XML 37 R22.htm IDEA: XBRL DOCUMENT v3.25.1
Note 15 - Subsequent Events
6 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 15  SUBSEQUENT EVENTS

 

Following shareholder approval at the Company's annual meeting held on April 10, 2025 for an amendment to the Company’s Series A Preferred Stock designation to amend the Company’s articles of incorporation to provide for the automatic conversion of all of the Company’s issued and outstanding shares of Series A Preferred Stock ("Preferred Stock") at a ratio of one share of Preferred Stock to 13 shares of Common stock,  the Board of Directors elected to effectuate the automatic conversion (the ”Automatic Preferred Conversion”), which provides for the conversion of each share of Preferred Stock into thirteen shares of Common Stock, inclusive of all accumulated and unpaid dividends on May 6, 2025 at 4:01 p.m. Eastern Time (the “Mandatory Exchange Date”). Dividends on converted shares  ceased to accrue on the Mandatory Exchange Date and the Preferred Stock  ceased trading on the Mandatory Exchange Date. Shareholders who held Preferred Stock electronically in book-entry form did not need to take action (the Conversion was automatic) to receive shares of Common Stock on the Mandatory Exchange Date. Following the Mandatory Exchange Date there are no shares of Preferred Stock issued or outstanding.

 

In addition, following shareholder approval at the Company's annual meeting held on April 10, 2025 for the amendment to the Company's articles of incorporation to implement a reverse stock split, the Company announced one April 17, 2025 that its Board of Directors approved a ratio of one-for-eight reverse stock split of the Company's issued and outstanding shares of Common Stock. The Company's shareholders previously approved the reverse stock split at the Company's annual meeting and granted the board the authority to determine a final reverse split ratio. The reverse stock split was effective at 4:02 p.m. Eastern Time on May 6, 2025 immediately following the Automatic Preferred Conversion, following the filing and effectiveness of an amendment to the Company's articles of incorporation, as amended, with the Common Stock trading on a post-split basis when the market opened on the May 7, 2025. The Company's Common Stock continues to trade on the NYSE American under the existing trading symbol “YCBD” with a new CUSIP number 12482W 408.

 

Approximately 51 roundup shares were issued as part of the reverse split.