Impact BioMedical exchanges majority holder's common shares for preferred; enacts 1-for-55 reverse stock split

IMPACT BIOMEDICAL INC.

Exchanged 60,496,091 common shares held by majority shareholder DBH for 60,496,091 Series A Convertible Preferred shares.
Series A preferred votes on as-converted basis (1:1), no dividend rights, convertible to common 1:1 after 75 days.
Reverse stock split of issued common stock at 1-for-55 ratio effected on October 31, 2023; authorized shares unchanged.
DBH remains a shareholder with 1,178,882 common shares post-exchange; Board and majority stockholder approved split.
Series A preferred carries liquidation preference equal to net assets; no amendment to articles executed for split.

item 1.01 item 3.03 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IMPACT BIOMEDICAL INC. entered into Share Exchange Agreement with DSS BioHealth Security, Inc. (effective 2023-10-31).

Action: entry
Agreement: equity purchase
Counterparty: DSS BioHealth Security, Inc.
Effective: 2023-10-31

Exact text from the filing

Impact BioMedical, Inc. (the “Company”), entered into a Share Exchange Agreement (the “Exchange Agreement”) with DSS BioHealth Security, Inc. (“DBH”), pursuant to which, DBH agreed to exchange 60,496,091 shares of the Company’s common stock for 60,496,091 shares of Series A Convertible Preferred Stock

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IMPACT BIOMEDICAL INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-039584

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