secwatch.observer — SEC 8-K summary
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Issuer:     IMPACT BIOMEDICAL INC. (IBO)
CIK:        0001834105
Form:       8-K
Filed at:   2023-11-06T23:59:59+00:00
Accession:  0001493152-23-039584
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 3.03, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1834105/000149315223039584/0001493152-23-039584-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1834105/000149315223039584/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-039584

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