Sparta Commercial Services, Inc. (OTCMKTS:SRCO) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal YearItem 5.03 Amendments to Articles of Incorporation or Bylaws
On August 17, 2017, we amended and restated the Certificate of Designation (the “Amended Certificate of Designation”) for our Series C Preferred Stock (the “Series C Stock”). The features of our Series C Stock before the Amended Certificate of Designation are set forth in our Current Report on Form 8-K that we filed with the Securities and Exchange Commission on November 19, 2009. The following features are contained in the Amended Certificate of Designation:
Holders shall be entitled to convert each share of their Series C Stock into three hundred (300) shares of our common stock for no additional consideration, subject to adjustments, with a maximum conversion of 5% in any thirty (30) day period; and
Holders are entitled to a liquidation preference on the stated value after payment to the Series A Preferred Stock and Series B Preferred Stock, but before payment to the common shareholders; and.
Holders shall not have voting rights or rights to dividends;
We are able to redeem the Series C Preferred after three (3) years by paying 115% of the stated value;
The complete rights of the holders of Series C Stock are now defined in the Amended Certificate of Designation filed with the Nevada Secretary of State on August 17, 2017, attached hereto as Exhibit 3.1, and incorporated by reference herein.
Section 9 – FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 Financial Statements and Exhibits
SPARTA COMMERCIAL SERVICES, INC. ExhibitEX-3.1 2 ex3-1.htm EX-3.1 Exhibit 3.1 AMENDED AND RESTATED CERTIFICATE OF DESIGNATION OF SPARTA COMMERCIAL SERVICES INC. Pursuant to Section 78.1955 of the Nevada Revised Statutes SERIES C PREFERRED STOCK The Articles of Incorporation of Sparta Commercial Services Inc.,…To view the full exhibit click
About Sparta Commercial Services, Inc. (OTCMKTS:SRCO)
Sparta Commercial Services, Inc. is a technology company that develops, markets and manages business mobile application for smartphones and tablets. The Company also owns and manages Websites, which sell on-demand motorcycle, recreational vehicle, power-sport vehicle and truck title history reports for consumers, retail dealers, auction houses, insurance companies and banks/finance companies. The Company, on a pass through basis, offers an equipment-leasing product for local and state agencies throughout the country to finance their equipment needs, including police motorcycles and cruisers, buses and emergency medical service (EMS) equipment. The Company, through its subsidiary, iMobile Solutions, Inc. (IMS), formerly Specialty Reports, Inc., offers mobile application development, sales, marketing and support, and Vehicle Title History Reports.