Digital Brands Group issues Series B Preferred Stock to CEO with 250M votes per share for $25K

Digital Brands Group, Inc.

CEO John Hilburn Davis IV purchased one share of Series B Preferred Stock for $25,000 cash on May 30, 2023.
Preferred stock carries 250,000,000 votes per share, voting only on reverse stock split proposals, proportionally to common and Series A votes.
Preferred stock is not convertible, has no dividends, and no liquidation preference; redeemable at $25,000 at board's discretion or upon reverse split effectiveness.
The issuance was exempt from registration under Section 4(a)(2) of Securities Act.

item 1.01 item 5.03 item 3.02 item 3.03 item 9.01

Key facts

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Digital Brands Group, Inc.: Filed certificate of designation establishing a new series of Preferred Stock with specified voting, redemption, and other rights (effective 2023-05-30).

Change: charter amendment
Effective: 2023-05-30

Exact text from the filing

On May 30, 2023, the Company filed a certificate of designation (the “Certificate of Designation”) with the Secretary of State of the State of Delaware, effective as of the time of filing, designating the rights, preferences, privileges and restrictions of the share of Preferred Stock.

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Digital Brands Group, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-067138

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