Know Labs files restated articles, corrects 2013 vote; amends preferred stock terms

USBC, Inc.

Discovered 2013 shareholder vote on articles amendment was not valid; filed restated articles omitting that amendment.
Series C & D preferred stock underwent 1-for-100 reverse splits; stated value multiplied by 100 to maintain economics.
Dividends on Series C and D changed from 8% cash to pay-in-kind (PIK) in new shares; no cash dividends going forward.
Series D automatic conversion trigger revised: requires stock price ≥$2.50 for 20 days and $200k avg volume.
Series F preferred stock designation withdrawn; no shares were ever issued.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

USBC, Inc.: Filed restated articles of incorporation to correct prior unapproved amendments from 2013 annual meeting, incorporating all valid amendments prior to and after 2013 (effective 2023-08-11).

Change: charter amendment
Effective: 2023-08-11

Exact text from the filing

On August 11, 2023, we filed restated articles of incorporation with the Nevada Secretary of State, which present the entire text of our Articles, as amended prior to the 2013 Annual Meeting, and as further amended by the Subsequent Amendments, but disregarding the amendments proposed in Proposal 3 at the 2013 Annual Meeting.

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USBC, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-23-010775

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