TBLTW - ToughBuilt Industries Announces Distribution of Series H Preferred Stock to Holders of its Common Stock | Benzinga
IRVINE, Calif., Sept. 21, 2023 (GLOBE NEWSWIRE) -- ToughBuilt Industries Inc. (NASDAQ:TBLT, TBLTW)) ("ToughBuilt" or the "Company") today announced that its Board of Directors declared a dividend of one one-thousandth of a share of newly-designated Series H Preferred Stock, par value $0.0001 per share, for each outstanding share of ToughBuilt common stock held of record as of 5:00 p.m. Eastern Time on October 2, 2023. The shares of Series H Preferred Stock will be distributed to such recipients at 5:00 p.m. Eastern Time on October 17, 2023. The outstanding shares of Series H Preferred Stock will vote together with the outstanding shares of the Company's common stock, as a single class, exclusively with respect to a proposal giving the Board of Directors the authority, as it determines appropriate, to implement a reverse stock split, as well as any proposal to adjourn any meeting of stockholders called for the purpose of voting on the reverse stock split, and will not be entitled to vote on any other matter, except to the extent required under the Nevada Revised Statutes. Subject to certain limitations, each outstanding share of Series H Preferred Stock will have 1,000,000 votes per share (or 1,000 votes per one one-thousandth (0.001) of a share of Series H Preferred Stock).
All shares of Series H Preferred Stock that are not present in person or by proxy at the meeting of stockholders held to vote on the above described proposals as of immediately prior to the opening of the polls at such meeting will automatically be redeemed by the Company. Any outstanding shares of Series H Preferred Stock that have not been so redeemed will be redeemed if such redemption is ordered by ToughBuilt's Board of Directors or automatically upon the approval by ToughBuilt's stockholders of the above described proposals.
The Series H Preferred Stock will be uncertificated, and no shares of Series H Preferred Stock will be transferable by any holder thereof ...