Aditxt, Inc. (ADTX) has released an update to notify the public and investors about corporate charter and bylaws modifications.
The Company has issued Series B-1 Preferred Stock with detailed terms outlined in the Series B-1 Certificate of Designations, including conversion rights, dividend entitlements, and liquidation preferences. The Preferred Stock is convertible into Common Stock at a specified conversion price, subject to adjustments and certain triggering events that allow alternative conversion rates. Holders are entitled to dividends and a preferential payout in liquidation events, both at the discretion of the Board. The Company can redeem the Preferred Stock at a premium, and holders are subject to a maximum percentage of ownership upon conversion. Voting rights for the holders are limited, per the Certificate of Designations and relevant Delaware law.
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For a comprehensive understanding of the announcement, you can read the full document here.
