GWG Holdings, Inc. (NASDAQ:GWGH) 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 December 20, 2018, the Board of Directors (the Board) of GWG
Holdings, Inc. (the Company) adopted an amendment to the Companys
Bylaws increasing the maximum number of directors comprising the
Board from seven to nine, with the precise number of directors to
be determined from time to time by resolution of the Board (the
Bylaw Amendment). The Bylaw Amendment, a copy of which is filed
as Exhibit 3.1 to this report, became effective upon such
adoption by the Board.
On December 21, 2018, the Company filed a preliminary Information
Statement on Schedule 14C with the Securities and Exchange
Commission (Information Statement) describing an action taken by
written consent by the holders of a majority of the issued and
outstanding shares of common stock of the Company to approve an
additional amendment to the Companys Bylaws to provide for, among
other things, a classified, or staggered Board, composed of three
classes of directors serving staggered three-year terms (the
Staggered Board Amendment). The Staggered Board Amendment, which
is attached as Exhibit A to the Information Statement, is not
included in the Bylaw Amendment filed as Exhibit 3.1 to this
report. In accordance with Rule 14c-2 under the Securities
Exchange Act of 1934, as amended, the Staggered Board Amendment
will become effective 20 calendar days after the date on which
the definitive Information Statement is sent or given to the
Companys stockholders.
| (d) | Exhibits. |
| 3.1 | Amendment to the Bylaws of GWG Holdings, Inc. |
GWG Holdings, Inc. Exhibit
EX-3.1 2 f8k122018ex3-1_gwgholdings.htm AMENDMENT TO THE BYLAWS OF GWG HOLDINGS,…
To view the full exhibit click here
About GWG Holdings, Inc. (NASDAQ:GWGH)
GWG Holdings, Inc. is a specialty finance company. The Company is a financial purchaser of life insurance assets in the secondary market. The Company creates opportunities for consumers owning life insurance to obtain value for their policies as compared to the traditional options offered by insurance companies. The Company also creates opportunities for investors to participate in alternative asset classes, such as life insurance, not correlated to traditional financial markets. The Company conducts its life insurance related business through its subsidiary, GWG Life, LLC. It generally purchases life insurance assets directly from policy owners having purchased their life insurance in the primary market. Its operational platform offers various options to customers based on the market value of their life insurance, including selling the entire policy benefit for cash, or selling a portion of the policy benefit and retaining a portion of the benefit with no future premium obligation.