More than 100million shares... Are there more than 100million shares? Is anyone going to admit they were wrong?
Immediately following the Asset Purchase, under the terms of an Agreement of Conveyance, Transfer and Assignment of Assets and Assumption of Obligations, the Company transferred all of its pre-Asset Purchase assets and liabilities to its wholly owned subsidiary, Plesk Holdings, Inc., a Delaware corporation (“SplitCo”). Thereafter, pursuant to a Stock Purchase Agreement, the Company transferred all of the outstanding capital stock of SplitCo to certain former shareholders of the Company in exchange for cancellation of an aggregate of 112,500,000 shares of the Company’s common stock held by such persons (the “Split-Off”), which left 30,000,000 shares of the Company’s common stock held by persons who were stockholders of the Company prior to the Asset Purchase and which constitute the Company’s “public float” that will continue to represent the shares of the Company’s common stock eligible for resale without further registration by the holders thereof, until such time as the applicability of Rule 144 or other exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”), or the effectiveness of a further registration statement under the Securities Act, permits additional sales of issued shares.