The company also recently announced that it has recapitalized its shares. Founder and President Dale Scott Marion has removed 60Million shares from the open market and converted those 60Million shares into 600,000 preferred shares, with 100 - 1 voting rights per share and a reconversion rate of 100 - 1 back to ordinary shares.
This reduces the number of ordinary shares available to the market from 100 Million to 40 Million. Xelleon currently holds assets and contracts worth over $100 Million.
The new capitalization comes from advice given to the company by its securities law firm FSE Law Gmbh, to prepare the company's Initial Public Offering. |