On January 21, 2019, REAC Group, Inc., a Florida corporation (the
), received the written consent from the majority shareholder (the
) of the Company owning approximately 86.79% of the outstanding voting capital stock of the Company, of the following corporate actions:
To effect a reverse stock split of the outstanding common stock, par value $0.00001 per share (the
), of the Company at a ratio of 1 for 10,000, with fractional shares being rounded up the nearest whole number (the
Reverse Stock Split
To decrease the authorized number of Common Stock of the Company from 9.99 billion to 200 million (
The Majority Shareholder, Mr. Robert DeAngelis who is also the Chief Executive Officer, President, and sole member of the Board of Directors, owns 150,005,002 of the 553,407,286 outstanding shares of Common Stock and 100% of the 500,000 outstanding shares of Series A Preferred Stock, par value $0.0001 per share (the
Series A Preferred Stock
). Each share of Common Stock entitles the holder to one vote and each share of Series A Preferred Stock entitles the holder to 5,000 votes.
In accordance with Regulation 14C promulgated under the Securities Exchange Act of 1934, as amended (the
), the Company filed a preliminary information statement on Schedule 14C (the
) with the Securities and Exchange Commission (the
) on January 22, 2019. Subject to SEC review, the Company will to file a definitive Information Statement (the
Definitive Information Statement
) and mail a copy of it to shareholders of record as of January 21, 2019 (the
The Company has also notified Financial Regulatory Authority, Inc. (
) of the corporate actions as required by Rule 10b-17 under the Exchange Act and the rules and procedures of FINRA.
To implement the Reverse Stock Split and the Authorized Decrease, the Company will file Articles of Amendment to the Companys Articles of Incorporation with the Secretary of State of Florida. The Reverse Stock Split and Authorized Decrease will not become effective with the Secretary of State of Florida until at least 20 calendar days after the first date of the delivery of the Definitive Information Statement to all shareholders as of the Record Date and will not become effective in the marketplace until approved by FINRA.
The Board approved of the Reverse Stock Split and Authorized Decrease on January 21, 2019.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
REAC GROUP, INC.
Dated: January 22, 2019
/s/ ROBERT DEANGELIS
Chief Executive Officer, President, Secretary & Treasurer
(Principal Executive Officer)
(Principal Financial and Accounting Officer)
makes a similar move, sign up!