other material
confidence high
sentiment neutral
materiality 0.75
Accredited Solutions exchanges 33.2M common shares for 13,000 Series A preferred shares with super voting rights
Accredited Solutions, Inc.
- Three insider exchange agreements: Deneault (5,500 preferred), Newlan (5,500), Sluss (2,000) for 33,166,670 common shares cancelled.
- Series A preferred carry voting rights equal to 2x the sum of outstanding common and other preferred shares outstanding.
- Each preferred share convertible into 0.001% of outstanding common at conversion; 1,000 shares convert to 1% of common.
- Certificate of Designation creates 15,000 Series A shares; dividends and liquidation treated pari passu with common.
- Exchange expected to close October 13, 2022; exchanged common shares returned to authorized but unissued status.