Landbay Inc corrects 2021 charter amendment, restores original capital structure

Landbay Inc

2021 amendment increased authorized Class A common from 30M to 100M shares and added 20M preferred shares but lacked required Schedule 14C.
On March 21, 2024, Board and majority shareholders approved a new amendment reversing that, restoring 30M Class A common shares and eliminating preferred stock.
No shares were issued under the invalid amendment; outstanding shares remained 30M Class A common throughout the period.

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

Landbay Inc: Reversed previous amendment to articles of incorporation, returning authorized shares to 30,000,000 Class A Common and eliminating Preferred Stock (effective 2024-03-21).

Change: charter amendment
Effective: 2024-03-21

Exact text from the filing

on March 21, 2024, pursuant to approval of the Company’s Board of Directors and of a vote from a majority of the Company’s shareholders, a new amendment was filed with the State of New York reversing the Previous Amendment and restating the capitalization back to its original 30,000,000 shares of Class A Common Stock and eliminating any reference to Preferred Stock (the “New Amendment”). The New Amendment filed with New York State was effective on March 21, 2024.

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Source: SEC EDGAR

accession 0001493152-24-011130

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