--- schema_version: "secwatch.filing_event.v1" accession: "0001213900-22-068727" form_type: "8-K" ticker: "IPSI" cik: "0001591913" company_name: "Innovative Payment Solutions, Inc." filed_at: "2022-11-02T23:59:59+00:00" generated_at: "2026-06-22T13:55:16.748566+00:00" event_type: "other" sentiment: "neutral" materiality_score: 0.55 calibrated_materiality_score: 0.55 confidence: "high" source: SEC EDGAR --- # Shareholders approve reverse stock split; reject preferred stock amendment at annual meeting ## Summary - Elected all five director nominees: William Corbett, Richard Rosenblum, Madisson Corbett, Clifford Henry, David Rios. - Ratified RBSM LLP as independent auditor for FY2022 with 248.6M shares for, 15M against. - Approved reverse stock split amendment (1:2 to 1:30) with board discretion until Nov 2, 2024; 255M for, 8.5M against. - Rejected preferred stock amendment to authorize board to fix designations; 145M for, 18M against, 35.9M abstain. - Approved adjournment of meeting (not used); 227M for, 3.6M against. ## SEC filing metadata - accession: 0001213900-22-068727 - form_type: 8-K - ticker: IPSI - cik: 0001591913 - company_name: Innovative Payment Solutions, Inc. - filed_at: 2022-11-02T23:59:59+00:00 - event_type: other - sentiment: neutral - materiality_score: 0.55 - calibrated_materiality_score: 0.55 - confidence: high - sec_items: 5.07 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1591913/000121390022068727/0001213900-22-068727-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1591913/000121390022068727/ea167958-8k_innovative.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001213900-22-068727 - JSON: https://secwatch.observer/filing/0001213900-22-068727.json - Plain text: https://secwatch.observer/filing/0001213900-22-068727.txt ## Key facts - Shareholder Votes Innovative Payment Solutions, Inc. shareholders rejected Approval of an amendment to the Company’s Articles of Incorporation to provide the board of directors with the authority to, at its discretion, fix by resolution or resolutions, the designations, rights and privileges of the Company’s authorized preferred stock at the 2022-11-02 meeting. - Proposal: charter amendment - Outcome: failed - Meeting: 2022-11-02 source text: Proposal No. 4 – Approval of an amendment to the Company’s Articles of Incorporation to provide the board of directors with the authority to, at its discretion, fix by resolution or resolutions, the designations, rights and privileges of the Company’s authorized preferred stock An amendment to the Company’s Articles of Incorporation to provide the Company’s board of directors with the authority, at its discretion, to fix by resolution or resolutions, the designations, rights, and privileges of the Company’s authorized preferred stock was not approved. The voting results were as follows: Shares Voted For Shares Voted Against Shares Abstaining Broker Non-Vote 145,049,250 18,118,135 35,943,843 66,207,502 evidence_url: https://www.sec.gov/Archives/edgar/data/1591913/000121390022068727/0001213900-22-068727-index.htm - Shareholder Votes Innovative Payment Solutions, Inc. shareholders approved Ratification of the appointment of independent registered public accounting firm at the 2022-11-02 meeting. - Proposal: auditor ratification - Outcome: passed - Meeting: 2022-11-02 source text: Proposal No. 2 – Ratification of the appointment of independent registered public accounting firm The appointment of RBSM LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2022 was ratified. The voting results were as follows: Shares Voted For Shares Voted Against Shares Abstaining Broker Non-Vote 248,607,355 15,029,345 1,682,030 n/a evidence_url: https://www.sec.gov/Archives/edgar/data/1591913/000121390022068727/0001213900-22-068727-index.htm - Shareholder Votes Innovative Payment Solutions, Inc. shareholders approved Election of Directors at the 2022-11-02 meeting. - Proposal: director election - Outcome: passed - Meeting: 2022-11-02 source text: Proposal No. 1 – Election of Directors William D. Corbett, Richard Rosenblum, Madisson G. Corbett, Clifford Henry and David Rios were each elected as a director to serve for a one-year term that expires at the 2022 annual meeting of stockholders or until their successors shall be elected and qualified. The voting results were as follows: Nominee Shares Voted For Shares Withheld Broker Non-Vote William D. Corbett 177,223,133 21,888,095 66,207,502 Richard Rosenblum 147,563,408 51,547,820 66,207,502 Madisson G. Corbett 163,353,921 35,757,307 66,207,502 Clifford W. Henry 147,365,918 51,745,310 66,207,502 David Rios 147,162,003 51,949,225 66,207,502 evidence_url: https://www.sec.gov/Archives/edgar/data/1591913/000121390022068727/0001213900-22-068727-index.htm - Shareholder Votes Innovative Payment Solutions, Inc. shareholders approved Approval of an amendment to the Company’s Articles of Incorporation to effect a reverse stock split of the issued and outstanding shares of common stock at a ratio to be determined in the discretion of the board of directors within a range of one (1) share of common stock for every two (2) to thirty at the 2022-11-02 meeting. - Proposal: reverse split - Outcome: passed - Meeting: 2022-11-02 source text: Proposal No. 3 – Approval of an amendment to the Company’s Articles of Incorporation to effect a reverse stock split of the issued and outstanding shares of common stock at a ratio to be determined in the discretion of the board of directors within a range of one (1) share of common stock for every two (2) to thirty (30) shares of common stock An amendment to the Company’s Articles of Incorporation to effect the reverse stock split at a ratio to be determined at the discretion of the Company’s board of directors during a two year period ending on November 2, 2024 within a range of one (1) share of common stock for every two (2) to thirty (30) shares of common stock was approved. The voting results were as follows: Shares Voted For Shares Voted Against Shares Abstaining Broker Non-Vote 255,141,894 8,538,514 1,638,322 n/a evidence_url: https://www.sec.gov/Archives/edgar/data/1591913/000121390022068727/0001213900-22-068727-index.htm - Shareholder Votes Innovative Payment Solutions, Inc. shareholders approved Approval of the adjournment of the Annual Meeting at the 2022-11-02 meeting. - Outcome: passed - Meeting: 2022-11-02 source text: Proposal No. 5 – Approval of the adjournment of the Annual Meeting The adjournment of the annual meeting was approved, although no adjournment was undertaken. The voting results were as follows: Shares Voted For Shares Voted Against Shares Abstaining Broker Non-Vote 227,272,420 3,550,119 34,496,191 n/a evidence_url: https://www.sec.gov/Archives/edgar/data/1591913/000121390022068727/0001213900-22-068727-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.