Veritas Farms adopts 2023 equity plan; authorized common to 800M, preferred to 20M

Veritas Farms, Inc.

Board adopted 2023 Equity Incentive Plan, authorizing up to 40M shares plus annual 10% evergreen increase.
Stockholder majority approved increase of authorized common from 200M to 800M shares and preferred from 5M to 20M shares.
Majority stockholder holding ~10.9% of common, ~90.9% of Series A preferred, and 100% of Series B preferred provided written consent.
Plan replaces 2017 Stock Incentive Plan; no further grants under 2017 Plan after effective date.

Key facts

Extracted from this filing and checked against the source text.

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

Veritas Farms, Inc.: Amended and Restated Articles to increase authorized common stock from 200M to 800M shares and preferred stock from 5M to 20M shares (effective 2023-04-04).

Change: charter amendment
Effective: 2023-04-04

Exact text from the filing

the Company’s Board of Directors unanimously approved and adopted a resolution seeking stockholder approval to authorize the Board of Directors to amend the Amended and Restated Articles of Incorporation of the Company dated October 13, 2017 (“Amended and Restated Articles”) to increase the number of authorized shares of common stock from 200,000,000 shares to 800,000,000 shares (the “Authorized Common Share Increase Amendment”) and to increase the number of authorized shares of ‘blank check’ preferred stock from 5,000,000 shares to 20,000,000 shares (the “Authorized Preferred Share Increase Amendment”, and collectively with the Authorized Common Share Increase Amendment, the “Authorized Shares Increase Amendment”).

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Source: SEC EDGAR

accession 0001213900-23-028085

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