UBI BlockChain Internet, Ltd. (OTCQB: UBIA) focuses on the research, development, application of Internet of Things-based blockchain technologies for the food, drug, and healthcare industries. Shares of the blockchain company are surging 72.76%, through afternoon trading on Monday, June 5, 2017. Over the past month, UBI BlockChain Internet, Ltd. reported average daily volume of 8,508 shares. However, volume of 36,794 shares or dollar volume of $377,583 shares, has already exchanged hands on Monday.
Shares of UBI BlockChain Internet, Ltd. are soaring on Monday, after the company recently filed an 8-K, which detailed changes to its Articles of Incorporation and/or Bylaws. The company announced that its Board of Directors and majority shareholders have approved a plan to increase the company’s authorized share count from 200 million to 2 billion. This will include 1 billion authorized Class A common shares, 500 million Class B common shares, and 500 million Class C common shares. Here is part of the 8-K detailing of the share count increase:
UBI BlockChain Internet, Ltd. 8-K Filing:
Item 5.03 – Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
UBI Blockchain Internet LTD, (“the Company” or “the Registrant”) pursuant to the Definitive Information Statement on Schedule 14c, which was sent to the shareholders of the Registrant on May 1, 2017, the Registrant’s Board of Directors and majority shareholders approved the increase in the number of the Company’s authorized shares from 200,000,000 to 2,000,000,000. The Company filed a Certificate of Amendment to its Certificate of Incorporation with the State of Delaware.
The authorized shares consists of 1,000,000,000 authorized shares of Class A Common Stock, $0.001 par value per share; 500,000,000 authorized shares of Class B Common Stock, $0.001 par value per share and 500,000,000 authorized shares of Class C Common Stock, $0.001 par value per share.
The holders of our Class A Common Stock are entitled to one vote per share, the holders of our B Common Stock are entitled to ten votes per share, and holders of our Class C Common Stock are not entitled to vote. The Class A and Class B shareholders vote together as a single class on all matters submitted to a vote or for the consent of the stockholders of the Company . Each share of Class B Common Stock shall be convertible into one (1) fully paid and nonassessable share of Class A Common Stock at the option of the holder thereof at any time upon written notice to the Company.
The Company’s Certificate of Amendment is attached hereto as Exhibit 3.6 and is incorporated herein by reference.
Here is the link to the full 8-K: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12107125