Bonanza Goldfields Corp (BONZ:OTCBB) will file with the SEC a 14A Statement and any other necessary filings with FINRA to enact a 1 for 20 reverse split of the company's common shares without a corresponding reduction in the number of authorized shares of Bonanza's common stock.
If effected, the number of shares of common stock held by each stockholder prior to the reverse stock split would be reduced by dividing the number of shares held immediately before the reverse stock split by 20, and then rounding up the nearest whole share. The consent of a majority of stockholders is required to approve such authority as well as FINRA.
We at the Company believe we initiated the process at the appropriate time for our shareholders and it is in the best interest of our stockholders and the future growth of the Company. Our short term goals include bringing on seasoned management and also acquiring more properties while developing our current portfolio.
Source: Bonanza Goldfields Corp.