EXACTUS, INC. (OTCMKTS:EXDI) 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 August 27, 2018, a majority of our shareholders acted by written consent, in lieu of a meeting of shareholders, to take the following actions:
1.
Re-appointment of Philip J. Young and Timothy Ryan to the Board of Directors;
2.
Adoption of our 2018 Equity Incentive Plan;
3.
Approval, on a non-binding advisory basis, of the compensation of our Named Executive Officers;
4.
Approval, on a non-binding advisory basis, that future shareholder advisory votes on executive compensation should be held every three years; and
5.
Approval of an amendment to our Articles of Incorporation to increase our authorized shares from 250 million shares to 700 million shares and to increase our authorized shares of Common Stock from 200 million shares to 650 million shares;
The consenting shareholders held 23,550,000 shares of Common Stock, or approximately 61.93% of the outstanding shares of Common Stock of the Company, 21.43% of the outstanding shares of the Series B-1 Preferred Stock of the Company, 5.8% of the outstanding shares of the Series B-2 Preferred Stock of the Company, 50% of the outstanding shares of the Series C Preferred Stock entitled to vote of the Company, and 72.66 % of the outstanding shares of the Series D Preferred Stock of the Company entitled to vote, which combined constitutes 51.05% of the voting power of the Company.
About EXACTUS, INC. (OTCMKTS:EXDI)
Exactus, Inc. (Exactus), formerly Spiral Energy Tech, Inc., is a life science company. The Company will develop and commercialize Point-of-Care (POC) diagnostics for measuring proteolytic enzymes in the blood based on a detection platform. The Company’s primary business focus will be the development and commercialization of the FibriLyzer and related technology licensed by Exactus. The Company’s products will employ a disposable test biosensor strip combined with a portable hand held detection unit that provides a result in approximately 30 seconds. The Company intends to file to gain regulatory approval and launch its products in the United States and Europe.
