Equity plan expansion and financing actions approved
Board written consents dated June 11 and July 31, 2026 set up equity expansion, a potential reverse split, new financing, and executive equity issuances.
The equity plan share reserve was lifted by 32,000,000 to 54,250,000 shares, positioning for larger stock-based compensation programs.
A certificate amendment authorized a reverse stock split within one year at a 1-for-5 to 1-for-12 ratio to support Nasdaq bid-price compliance.
Stockholder written consent dated July 31, 2026 backed Series C Convertible Non-Voting Preferred Stock financing, with up to $30 million stated value.
The consent also cleared equity awards for CEO Michael D. Farkas, including a $2 million annual stock salary, performance equity, market-cap bonuses, and an $8.16 million signing grant.
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