Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
RACK > SEC Filings for RACK > Form 8-K on 4-Jun-2013All Recent SEC Filings

Show all filings for RACKWISE, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for RACKWISE, INC.


Change in Directors or Principal Officers, Other Events

Item 5.02 Departure of Directors or Certain Officers; Election of Directors, Appointment of Certain Officers

Effective May 29, 2013 William Andrew resigned as one of our directors. His resignation was not the result of any disagreement with us relating to our operations, policies or procedures.

Item 8.01 Other Events

Effective May 29, 2013 we held a board meeting at which a quorum was present and a reverse stock split (the "Reverse Split") was authorized and approved. 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) subject to meeting other requirements, allow for a possible future uplisting of our common stock. The Reverse Split will be at a minimum ratio of 1:50 and a maximum ratio of up to 1:500 as subsequently determined by our executive officers based upon the market price for our common stock on the date of such determination. In connection with the Reverse Split, there will be a corresponding reduction of our authorized common 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:

? all of our issued and outstanding shares of common stock ("Old Common Stock"), shall be converted on the basis of a minimum of 50 shares of Old Common Stock for one new share of common stock ("New Common Stock") and a maximum of up to 500 shares of Old Common Stock for one share of New Common Stock;

? 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 pursuant to the Reverse Split;

? each holder entitled to a fractional share of New Common Stock shall receive one whole share of New Common Stock instead;

? all shares of Common Stock eliminated as a result of the Reverse Split will be cancelled;

? the paid-in capital of the Company shall be reduced by an amount equal to the par value of the Old Common Shares so eliminated and the additional paid-in capital of the Company shall be increased by the same amount;

? the par value of the New Common Stock shall remain at $0.0001 per share; and

? our authorized common stock shall be reduced in proportion to the ratio of the Reverse Split.

  Add RACK to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for RACK - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now

Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.