With All These Athlete Signings, Share Structure Changing
posted on
Nov 14, 2011 01:37AM
Engineered a Faster and More Efficient Way to Absorb Nutrients, Medications, etc.
They have to woo the athletes with something, and without product available for income the Company has to give the athletes a piece of the action- meaning a piece of the Company. Preferred plus converts/options are likely how they get these athletes to sign on. From the financing a little while back, I suspect the three cent converts are gone, but the dime converts could stiil be lurking. We may stall for a bit at a buck if the dime-guys come out to play.
Common authorized shares increased to 400,000,000. Preferred increased to 10,000,000.
Not sure why 15 directors are needed. But, hey, why not. Give 'em some preferred, too.
SP still all giddy about Tiger. Hoping this is not the start of typical penny dilution.
Product available on the street better come soon, or this will look like a Pump & Dump.
Below is copied a small portion of the Company filing on November 8, 2011...
http://www.sec.gov/Archives/edgar/data/842722/000114420411061974/v239558_pre14c.htm
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Amendments to the Company’s Articles of Incorporation to:
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change the name of the Company from “Double Eagle Holdings, Ltd.” to “Fuse Science, Inc.;”
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increase the number of shares of common stock which the Company is authorized to issue to 400,000,000 shares from 100,000,000 shares
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increase the number of shares of preferred stock which the Company is authorized to issue to 10,000,000 shares from 12,500 shares;
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increase the number of directors to a minimum of three (3) and a maximum of fifteen (15);
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create a classified board of directors;
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require advance notice and disclosure procedures for shareholders seeking to nominate the Company’s directors;
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require advance notice and disclosure procedures for shareholders seeking to bring forth proposals for consideration at shareholder meetings;
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establish the percentage of shares required to be held for shareholders to call a special meeting of shareholders;
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eliminate the ability to take shareholder action by written consent in lieu of a shareholder meeting;
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add a provision to limit the liability of officers and directors to the Company;
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add a provision to allow the board of directors to adopt, repeal or amend the Company’s ByLaws; and
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require the affirmative rule of 66-2/3% of the outstanding shares of the Company’s common stock to effect certain future amendments to the Company’s Articles of Incorporation.
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Amended and Restated By Laws.
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The Company’s 2011 Stock Incentive Plan.
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Sincerely,
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/s/ Adam Adler
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Adam Adler, Chief Executive Officer
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