WOUND MANAGEMENT TECHNOLOGIES, INC. (OTCMKTS:WNDM) 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 March 21, 2019, WNDM shareholders executed a written consent to approve an amendment to WNDM’s certificate of formation that, if the action becomes effective, provides for:
(1) a 1-for-100 reverse stock split of the WNDM’s outstanding common stock, such that every holder of common stock would receive one share of common stock for every 100 shares of common stock held, except that in lieu of issuing any fractional shares a shareholder would receive a cash payment based on such fraction of a share and the market price of WNDM common stock on the day after the stock split becomes effective;
(2) upon the effectiveness of the reverse stock split, the reduction of the authorized capital stock of the Company to 20,000,000 shares of common stock, par value $0.001 per share, and 2,000,000 shares of preferred stock, par value $10.00 per share; and
(3) the change of WNDM’s name to: Sanara MedTech, Inc.
Shareholders, including the holder of the Series F Preferred Stock, executed the shareholder written consent, representing 355,668,676 votes that constituted 76% of the votes of all outstanding shares of common and preferred stock. Shareholders of common stock executing the written consent represented 128,305,676 shares of common stock that constituted 54% of all outstanding shares of common stock.
The definitive agreements related to this transaction are attached as exhibits to this filing.
About WOUND MANAGEMENT TECHNOLOGIES, INC. (OTCMKTS:WNDM)
Wound Management Technologies, Inc., formerly MB Software, Inc., distributes collagen-based wound care products to healthcare providers, such as physicians, clinics and hospitals. The Company’s subsidiaries include Wound Care Innovations, LLC (WCI), Resorbable Orthopedic Products, LLC and Innovate OR, Inc. The Company’s WCI provides CellerateRX product in the wound care market. CellerateRX is a medical device for use on all acute and chronic wounds, except third degree burns. CellerateRX is offered in both gel and powder form. WCI expanded its CellerateRX product line to include CellerateRX Surgical products.