DANIELS CORPORATE ADVISORY COMPANY, INC. (OTCMKTS:DCAC) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders
On January 21, 2019, DANIELS CORPORATE ADVISORY COMPANY, INC., Inc., a Nevada corporation (the “Company”), received the written consent from the majority shareholder (the “Majority Shareholder”) of the Company owning approximately 68% of the outstanding voting capital stock of the Company, of the following corporate actions:
| (i) | To effect a reverse stock split of the outstanding common stock, par value $0.001 per share (the “CommonStock”), of the Company at a ratio of 1 for 1000, with fractional shares being rounded up to the nearest whole number (the “Reverse Stock Split”); and |
| (ii) | To decrease the outstanding number of common shares from 4,647,151,502 (as of January 30, 2019 to 4,647,152 shares. (Outstanding Decrease). |
The Majority Shareholder, Mr. Arthur Viola who is also the Chief Executive Officer and sole member of the Board of Directors, owns 50% of the 100,000 shares of authorized Series A Preferred Stock, par value $0.0001 per share. Series A Preferred Stock entitles the holder to 67% of all votes in any common stock vote.
In accordance with Regulation 14C promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company filed a preliminary information statement on Schedule 14C (the “Information Statement”) with the Securities and Exchange Commission (the “SEC”) on February 20, 2019. Subject to SEC review, the Company will file a definitive Information Statement (the “Definitive Information Statement”) and have it online for review.
The Company has also notified Financial Regulatory Authority, Inc. (“FINRA”) of the corporate actions as required by Rule 10b-17 under the Exchange Act and the rules and procedures of FINRA.
To implement the Reverse Stock Split and the Outstanding Decrease, the Company filed an Articles of Amendment to the Company’s Articles of Incorporation with the Secretary of State of Nevada. The Reverse Stock Split and Outstanding Share Decrease will not become effective with the Secretary of State of Nevada until at least 20 calendar days after the first date of the delivery of the Definitive Information Statement to all shareholders as of the Record Date and will not become effective in the marketplace until approved by FINRA.
The Board approved of the Reverse Stock Split and Outstanding Share decrease on January 25, 2019.
About DANIELS CORPORATE ADVISORY COMPANY, INC. (OTCMKTS:DCAC)
Daniels Corporate Advisory Company, Inc. is an early-stage operating company. The Company is engaged in the business of offering corporate financial consulting services and merchant banking services. It operates through the corporate strategy segment of its business. Its corporate strategy advisory and implementation services include market analysis, negotiation, deal structure and determination of finance alternatives for the creation of joint ventures, marketing agreements, new product and creation additions and acquisitions. It conducts on-going networking and business development in corporate strategy and consulting, primarily through chairman-to-chairman contacts. It creates and implements corporate strategy alternatives for the mini-cap public or private company client. It may provide the client with multiple corporate strategies/opportunities, including joint ventures, marketing opportunity agreements and/or potential acquisitions structured in leveraged buyout (LBO) format.
