Sharing Services, Inc. (OTC Pink: SHRV) is engaged as a diversified travel holdings company, which specifically focuses on ride sharing, mobile apps, relationship marketing, group travel, and more. Shares of Sharing Services, Inc. are rallying 10%, through afternoon trading on Wednesday, May 10, 2017. Over the past month, Sharing Services, Inc. has seen average daily volume of 86,595 shares. However, volume of 16,146 shares or dollar volume of $11,948, has already exchanged hands today.
Shares of Sharing Services, Inc. are climbing today, after a recent 8-K filing showed that the company has made some changes and amendments to its articles of incorporation and bylaws. The biggest update is the fact that the company has voted to increase its authorized share count from 200 million shares to 710 million shares. In addition, the company made some changes to its voting share rights. Here is part of the 8-K detailing of the amended articles of incorporation and bylaws:
Sharing Services, Inc. 8-K Filing:
ITEM 5.03 AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGES IN FISCAL YEAR.
On April 24, 2017, Sharing Services, Inc., (the “Company”) filed with the Nevada Secretary of State Amended and Restated Articles of Incorporation (the “Amended Articles”), which became effective upon the filing date. In summary, the Amended Articles (i) increase the number of authorized shares from 200,000,000 shares to 710,000,000 shares, consisting of 500,000,000 shares of Common Stock (Class A), 10,000,000 shares of Class B Common Stock and 200,000,000 shares of Preferred Stock; (ii) entitle the shares of Class B Common Stock the right to elect a majority of the Board of Directors, with the Common Stock (Class A) electing the remainder of the Directors; (iii) fix staggered terms for the Board of Directors; and (iv) entitle the original holders of Series B Preferred Stock with the requirement that holders of 86% of the voting power of Series B Preferred Stock must approve certain actions of the Board of Directors. The Amended Articles were adopted by a majority vote of the shareholders of the Company and its Board of Directors. The foregoing description of the Amended Articles is a summary only and is qualified in its entirety by the full text of the Amended Articles, which is filed as Exhibit 3.1 hereto and incorporated herein by reference.
On April 25, 2017, the Board of Directors of the Company adopted new bylaws of the Company. A copy of the new bylaws is attached hereto as Exhibit 3.2.
Here is the link to the full 8-K filing: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12048545