secwatch.observer — SEC 8-K summary
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Issuer:     My City Builders, Inc. (MYCB)
CIK:        0001556801
Form:       8-K
Filed at:   2022-07-07T23:59:59+00:00
Accession:  0001640334-22-001437
Event type: m_and_a
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 2.01, 3.02, 3.03, 5.01, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

iMine Corporation acquires RAC Real Estate Acquisition Corp, issues Series A Preferred with voting control
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- iMine issued 100,000 Series A Preferred shares to acquire 100% of RAC Real Estate Acquisition Corp, which held $500,000 in cash.
- The Series A Preferred shares carry 10 votes each, giving holders approximately 63% voting control of iMine.
- Frank Gillen, a RAC shareholder receiving 33,334 Preferred shares, had prior NASD censure and fine in 2002 and a 2006 Utah Securities Division resolution.
- RAC had no operations since incorporation in May 2022, its sole asset being $500,000 cash from stock sales to founders.
- The acquisition resulted in a change of control as the three shareholders collectively control a majority of voting power.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1556801/000164033422001437/0001640334-22-001437-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1556801/000164033422001437/jrvs_8k.htm
  HTML page:      https://secwatch.observer/filing/0001640334-22-001437

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