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$CETX CEMTREX is reincorporating in Nevada, which provides greater protections for the board of directors and offers less developed legal precedent for shareholder claims and lawsuits.
As of September 4:
- There were 1,721,141 shares of common stock outstanding, with one vote per share. Govil owns 5 common shares.
- There were 50,000 shares of Series C Preferred Stock outstanding, carrying an aggregate of 17,228,621 votes.
- There were 2,919,041 shares of Series 1 Preferred Stock outstanding, with two votes per share, representing 5,838,082 votes.
Govil owns 100% of the Series C Preferred Stock and 177,295 shares of Series 1 Preferred Stock. As a result, he controls 17,583,216 votes, or 70.93% of the company’s total voting power.
In a company where the CEO already controls 70.93% of the voting power, these changes further strengthen his position. Less protection for minority shareholders.
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