Interim Increase to Authorized Common Share CapitalIn October 2012, the Board recommended and a majority of shareholders approved an increase to the authorized common stock of the Company, increasing the authorized common stock from 1,500,000,000 common shares to 3,000,000,000 common shares. At the time of the increase, there were approximately 1,500,000,000 common shares issued and outstanding with additional share issuance obligations due. The Board believed an increase to authorized common shares was required in order to meet these interim obligations during the FINRA review period for the reverse stock split. Without this increase, the Company would have defaulted in meeting those obligations.
Viral Genetics Announces Details Of Corporate Restructuring, Including Name Change, Reverse Stock Split And Increase To Authorized Capital
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