Company: BGLC
Filing Date: 2025-02-14
Form Type: 8-K
Source: 0001477932-25-001063
Chunk: 2

Company: BioNexus Gene Lab Corp
Filing Date: 2025-02-14
Form: 8-K
Item: Item 5.03
Chunk 2
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Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

Creation and Issuance of the Series Z Preferred Stock.

On February 11, 2025, the Company filed with the Wyoming Secretary of State Articles of Amendment to its Articles of Incorporation (a true and correct copy of which is attached hereto as Exhibit 3.6) (“ Amendment”). The Amendment authorizes the creation of one (1) share of the Series Z Convertible Preferred Stock. On February 10, 2025, the Company’s Board of Directors approved the creation of the Series Z Preferred Stock and the filing of the Amendment with the Wyoming Secretary of State. On that same date, the Board of Directors approved the issuance of the Series Z Preferred Stock to Muhammad Azrul bin Abdul Hamid, a member of the Board of Directors and the Audit Committee.

Rights of the Series Z Preferred Stock.

As stated in the Amendment, the outstanding share of Series Z Preferred Stock shall have five billion (5,000,000,000) votes. The outstanding share of Series Z Preferred Stock shall vote together with the outstanding shares of common stock, no par value (the “ Common Stock”), of the Corporation as a single class exclusively on the Reverse Stock Split (as defined herein) at a duly authorized shareholder meeting to be conducted during calendar year 2025. The Series Z Preferred Stock will not be entitled to vote on any other matters, nor be counted for purposes of quorum, except to the extent required under the Wyoming Business Corporations Act. “ Reverse Stock Split” means any proposal to adopt an amendment to the Articles of Incorporation, or any other proposal to otherwise approve or ratify, to reclassify the outstanding shares of Common Stock into a smaller number of shares of Common Stock at a ratio specified in or determined in accordance with the terms of such amendment or proposal.

The share of Series Z Preferred Stock will be voted, without action by the holder, on the Reverse Stock Split in the same proportion as shares of Common Stock are voted (excluding any shares of Common Stock that are not voted) on the Reverse Stock Split (and, for purposes of clarity, such voting rights shall not apply on any other resolution presented to the shareholders of the Corporation).

The outstanding share of Series Z Preferred Stock may be cancelled, in whole, but not in part, at any time (a) if such cancellation is ordered by the Board of Directors in its sole discretion, automatically and effective on such time and date specified by the Board of