Harris Texas Proposal to amend certificate to reduce par value, increase authorized common stock and reverse stock split with Exhibit

• Category: Corporations - Public - Changes Affecting Capital Stock
• State: Multi-State
• County: Harris
• Control #: US-CC-3-213F
• Format: Word; Rich Text

Description

This sample form, a detailed Proposal to Amend Certificate to Reduce Par Value, Increase Authorized Common Stock and Reverse Stock Split w/Exhibit document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats. Description: The Harris Texas Proposal aims to amend the current certificate by implementing several important changes. These include a reduction in the par value, an increase in authorized common stock, and a reverse stock split. This detailed description will provide an overview of each component and its significance, along with an exhibit showcasing the proposed amendments. 1. Reduction in Par Value: The proposed amendment seeks to decrease the par value of the stock. Par value represents the nominal value assigned to each share of stock, indicating the minimum price at which it can be issued. By reducing the par value, the company aims to provide flexibility for future stock issuance, allowing for a broader range of potential prices and increasing accessibility for investors. 2. Increase in Authorized Common Stock: The proposal also suggests increasing the number of authorized common stocks. Authorized stock refers to the maximum number of shares a company is legally allowed to issue. This increase aims to accommodate future capital requirements, including potential mergers, acquisitions, stock options, or strategic partnerships. By expanding the authorized common stock, the company ensures it has sufficient shares available to support its growth plans. 3. Reverse Stock Split: Additionally, the proposal suggests implementing a reverse stock split. In a reverse split, a company reduces the number of existing shares outstanding and increases the stock price proportionally. The purpose of this reverse split is to potentially attract investors, improve market perception, increase stock liquidity, and meet certain listing requirements of stock exchanges. This action consolidates shares and can help make the stock more appealing to institutional investors. Exhibit: (Sample Format) --------------------------------------------------------------------- Harris Texas Corporation Proposal to Amend Certificate to Reduce Par Value and Increase Authorized Common Stock with Reverse Split Exhibit A Proposed Certificate Amendment ARTICLE IV — CAPITAL STOCK Section 1. Par Value: The par value of the common stock is hereby reduced from EX.XX to EX.XX per share. Section 2. Authorized Stock: The total number of authorized common shares is hereby increased from X, XXX, XXX to X, XXX, XXX shares. Section 3. Reverse Stock Split: The reverse stock split will be implemented at a ratio of 1:XX, consolidating existing shares outstanding. --------------------------------------------------------------------- Note: The specifics mentioned in the exhibit will vary based on the actual proposal and requirements of Harris Texas Corporation. Different Types of Harris Texas Proposal to Amend Certificate: While the specific types of Harris Texas Proposal to amend certificates can vary, they generally revolve around the three essential aspects mentioned above: reducing par value, increasing authorized common stock, and implementing a reverse stock split. However, the specifics and objectives may differ depending on the company's unique circumstances, financial goals, and regulatory requirements. It is important to review and understand the specific details of each proposal as they pertain to Harris Texas Corporation.

Description: The Harris Texas Proposal aims to amend the current certificate by implementing several important changes. These include a reduction in the par value, an increase in authorized common stock, and a reverse stock split. This detailed description will provide an overview of each component and its significance, along with an exhibit showcasing the proposed amendments. 1. Reduction in Par Value: The proposed amendment seeks to decrease the par value of the stock. Par value represents the nominal value assigned to each share of stock, indicating the minimum price at which it can be issued. By reducing the par value, the company aims to provide flexibility for future stock issuance, allowing for a broader range of potential prices and increasing accessibility for investors. 2. Increase in Authorized Common Stock: The proposal also suggests increasing the number of authorized common stocks. Authorized stock refers to the maximum number of shares a company is legally allowed to issue. This increase aims to accommodate future capital requirements, including potential mergers, acquisitions, stock options, or strategic partnerships. By expanding the authorized common stock, the company ensures it has sufficient shares available to support its growth plans. 3. Reverse Stock Split: Additionally, the proposal suggests implementing a reverse stock split. In a reverse split, a company reduces the number of existing shares outstanding and increases the stock price proportionally. The purpose of this reverse split is to potentially attract investors, improve market perception, increase stock liquidity, and meet certain listing requirements of stock exchanges. This action consolidates shares and can help make the stock more appealing to institutional investors. Exhibit: (Sample Format) --------------------------------------------------------------------- Harris Texas Corporation Proposal to Amend Certificate to Reduce Par Value and Increase Authorized Common Stock with Reverse Split Exhibit A Proposed Certificate Amendment ARTICLE IV — CAPITAL STOCK Section 1. Par Value: The par value of the common stock is hereby reduced from EX.XX to EX.XX per share. Section 2. Authorized Stock: The total number of authorized common shares is hereby increased from X, XXX, XXX to X, XXX, XXX shares. Section 3. Reverse Stock Split: The reverse stock split will be implemented at a ratio of 1:XX, consolidating existing shares outstanding. --------------------------------------------------------------------- Note: The specifics mentioned in the exhibit will vary based on the actual proposal and requirements of Harris Texas Corporation. Different Types of Harris Texas Proposal to Amend Certificate: While the specific types of Harris Texas Proposal to amend certificates can vary, they generally revolve around the three essential aspects mentioned above: reducing par value, increasing authorized common stock, and implementing a reverse stock split. However, the specifics and objectives may differ depending on the company's unique circumstances, financial goals, and regulatory requirements. It is important to review and understand the specific details of each proposal as they pertain to Harris Texas Corporation.