UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.03. Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On March 11, 2022, Waterside Capital Corporation (the “Company”) filed with the State of Nevada a certificate of designations for the Company’s Series A preferred stock (the “Series A Certificate of Designations”). The Series A Certificate of Designations provides as follows:
| 1. | Authorized Shares of Series A Preferred Stock. The number of authorized shares of Series A preferred stock will be 100. | |
| 2. | Stated Value. Each share of Series A preferred stock will have a stated value of $50,000. | |
| 3. | Conversion. Subject to the other terms and conditions in the Series A Certificate of Designations, each holder of Series A preferred stock will have the right from time to time and at any time following the date of issuance to convert each outstanding share of Series A preferred stock into 100,000 shares of Company common stock, subject to a 9.99% equity blocker. | |
| 4. | Voting. Except as required by applicable law or as set forth in the Series A Certificate of Designations, the Series A preferred stock will not have any vote on any matter submitted to the holders of common stock or any other series of preferred stock for a vote. | |
| 5. | Dividends. The Series A preferred stock is not entitled to receive dividends or distributions. |
The information set forth above is qualified in its entirety by reference to the actual terms of the Series A Certificate of Designations, which is attached hereto as Exhibit 3.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 3.1 | Certificate of Designations for the Series A Preferred Stock, filed with the Nevada Secretary of State on March 11, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Waterside Capital Corporation | ||
| Date: March 15, 2022 | By: | /s/ Ryan Schadel |
| Ryan Schadel | ||
| Chief Executive Officer | ||