secwatch.observer — SEC 8-K summary
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Issuer:     USBC, Inc. (USBC)
CIK:        0001074828
Form:       8-K
Filed at:   2023-08-14T23:59:59+00:00
Accession:  0001654954-23-010775
Event type: other_material
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Know Labs files restated articles, corrects 2013 vote; amends preferred stock terms
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- 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- Series F preferred stock designation withdrawn; no shares were ever issued.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1074828/000165495423010775/0001654954-23-010775-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1074828/000165495423010775/know_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-010775

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer