The Coretec Group, Inc. (OTC Pink: TDCPD) is engaged as a 3-D video display developer is rallying 32.73%, through afternoon trading on Wednesday, July 5, 2017. Over the past month, the company has seen average daily volume of 360 shares. However, volume of 68,784 shares or dollar volume of $24,074, has already exchanged hands on Wednesday.
Shares of The Coretec Group, Inc. are jumping today, after the company recently filed an 8-K, detailing of the company’s completed name change from “3DIcon Corporation” to “The Coretec Group, Inc.” and a 1-for-300 reverse split. Corresponding with the name change, the company also had its ticker symbol temporarily changed to “TDCPD” and will eventually revert to “CRTG” in the coming month or so. Here is part of the 8-K detailing of the corporate entity changes:
The Coretec Group, Inc. 8-K Filing:
|Item 5.03||Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.|
On June 22, 2017, the Coretec Group Inc. (the “Company”) filed an Amended Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Oklahoma, to (i) change its name from “3DIcon Corporation” to “the Coretec Group Inc.” (“Name Change”) and to (ii) effect a 1-for-300 reverse stock split (“Reverse Split”). The Name Change and Reverse Split became effective with the State of Oklahoma on June 28, 2017 and with the Financial Industry Regulatory Authority, Inc. (“FINRA”) on June 29, 2017 (“Effective Time”).
At the Effective Time, each 300 shares of the Company’s common stock, par value $.0002 per share (“Common Stock”), issued and outstanding were converted and reclassified into one share of the Company’s Common Stock. No fractional shares of the Company’s Common Stock were issued in connection with the Reverse Split. Shareholders who would otherwise be entitled to a fractional share will instead receive a new certificate rounding up their fractional share to the next nearest full share.
On June 29, 2017, the Company’s Common Stock began quotation on OTC Pink under the new name and a trading symbol of “TDCPD”. The “D” will be removed in 20 business days and the symbol will change to “CRTG”.
The foregoing description of the Amendment is qualified in its entirety by reference to the full text thereof which is filed as Exhibit 3.1 to this Current Report on Form 8-K and incorporated herein by reference.
|Item 8.01||Other events|
As previously disclosed in the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (“SEC”) on October 6, 2016, the Company entered into and closed a Share Exchange Agreement (the “Share Exchange Agreement”) dated May 31, 2016 by and between the Company and Coretec Industries, LLC, a North Dakota limited liability company, pursuant to which the Company agreed to effect a corporate action that has the effect of allowing the Company to issue all Common Stock into which the Series B Preferred Stock issued in connection with the Share Exchange Agreement may be converted. On June 29, 2017, post the Reverse Split, all shares of Series B Preferred Stock were adjusted for the Reverse Split and were converted into the Company’s Common Stock. As a result, the Company issued an aggregate of 41,842,241 shares of Common stock to the holders of Series B Preferred Stock.
As a result of the above actions, the number of the total issued and outstanding shares of the Company’s Common Stock, as of the date of this report, is 46,781,423.
Here is the link to the full 8-K: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12152545