You don't need to raise the OS to have voting con
Post# of 13666
(Total Views: 121)
Posted On: 02/18/2024 1:23:55 PM
Re: Wallstreet1234 #6315
You don't need to raise the OS to have voting control of the company
Series A Preferred Stock was no effected in the RS so Campanella still retains the equivalent to 1,500,000,000 votes.
The OS would only have to be raise 244192 shares to give the lend(s) 49.995% of the company.
Quote:
Applicable percentage ownership is based on 974,953,335 shares of common stock outstanding as of April 13, 2021. Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities. Shares of common stock that are currently exercisable or exercisable within 60 days of are deemed to be beneficially owned by the person holding such securities for computing the percentage of ownership of such person but are not treated as outstanding for computing the percentage ownership of any other person. Nicholas Campanella, our Chairman and Chief Executive Officer holds 12,000,000 shares of Series A Preferred Stock as of April 17, 2023. The Series A Preferred Stock has voting rights equal to 125 votes on all matters submitted to a vote to the stockholders of the Company, does not have conversion, dividend or distribution upon liquidation rights. As a result, Mr. Campanella has the equivalent to 1,500,000,000 votes. Therefore, although the officers, directors and beneficial holders of shares greater than 5% of the common stock have voting rights equal to 3.48% of the voting rights of the common stock, this amounts to only 3.67% of the total voting rights available. Mr. Campanella thus has just over 50% of the total voting rights.
Series A Preferred Stock was no effected in the RS so Campanella still retains the equivalent to 1,500,000,000 votes.
The OS would only have to be raise 244192 shares to give the lend(s) 49.995% of the company.
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