Olenox Approves 3B Share Authorization, 20% Equity Issuances, 1-for-20 Reverse Split
Olenox stockholders approved increasing authorized common shares from 75 million to 3 billion and authorized a reverse stock split at a ratio between 1-for-10 and 1-for-20. They also ratified RBSM LLP as auditor, re-elected seven directors, and approved equity issuances exceeding 20% of outstanding shares.
1. Annual Meeting Approvals
On March 31, 2026, Olenox held its 2025 Annual Meeting, where stockholders re-elected seven directors—Michael McLaren, Adam Falkoff, Jill Anderson, Thomas Meharey, Paula Dobriansky, Erik Blum and Samarth Verma—and ratified the appointment of RBSM LLP as independent auditor for 2025.
2. Equity Issuances and Incentive Plan Increase
Shareholders approved issuing shares equal to or exceeding 20% of outstanding common stock under separate agreements with Generating Alpha Ltd. and JAK Industrial Ventures I LLC. They also increased the Stock Incentive Plan by 1.5 million shares with annual automatic increases of 4.5% of year-end outstanding shares through 2035.
3. Authorized Shares and Reverse Split Amendment
The company amended its articles to boost authorized common shares from 75 million to 3 billion and approved an amendment for a reverse stock split at a board-determined ratio between 1-for-10 and 1-for-20, with the option to abandon the action.
4. Rejected Merger and Preferred Conversion
Stockholders voted down the proposed merger with New Asia Holdings, Inc. and the conversion of Series A Convertible Preferred Stock into 15 common shares per preferred share, effectively halting that planned corporate combination.