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Quotes & Info
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| SRCO.OB > SEC Filings for SRCO.OB > Form 8-K on 19-Nov-2009 | All Recent SEC Filings |
19-Nov-2009
Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year,
On November 13, 2009, Registrant filed with the Secretary of State of Nevada a Certificate of Designations of Preferences, Rights and Limitations of Series C Convertible Preferred Stock
The Company authorized a new series of 200,000 shares of preferred stock as Series C Convertible Preferred Stock, each share having a par value of $0.001 per share. The Series C Preferred Stock shall, upon liquidation, winding-up or dissolution, rank: (a) senior to the Corporation's common stock, par value $0.001 per share ("Common Stock") and any other class or series of Preferred Stock of the Corporation which by their terms are junior to the Series C Preferred Stock (collectively, together with any warrants, rights, calls or options exercisable for or convertible into such Preferred Stock, the "Junior Shares"); (b.) junior to all existing and future indebtedness of the Corporation; and (c.)junior to the Corporation's Series A and Series B Preferred Stock. The Series C Preferred Stock is not entitled to receive any dividends, has a liquidation value of $10.00 per share, redeemable at the Company's option at $10.00 per share, and is convertible at the option of the holder into shares of common stock as follows: The number of such shares of Common Stock to be received for each share of Series C Preferred Stock so converted shall be determined by (A) dividing the number of shares of Series C Preferred Stock to be converted by the weighted average closing price per share of the Corporation's Common Stock for the ten (10) trading days immediately preceding the date on which the Corporation agrees to issue shares of Series C Preferred Stock to such Holder multiplied by (B) the Series C Liquidation Value.
(a) Financial Statements of Businesses Acquired - None
(b) Pro Forma Financial Information - None
(c) Shell Company Transactions - None
(d) Exhibits: - 5.03 (i) Certificate of Designations of Preferences, Rights and Limitations of Series C Convertible Preferred Stock
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