Company: BGLC
Filing Date: 2025-02-14
Form Type: 8-K
Source: 0001477932-25-001063
Chunk: 3

Company: BioNexus Gene Lab Corp
Filing Date: 2025-02-14
Form: 8-K
Item: Item 5.03
Chunk 3
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 Directors in its sole discretion, or (b) automatically upon the approval by the Company’s shareholders of the Reverse Stock Split at any meeting of shareholders or any adjournment thereof.

Other than as stated herein, the Series Z Preferred Stock has no other rights, privileges or features.

The above description of the Series Z Preferred Stock is qualified in its entirety by reference to the Amendment filed as an exhibit hereto.

Purpose of the Series Z.

The purpose of the Series Z Preferred Stock increases the likelihood of procuring the votes necessary to effectuate the Reverse Stock Split Proposal should a majority of the common stockholders vote in favor of the Reverse Stock Split Proposal in the upcoming Special Shareholders’ Meeting as set forth in the recent Preliminary Proxy Statement filed by the Company. The Series Z Preferred Stock will proportionately “mirror” the votes placed by the common stockholders of the Company at the Special Shareholders’ Meeting.

The Series Z preferred shares would not affect the percentage of votes cast for or against the proposal, but instead would only have the effect of increasing the aggregate voting power of the Company’s outstanding capital stock that is voted on the matter.

On this basis, the Company believes that this action is compliant with Nasdaq rule 5640, as reviewed against Nasdaq Staff Interpretation Letter, identification number 1841.

Item 9.01 Financial Statements and Exhibits.