other material
confidence high
sentiment positive
materiality 0.75
HNO International reduces outstanding common shares by 82% via exchange of 360M shares for Series B Preferred
HNO International, Inc.
- CEO Donald Owens exchanged 245M common shares for 245K Series B Preferred shares.
- Affiliate HNO Green Fuels exchanged 115M common shares for 115K Series B Preferred shares.
- Total outstanding common shares reduced from ~434M to roughly 74M, an 82% decrease.
- Series B Preferred converts into common at a 1:1,000 ratio; no voting rights except on adverse changes.
- Transaction was exempt from registration under Section 3(a)(9) of the Securities Act; no commissions paid.