorized Shares
2. an amendment to our Certificate of Incorporation, as amended, to decrease, immediately following and conditioned upon the effectiveness of the Reverse Stock Split, the number of authorized shares of Common Stock (the “Authorized Share Decrease”) from 275,000,000 to 22,000,000 (the “Authorized Share Decrease Proposal”); and
No who in the world wouldn't WANT that after a horrendous reverse split.
Now here comes the fun part. Are you ready???
Majority of Common shareholders were dead set against the HUGE reverse split like they were last year. So they voted NO on that which was...
"1, an amendment to our Certificate of Incorporation, as amended, to effect a reverse stock split (the “Reverse Stock Split”) of our issued and outstanding shares of Common Stock, $0.001 par value per share (the “Common Stock”), at the ratio of one (1) share of Common Stock for every twenty five (25) shares of Common Stock (the “Reverse Stock Split Ratio”), such amendment to be effected after stockholder approval thereof only in the event the Board of Directors still deems it advisable (the “Reverse Stock Split Proposal”);"
But they didn't think that #1 was going to pass anyway with the special voting powers of the 1000 shares recently introduce a month prior and #1 was ALL those shares could vote on.
So the majority of common shareholders voted No on #1 AND #2.
#1 passed because of the super vote shares and #2 didn't because those shares couldn't vote on #2. They probably would have said No, but didn't even have to, because majority of common shareholders did the dirty work for them.
Brilliant move for IBIO $5M dollar CEO. Really, really bad for shareholders.
Now why would they need all the Authorized Shares in reserves?
Well, I did mention they will run out of funding within a year, especially of the super high priced management team doesn't take a pay cut.
I predict .12 is coming sooner than you think
