IFL to hold their Annual Stockholder's Meeting
Submitted by fightlinker on May 21, 2007 - 11:09am
As you can see here, the IFL is having it's 2007 stockholder's meeting on June 28th. One of the main reasons for this is to try and sucker everyone into agreeing to allow them to double the number of stocks available:
The Board believes that the increase in the number of authorized shares is necessary to provide us with the ability and flexibility to raise additional capital that is necessary to fund the business in the future. If this proposal is approved, we could raise this capital through public or private equity offerings and adopt additional benefit plans, without the need to seek stockholder approval at that time. IFL is still in the early stages of building its business and needs the flexibility to raise additional capital as opportunities present themselves. The company had losses in 2006 and the first quarter of 2007, and expects to incur losses for the remainder of 2007. As a result, the company will need to raise additional capital to fund future operations and to continue building the IFL brand name, expanding its TV exposure and increasing the market for its team-based mixed martial arts league.
Okay, so you didn't read that. The short and sweet is: OMG WE R BROKE LOL. LET'S SELL MORE STOCK!!!11! This is apparently the plan Kurt Otto has to deal with the fact that the IFL will be out of money by the end of the year.
July 4, 2007 - 7:08am
#2
[...] We reported back in May that the IFL’s big plan to survive another year was to double the number of stocks avaialable. Today we’re here to tell you that this plan has gone through and it will take at least a while longer before the IFL ship sinks: Shareholders gave the company authorization at its annual meeting late last week to issue an additional 75 million shares of common stock. Rarely do companies sell the entire allotment of stock at one time following shareholder approval, but it’s imperative that the IFL issue a portion of its authorized stock by the end of 2007. The company previously stated that it does not have adequate funds to make it to year’s end. With approximately 21 million shares of original stock still un-issued, the company now has a total of 96 million shares at its disposal. [...]
[...] Update: More IFL stock shares to be made available? A stock split? [...]