ACQUIRED SALES CORP. (OTCMKTS:AQSP) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On July 30, 2019, the Company filed a certificate of designation of the relative rights and preferences of the Series B convertible preferred stock of Acquired Sales Corp. (the “Series B Designation”). In connection with the Series B Designation, the Company authorized 5,000,000 shares of its Series B Preferred Stock. to the Series B Designation, each share of Series B Preferred Stock may be converted into one share of common stock. The Series B Preferred Stock pays dividends at the rate of 3% annually. The Series B Preferred Stock dividends are cumulative if the Company does not have the necessary cash to pay the dividend when due. The Series B Preferred Stock dividends shall cease to accrue at such time as the Company’s Common Stock has closed at $7.00 per share or higher for 20 consecutive trading days after the first date that the registration statement is effective, and there have been, on average, at least 25,000 shares traded on each of those 20 consecutive trading days. The Series B Preferred Stock have no voting rights. The holders of the Series B Preferred Stock shall have voluntary conversion rights. Shares of Series B Preferred Stock are subject to Mandatory Conversion (in the discretion of the Company) at such time as the Company’s Common Stock has closed at $9.00 per share or higher for 20 consecutive trading days after the first date that the registration statement is effective, and there have been, on average, at least 50,000 shares traded on each of those 20 consecutive trading days.
The foregoing description of the Series B Designation does not purport to be complete and is qualified in its entirety by reference to the full text of the Series B Designation, which is attached as Exhibit 4.5 to this Current Report on Form 8-K and incorporated in this Item 5.03 by reference.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
Exhibit 4.5Certificate of Designation of the Relative Rights and Preferences of the Series B Convertible Preferred Stock of Acquired Sales Corp.
ACQUIRED SALES CORP Exhibit
EX-4.5 2 aqsp_ex4z5.htm EXHIBIT 4.5 CERTIFICATE OF DESIGNATION OF THE RELATIVE RIGHTS AND PREFERENCES OF THE SERIES B CONVERTIBLE PREFERRED STOCK OF ACQUIRED SALES CORP. The undersigned,…
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About ACQUIRED SALES CORP. (OTCMKTS:AQSP)
Acquired Sales Corp. is a development-stage company. The Company does not have any industrial services sector operations. The Company is focused on acquiring, and in some cases developing, real estate in the United States, especially real estate that is being used as, or that may be developable as, indoor or outdoor sports facilities, self-storage facilities, manufactured housing communities, recreational vehicle (RV) parks, or apartments/hotels. The Company is also focused on the marijuana industry in the United States and also in Canada. The Company has not generated any revenue from continuing operations.
