As a seasoned financial analyst with over two decades of experience under my belt, I’ve seen companies grow and transform in ways that would make even the most optimistic of us blink twice. However, MicroStrategy’s latest move to seek shareholder approval for such a massive increase in their authorized shares, as part of their ambitious 21/21 plan, is nothing short of extraordinary.
MicroStrategy submits a preparatory notification to the Securities and Exchange Commission (SEC), indicating they plan to convene a shareholders’ meeting where they propose various resolutions. Among these proposals is one to expand the number of authorized shares of both common and preferred stocks, currently in the millions, up to trillions.
MicroStrategy, currently the biggest corporate Bitcoin (BTC) owner, is planning a shareholder gathering, tentatively scheduled for early 2025. The specific date and time are still undecided, as stated in their preliminary notice submitted to the Securities and Exchange Commission (SEC).
The gathering is scheduled for broadcast online, and access to this event is exclusive to MicroStrategy shareholders, who can log in using a specific website link.
At the shareholder gathering, we’ll be casting votes on multiple topics. Two of these votes will decide the quantity of additional shares our company can issue as part of its three-year strategy, dubbed the 21/21 plan. This ambitious plan, initiated by MicroStrategy, aims to amass $21 billion in equity capital and an equivalent amount, $21 billion, in fixed-income instruments. In total, this equates to a staggering capital sum of $42 billion.
As a dedicated crypto investor, I’m excited to share with you some innovative ideas that mark a significant leap forward in our journey as a Bitcoin-focused organization, MicroStrategy. These proposals embody our visionary aspirations for the future and our commitment to leading the way in the evolving world of digital currency.
Initially, shareholders will be asked to cast a ‘yes’ or ‘no’ vote regarding the proposed expansion of authorized class A common stock shares from 330 million to approximately 10.33 billion units. Each share carries a value of merely $0.001. Subsequently, shareholders will be presented with another vote to approve or reject the increase in the number of authorized preferred stock shares, which is proposed to rise from 5 million to over 1 billion shares.
In addition, MicroStrategy shareholders will also be asked to decide if they want to grant automatic stock awards to newly appointed members of the company’s Board of Directors as a part of their compensation package.
In other words, if the required number of votes isn’t reached during the Special Meeting, shareholders may be asked to vote again (to adjourn) in order to gather more proxies. This decision will depend on their approval or rejection.
Earlier on, MicroStrategy augmented its Bitcoin reserves with an additional 5,262 coins. This latest acquisition brings their total Bitcoin holdings up to a staggering 444,262 units, based in Virginia.
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2024-12-24 15:50