secwatch.observer — SEC 8-K summary
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Issuer:     iWallet Corp (IWAL)
CIK:        0001498372
Form:       8-K
Filed at:   2024-05-24T23:59:59+00:00
Accession:  0001393905-24-000191
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

iWallet creates Series A and Series B preferred; Series B holds 2/3 voting control
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- Filed Certificate of Designation for 14M shares of Series A Preferred, convertible to common after 6 months (max 12.5%/quarter), no voting or dividend preference.
- Filed Certificate of Designation for 1M shares of Series B Preferred with super-voting rights ensuring two-thirds of total voting power, no conversion or dividend preference.
- Series B Preferred effectively grants holders permanent control of two-thirds of shareholder votes, regardless of common stock outstanding.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1498372/000139390524000191/0001393905-24-000191-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1498372/000139390524000191/iwal-20240521.htm
  HTML page:      https://secwatch.observer/filing/0001393905-24-000191

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer