Titan Environmental Solutions creates Series B Convertible Preferred Stock, no shares issued

Titan Environmental Solutions Inc.

Authorized 1,360,000 shares of Series B Convertible Preferred Stock with $10.00 stated value.
Series B ranks senior to Series A and common for dividends and liquidation.
Dividend rate 10% per annum (15% upon triggering event); redemption at 130% of stated value.
Holders have conversion rights and consent rights over adverse charter/bylaw amendments.
As of April 4, 2024, no shares of Series B have been issued.

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

Titan Environmental Solutions Inc.: Filed an amendment to the Certificate of Designation, creating Series B Convertible Preferred Stock and amending its terms (effective 2024-04-03).

Change: charter amendment
Effective: 2024-04-03

Exact text from the filing

On April 3, 2023, the Company filed an amendment to the Certificate of Designation in which it amended certain provisions thereof

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Source: SEC EDGAR

accession 0001493152-24-013229

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