Ecoark Holdings, Inc. (OTCMKTS:EARK) 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 November 12, 2020, Ecoark Holdings, Inc. (the “Company”) filed with the Secretary of State of the State of Nevada (the “Secretary of State”) a Certificate of Designation of Preferences, Rights and Limitations (the “Certificate of Designation”) of Series A-1 Preferred Stock, par value $0.001 per share (the “Series A-1 Preferred Stock”). The Certificate of Designation was effective upon filing with the Secretary of State and designated a new series of preferred stock of the Company as Series A-1 Preferred Stock with one share authorized for issuance.
The material terms of Series A-1 Preferred Stock include the following terms:
Voting Rights
The Series A-1 Preferred Stock shall have the right to vote and/or consent solely on a proposal to amend the Company’s Articles of Incorporation to increase the number of shares of common stock, par value $0.001 per share (the “Common Stock”), that the Company is authorized to issue (an “Authorized Share Increase Proposal”) and to ratify the issuance of certain shares issued by the Company in excess of 100,000,000 shares of Common Stock or other issuances authorized by the stockholders (any, a “Ratification Proposal” and the Authorized Share Proposal and the Ratification Proposal, collectively, the “Proposals”), voting together with the Common Stock as one class. With respect to any regular or special meeting of the stockholders to consider the Proposals, the holder of the Series A-1 Preferred Stock shall be entitled to the same notice of any regular or special meeting of the stockholders as may or shall be given to holders of Common Stock entitled to vote at such meetings. Solely with respect to such Proposals, the Series A-1 Preferred Stock shall have voting power equal to 51% of the number of votes eligible to vote on the Proposals at any special or annual meeting of the Company’s stockholders (with the power to take action by written consent in lieu of a stockholders meeting). The Series A-1 Preferred Stock shall not have the right to vote and/or consent on any matter other than the Proposals.
Automatic Cancellation
Any Series A-1 Preferred Stock issued and outstanding on the record date fixed by the Board of Directors or determined in accordance with the bylaws of the Company to vote and/or consent to the Proposals shall be automatically surrendered to the Company and cancelled for no consideration upon the earlier of (i) the effectiveness of the amendment to the Company’s Articles of Incorporation that is authorized by stockholder approval of such Authorized Share Increase Proposal or (ii) the approval of the Ratification Proposal. Upon such surrender and cancellation, all rights of the Series A-1 Preferred Stock shall cease and terminate, and the Series A-1 Preferred Stock shall be retired and shall not be reissued.
The foregoing description of the rights, preferences, privileges and restrictions of the Series A-1 Preferred Stock does not purport to be complete and is qualified in its entirety by reference to the Certificate of Designation, a copy of which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| 3.1 | Certificate of Designation of Series A-1 Preferred Stock |
Ecoark Holdings, Inc. Exhibit
EX-3.1 2 ea130109ex3-1_ecoarkhold.htm CERTIFICATE OF DESIGNATION OF SERIES A-1 PREFERRED STOCK Exhibit 3.1 CERTIFICATE OF DESIGNATION OF PREFERENCES,…
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About Ecoark Holdings, Inc. (OTCMKTS:EARK)
Ecoark Holdings, Inc. is a technology solutions company. The Company offers technologies to fight waste in operations, logistics, and supply chains worldwide. It provides pallet-level time and temperature tracking, pre-cool prioritization and monitoring, pallet routing, real-time in-transit monitoring, remote visibility, and quality management solutions. The Company also offers Point Clouds, which creates two dimensional (2d) and three dimensional (3d) digital replications; High definition (HD) photos, a 360 degree rotational bubble image from various project perspectives; 2d Plans that plan and elevates views in CAD/PDF; and 3d models, such as Revit, CAD, Cyclone, 3dS, and others; as well as provides training and consultation services on laser scan and/or creates 2d as-builts or 3d models. In addition, it provides tech driven consumer products.