Document:

Exhibit
4.1

 

DESCRIPTION
OF SECURITIES

REGISTERED
PURSUANT TO SECTION 12 OF

THE
SECURITIES EXCHANGE ACT OF 1934

 

The
following summary describes the common stock of American International Holdings Corp., a Nevada corporation (“American International”
or the “Company”), which common stock is registered pursuant to Section 12 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). Only the Company’s common stock is registered under Section 12 of the Exchange
Act.

 

DESCRIPTION
OF COMMON STOCK

 

The
following description of our common stock is a summary and is qualified in its entirety by reference to our Articles of Incorporation,
as amended and our Bylaws, as amended, which are incorporated by reference herein, and by applicable law. For purposes of this description,
references to “American International,” “we,” “our” and “us”
refer only to American International and not to its subsidiaries.

 

Authorized
Capitalization

 

The
total number of authorized shares of our common stock is 195,000,000 shares, $0.0001 par value per share. The total number of “blank
check” authorized shares of our preferred stock is 5,000,000 shares, $0.0001 par value per share. We have three designated
shares of Series A Preferred Stock and 2 million authorized shares of Series B Convertible Preferred Stock.

 

The
terms of our preferred stock are not included herein as such preferred stock is not registered under Section 12 of the Exchange Act.

 

Common
Stock

 

Voting
Rights. Each share of our common stock is entitled to one vote on all stockholder matters. Shares of our common stock do not
possess any cumulative voting rights.

 

Except
for the election of directors, if a quorum is present, an action on a matter is approved if it receives the affirmative vote of the holders
of a majority of the voting power of the shares of capital stock present in person or represented by proxy at the meeting and entitled
to vote on the matter, unless otherwise required by applicable law, Nevada law, our Articles of Incorporation, as amended or Bylaws,
as amended. The election of directors will be determined by a plurality of the votes cast in respect of the shares present in person
or represented by proxy at the meeting and entitled to vote, meaning that the nominees with the greatest number of votes cast, even if
less than a majority, will be elected. The rights, preferences and privileges of holders of common stock are subject to, and may be impacted
by, the rights of the holders of shares of any series of preferred stock that we have designated, or may designate and issue in the future.

 

Dividend
Rights. Each share of our common stock is entitled to equal dividends and distributions per share with respect to the common
stock when, as and if declared by our Board of Directors, subject to any preferential or other rights of any outstanding preferred stock.

 

Liquidation
and Dissolution Rights. Upon liquidation, dissolution or winding up, our common stock will be entitled to receive pro rata on
a share-for-share basis, the assets available for distribution to the stockholders after payment of liabilities and payment of preferential
and other amounts, if any, payable on any outstanding preferred stock.

 

Fully
Paid Status. All outstanding shares of the Company’s common stock are validly issued, fully paid and non-assessable.

 

    	 

     

    

 

Listing.
Our common stock is quoted on the OTCQB Market maintained by OTC Market Group Inc. under the symbol “AMIH”.

 

Other
Matters. No holder of any shares of our common stock has a preemptive right to subscribe for any of our securities, nor are any
shares of our common stock subject to redemption or convertible into other securities.

 

Anti-Takeover
Provisions Under The Nevada Revised Statutes

 

Business
Combinations

 

Sections
78.411 to 78.444 of the Nevada revised statues (the “NRS”) prohibit a Nevada corporation from engaging in a “combination”
with an “interested stockholder” for three years following the date that such person becomes an interested stockholder
and place certain restrictions on such combinations even after the expiration of the three-year period. With certain exceptions, an interested
stockholder is a person or group that owns 10% or more of the corporation’s outstanding voting power (including stock with respect
to which the person has voting rights and any rights to acquire stock pursuant to an option, warrant, agreement, arrangement, or understanding
or upon the exercise of conversion or exchange rights) or is an affiliate or associate of the corporation and was the owner of 10% or
more of such voting stock at any time within the previous three years.

 

A
Nevada corporation may elect not to be governed by Sections 78.411 to 78.444 by a provision in its articles of incorporation. We do not
have such a provision in our Articles of Incorporation, as amended, pursuant to which we have elected to opt out of Sections 78.411 to
78.444; therefore, these sections do apply to us.

 

Control
Shares

 

Nevada
law also seeks to impede “unfriendly” corporate takeovers by providing in Sections 78.378 to 78.3793 of the NRS that
an “acquiring person” shall only obtain voting rights in the “control shares” purchased by such
person to the extent approved by the other stockholders at a meeting. With certain exceptions, an acquiring person is one who acquires
or offers to acquire a “controlling interest” in the corporation, defined as one-fifth or more of the voting power.
Control shares include not only shares acquired or offered to be acquired in connection with the acquisition of a controlling interest,
but also all shares acquired by the acquiring person within the preceding 90 days. The statute covers not only the acquiring person but
also any persons acting in association with the acquiring person. The NRS control share statutes only apply to issuers that have 200
or more stockholders of record, at least 100 of whom have had addresses in Nevada appearing on the stock ledger of the corporation at
all times during the 90 days immediately preceding such date; and whom do business in Nevada directly or through an affiliated corporation.
We do not currently meet these requirements and as such these provisions do not apply to us.

 

A
Nevada corporation may elect to opt out of the provisions of Sections 78.378 to 78.3793 of the NRS. We have no provision in our Articles
of Incorporation pursuant to which we have elected to opt out of Sections 78.378 to 78.3793; therefore, these sections do apply to us,
subject to the above.

 

Removal
of Directors

 

Section
78.335 of the NRS provides that 2/3rds of the voting power of the issued and outstanding shares of the Company are required to remove
a Director from office. As such, it may be more difficult for stockholders to remove Directors due to the fact the NRS requires greater
than majority approval of the stockholders for such removal.

 

Anti-Takeover
Effects of Our Articles of Incorporation and Bylaws

 

The
following provisions of our Articles of Incorporation and Bylaws could have the effect of delaying or discouraging another party from
acquiring control of us and could encourage persons seeking to acquire control of us to first negotiate with our board of directors:

 

	 	●	no
    cumulative voting in the election of directors, which limits the ability of minority stockholders to elect director candidates;
	 	 	 
	 	●	the
    right of our board of directors to elect a director to fill a vacancy created by the expansion of the board of directors or the resignation,
    death or removal of a director, with our stockholders only allowed to fill such a vacancy if not filled by the board;
	 	 	 
	 	●	the
    ability of our board of directors to alter our Bylaws without obtaining stockholder approval; and
	 	 	 
	 	●	the
    requirement that a special meeting of stockholders may be called only by the board of directors, the Chairman of the Board, the President
    or a committee of the board of directors duly designated and whose powers and authority include the power to call meetings may call
    special meetings of the Company.EXHIBIT 4.4
​
SOLIGENIX, INC.
DESCRIPTION OF SECURITIES
​
The following description of the terms of our securities is not complete and is qualified in its entirety by reference to our Certificate of Incorporation, as amended (the “Certificate of Incorporation”), and our Bylaws, as amended (the “Bylaws”), both of which are filed as exhibits to our Annual Reports on Form 10-K.
​
Under our Certificate of Incorporation and Bylaws, we are authorized capital to issue 75,350,000 shares of capital stock, consisting of 75,000,000 shares of common stock, par value $0.001 per share, 230,000 shares of undesignated preferred stock (none of which are currently outstanding), 10,000 shares of Series B Convertible Preferred Stock, par value $0.05 per share (none of which are currently outstanding), 10,000 shares of Series C Convertible Preferred Stock, par value $0.05 per share (none of which are currently outstanding), and 100,000 shares of Series A Junior Participating Preferred Stock, par value $0.001 per share.
​
Our common stock is listed on The Nasdaq Capital Market under the symbol “SNGX.” Our common stock warrants issued in December 2016 were listed on The Nasdaq Capital Market under the symbol “SNGXW” and expired on December 15, 2021. All outstanding shares of common stock are validly issued, fully paid, and nonassessable.
​
Common Stock
​
Voting Rights
​
Holders of our common stock are entitled to one vote for each share held in the election of directors and in all other matters to be voted on by the stockholders. There is no cumulative voting in the election of directors. The affirmative vote of the holders of a plurality of the shares of common stock represented at an annual meeting is required to elect each director.
​
Dividends and Liquidation Rights
​
Holders of common stock are entitled to receive dividends as may be declared from time to time by our board of directors out of funds legally available therefor. In the event of liquidation, dissolution or winding up of the corporation, holders of common stock are to share in all assets remaining after the payment of liabilities.
​
Conversion, Redemption and Other Rights
​
Holders of common stock have no pre-emptive or conversion rights and are not subject to further calls or assessments. There are no redemption or sinking fund provisions applicable to the common stock. The rights of the holders of the common stock are subject to any rights that may be fixed for holders of preferred stock.
​
Preferred Stock
​
Our Certificate of Incorporation authorizes the issuance of 230,000 shares of undesignated preferred stock, 10,000 shares of Series B Convertible Preferred Stock, par value $0.05 per share (“Series B Preferred Stock”), 10,000 shares of Series C Convertible Preferred Stock, par value $0.05 per share (“Series C Preferred Stock”), and 100,000 shares of Series A Junior Participating Preferred Stock, par value $0.001 per share (“Junior Preferred Stock”). Our board of directors is empowered, without stockholder approval, to designate and issue additional series of preferred stock with dividend, liquidation, conversion, voting or other rights, including the right to issue convertible securities with no limitations on conversion, which could adversely affect the voting power or other rights of the holders of our common stock, substantially dilute a common stockholder’s interest and depress the price of our common stock.
​
No shares of the Series B Preferred Stock, the Series C Preferred Stock or the Junior Preferred Stock are outstanding. Due to the terms of the Series C Preferred Stock, no additional shares of Series C Preferred Stock can be issued.
​
Series B Preferred Stock
​
Our Certificate of Incorporation authorizes the issuance of 10,000 shares of Series B Preferred Stock, none of which are outstanding and 6,411 of which have been converted to common stock and therefore are not reissuable.
​
Voting Rights
​
Each holder of Series B Preferred Stock is entitled to the number of votes equal to the number of whole shares of common stock into which the shares of Series Preferred Stock held by such holder is then convertible (as adjusted from time to time pursuant to our Certificate of Incorporation) with respect to any and all matters presented to the stockholders for their action or consideration. Except as provided by law, holders of Series B Preferred Stock vote together with the holders of common stock as a single class.
​
​

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Dividends and Liquidation Rights
​
The holders of the Series B Preferred Stock are entitled to a dividend of 8% per annum, payable annually in shares of Series B Preferred Stock. In addition, when and if our board of directors shall declare a dividend payable with respect to the then outstanding shares of common stock, the holders of the Series B Preferred Stock are entitled to the amount of dividends per share as would be payable on the largest number of whole shares of common stock into which each share of Series B Preferred Stock could then be converted.
​
In the event of liquidation, dissolution or winding up of the company, the holders of Series B Preferred Stock then outstanding will be entitled to be paid an amount equal to $1,000 per share (subject to adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization affecting such shares pursuant to our Certificate of Incorporation), plus any dividends declared but unpaid thereon before any payment is made to the holders of common stock, Junior Preferred Stock or any other class or series of stock ranking on liquidation junior to the Series B Preferred Stock. After the holders of the Series B Preferred Stock have been paid in full, the remaining assets of the company will be distributed to the holders of Junior Preferred Stock and common stock, subject to the preferences of the Junior Preferred Stock.
​
Conversion, Redemption and Other Rights
​
Each share of Series B Preferred Stock is convertible into 1.333 shares of common stock. The conversion ratio is subject to an adjustment upon the issuance of additional shares of common stock for a price below the closing price of the common stock and equitable adjustment for stock splits, dividends, combinations, reorganizations and similar events.
​
Subject to certain conditions, after the second anniversary of the issuance of the Series B Preferred Stock, the Company will have the right, but not the obligation, to redeem the then-outstanding shares of Series B Preferred Stock for cash in an amount calculated pursuant to the terms of our Certificate of Incorporation.
​
Junior Preferred Stock
​
Voting Rights
​
The holders of the Junior Preferred Stock will have 10,000 votes per share of Junior Preferred Stock on all matters submitted to a vote of our stockholders, including the election of directors.
​
Dividends and Liquidation Rights
​
If our board of directors declares or pays dividends on common stock, the holders of the Junior Preferred Stock would be entitled to receive a per share dividend payment of 10,000 times the dividend declared per share of common stock. In the event we make a distribution on the common stock, the holders of the Junior Preferred Stock will be entitled to a per share distribution, in like kind, of 10,000 times such distribution made per share of common stock. In the event of any merger, consolidation or other transaction in which shares of common stock are exchanged, each share of Junior Preferred Stock will be entitled to receive 10,000 times the amount received per share of common stock. These rights are protected by customary anti-dilution provisions.
​
Upon any liquidation, dissolution or winding up, no distribution may be made to the holders of shares of stock ranking junior to the Junior Preferred Stock unless the holders of the Junior Preferred Stock have received the greater of (i) $37.00 per one one-thousandth share plus an amount equal to accrued and unpaid dividends and distributions thereon, and (ii) an amount equal to 10,000 times the aggregate amount to be distributed per share to holders of common stock. Further, no distribution may be made to the holders of stock ranking on a parity upon liquidation, dissolution or winding up with the Junior Preferred Stock, unless distributions are made ratably on the Junior Preferred Stock and all other shares of such parity stock in proportion to the total amounts to which the holders of the Junior Preferred Stock are entitled above and to which the holders of such parity shares are entitled.
​
Outstanding Warrants
​
2016 Warrants
​
On December 16, 2016, we consummated a public offering of an aggregate of 1,670,000 shares of common stock, together with warrants to purchase up to 2,370,005 shares of common stock. In connection with the offering, we also issued the underwriter a warrant to purchase up to 33,400 shares of common stock. We refer to the warrants issued to the investors and the underwriter in connection with the offering as the “2016 Warrants.” The 2016 Warrants were listed on The Nasdaq Capital Market under the symbol “SNGXW”.
​
The 2016 Warrants expired on December 15, 2021.
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Other Warrants
​
As of March 22, 2022, 59,872 shares of common stock were issuable upon the exercise of warrants other than the 2016 Warrants. Such warrants expire between 2022 and 2023. As of March 22, 2022, the weighted average exercise price of such warrants was $2.41 per share. The exercise price and the number of shares of common stock purchasable upon the exercise of each such warrant are subject to adjustment upon the happening of certain events, such as stock dividends, distributions, and splits.

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​
Anti-Takeover Provisions
​
Provisions in our Certificate of Incorporation and Bylaws may discourage certain types of transactions involving an actual or potential change of control of our company which might be beneficial to us or our security holders.
​
As noted above, our Certificate of Incorporation permits our board of directors to issue shares of any class or series of preferred stock in the future without stockholder approval and upon such terms as our board of directors may determine. The rights of the holders of common stock will be subject to, and may be adversely affected by, the rights of the holders of any class or series of preferred stock that may be issued in the future.
​
Our Bylaws generally provide that any board vacancy, including a vacancy resulting from an increase in the authorized number of directors, may be filled by a majority of the directors, even if less than a quorum.
​
Additionally, our Bylaws provide that stockholders must provide timely notice in writing to bring business before an annual meeting of shareholders or to nominate candidates for election as directors at an annual meeting of shareholders. Notice for an annual meeting is timely if our Secretary receives the written notice not less than 45 days and no more than 75 days prior to the anniversary of the date that we mailed proxy materials for the preceding year’s annual meeting. However, if the date of the annual meeting is advanced more than thirty (30) days prior to, or delayed by more than thirty (30) days after, the anniversary of the preceding year’s annual meeting, notice by the stockholder to be timely must be delivered not later than the close of business on the later of (i) the 90th day prior to such annual meeting or (ii) the 10th day following the day on which public announcement of the date of such annual meeting is first made. Our Bylaws also specify the form and content of a shareholder’s notice. These provisions may prevent shareholders from bringing matters before an annual meeting of shareholders or from making nominations for directors at an annual meeting of shareholders.
​
Delaware Anti-Takeover Statute
​
We are subject to the provisions of Section 203 of the Delaware General Corporation Law (the “DGCL”) regulating corporate takeovers. In general, Section 203 prohibits a publicly held Delaware corporation from engaging, under certain circumstances, in a business combination with an interested stockholder for a period of three years following the date the person became an interested stockholder unless:
​
		●	prior to the date of the transaction, our board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

​
		●	upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, calculated as provided under Section 203; or

​
		●	at or subsequent to the date of the transaction, the business combination is approved by our board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

​
Generally, a business combination includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An interested stockholder is a person who, together with affiliates and associates, owns or, within three years prior to the determination of interested stockholder status, did own 15% or more of a corporation’s outstanding voting stock. We expect the existence of this provision to have an anti-takeover effect with respect to transactions our board of directors does not approve in advance. We also anticipate that Section 203 may also discourage attempts that might result in a premium over the market price for the shares of common stock held by stockholders.
​
Forum Selection Provisions
​
As permitted by the DGCL, our Bylaws require, to the fullest extent permitted by law, unless we consent in writing to the selection of an alternative forum, that the Court of Chancery of the State of Delaware, shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the company, (ii) any action asserting a claim for breach of a fiduciary duty owed by any director, officer, other employee or stockholder of the company to the company or the our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL, our Certificate of Incorporation or our By-laws or (iv) any action asserting a claim governed by the internal affairs doctrine.
​
Further, our Bylaws provided that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act.
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​

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Exclusions or Limitations to Forum Selection Provisions
​
Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. Accordingly, the exclusive forum provisions in our Bylaws do not apply to claims arising under the Exchange Act. The forum selection provisions, however, are intended to apply to the fullest extent permitted by law, including to actions or claims arising under the Securities Act. However, it is possible that a court could find our forum selection provisions to be inapplicable or unenforceable with respect to actions or claims arising under the Securities Act. Even if a court accepts that our forum selection provisions apply to actions or claims arising under the Securities Act, our stockholders shall not be deemed to have waived compliance with the federal securities laws and the rules and regulations thereunder.
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Transfer Agent
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The transfer agent and registrar for our common stock is American Stock Transfer & Trust Company, LLC. Its address is 6201 15th Avenue, Brooklyn, NY 11219 and its telephone number is (718) 921-8200.

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