Soluna issues super-voting Series X preferred to Secretary for reverse stock split vote

Soluna Holdings, Inc

Secretary David Michaels purchased one share of Series X Preferred for $5,000 cash on May 23, 2023.
The Series X share carries 50 million votes, solely on any reverse stock split proposal.
Transfer prohibited before stockholder approval of reverse split without board consent.
Redemption price is $5,000 per share; no liquidation or dividend rights.
Issuance creates concentrated voting control for an insider on a key corporate action.

item 1.01 item 5.03 item 3.02 item 3.03 item 9.01

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

Soluna Holdings, Inc: Filed a certificate of designation for Series X Preferred Stock with 50,000,000 votes, voting only on Reverse Stock Split, no liquidation rights, and transfer restrictions (effective 2023-05-19).

Change: charter amendment
Effective: 2023-05-19

Exact text from the filing

On May 19, 2023, the Company filed a certificate of designation (the “Certificate of Designation”) with the Secretary of State of Delaware, effective as of the time of filing, designating the rights, preferences, privileges and restrictions of the share of Preferred Stock.

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Soluna Holdings, Inc filing history →

Source: SEC EDGAR

accession 0001493152-23-019328

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