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STAK shareholders approve 100-to-1 voting rights increase and $100,000 share capital expansion
STAKSTAK Inc.
STAK Inc. shareholders approved a special resolution to increase the voting rights attached to each Class B ordinary share from thirty to one hundred votes on all matters subject to vote at general meetings. The company also passed resolutions for a share capital reduction and reorganization, which includes reducing the par value of issued shares to USD0.0000001 by cancelling paid-up capital and transferring the credit to a distributable reserve account. Following this reduction, authorized but unissued shares were subdivided 10,000-to-1, and excess authorized shares were cancelled to reset the authorized share capital to USD10 divided into 75 million Class A and 25 million Class B shares. Finally, shareholders approved an increase in authorized share capital from USD10 to USD100,000, creating 749.9 billion additional Class A shares and 249.9 billion additional Class B shares. STAK Inc. specializes in the research, development, manufacturing, and sale of oilfield-specialized production and maintenance equipment.