VITAXEL GROUP LIMITED (OTCMKTS:VXEL) Files An 8-K Other Events
Item 8.01 Other Events
On May 25, 2017, the Board of Directors of Vitaxel Group Limited
(Vitaxel) authorized and approved an amendment (the Amendment) to
Vitaxels Amended and Restated Articles of Incorporation, which
authorized a one hundred-to-one reverse stock split (the Reverse
Split) of Vitaxels outstanding common stock, par value $0.000001
per share, with a record date of June 12, 2017 (the Record Date).
We expect that the Reverse Stock Split will (i) increase the
marketability and liquidity of our common stock; (ii) address the
reluctance of brokerage firms and institutional investors to
recommend lower-priced stocks to their clients or to hold in
their own portfolios; and (iii) enable us to maintain the
quotation of our common stock on the OTC Markets, Inc. QB Tier.
Separately, on May 30, 2017, the Board of Directors of Vitaxel
authorized and approved a related increase in the par value of
the Vitaxel common stock from $0.000001 to $0.0001.
In connection with the Reverse Split, there will be a
corresponding reduction of our authorized common stock and our
authorized preferred stock and as such, shareholder approval is
not required. The Reverse Split is subject to the approval of
FINRA.
On the effective date of the Reverse Split (the Effective Date),
automatically without any action on the part of any holder
thereof:
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all of our issued and outstanding shares of common stock (Old Common Stock), shall be converted on the basis of 100 shares of Old Common Stock for one new share of common stock (New Common Stock); |
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each holder of a certificate or certificates which immediately prior to the Effective Date represented outstanding shares of Old Common Stock shall, from and after the Effective Date, be entitled to receive a certificate or certificates representing the shares of New Common Stock into which the shares of Old Common Stock are reclassified to the Reverse Split; |
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each holder entitled to a fractional share of New Common Stock shall receive one whole share of New Common Stock instead; |
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all shares of Common Stock eliminated as a result of the Reverse Split will be cancelled; |
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the paid-in capital of Vitaxel shall be reduced by an amount equal to the par value of the Old Common Stock so eliminated and the additional paid-in capital of Vitaxel shall be increased by the same amount; |
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the par value of the New Common Stock shall increase from $0.000001 per share to $0.0001 per share; and |
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as of the Effective Date, the total number of shares that Vitaxel will be authorized to issue will be seventy-one million (71,000,000) shares, of which seventy million (70,000,000) shares shall be common stock, each having a par value of $0.000001, and one million (1,000,000) shares be preferred stock, each having a par value of $0.000001. |
About VITAXEL GROUP LIMITED (OTCMKTS:VXEL)
Vitaxel Group Limited, formerly Albero, Corp., is engaged in direct selling industry and online shopping platform primarily through its operating entities in Malaysia. It is a global direct selling, multi-level marketing (MLM) company offering travel, entertainment, lifestyle and other products and services principally through electronic commerce. Through Vitaxel Online Mall SBN BHD (Vionmall), the Company employs online shopping Websites for retail sales direct to consumers. Its Vitaxel SDN BHD (Vitaxel) packages include product points (which are exchangeable for tour and travel products or travel kits). The Company provides its members with training, which includes prospecting and closing skills, plan orientation, back-office training, network management, personal and leadership development and team-building activities. As of September 30, 2016, the Company had approximately 5,827 members, with approximately 4,131 members in Malaysia and approximately 1,141 members in Singapore. VITAXEL GROUP LIMITED (OTCMKTS:VXEL) Recent Trading Information
VITAXEL GROUP LIMITED (OTCMKTS:VXEL) closed its last trading session 00.00000 at 0.00970 with 19,800 shares trading hands.
