01—Abstract
Summary
Summary of the 8-K filed December 1, 2020. Cited figures are marked; the original filing is the authoritative source.
Byrn, Inc. (BRRN), formerly Quture International, Inc., has filed an 8-K report detailing significant corporate actions taken on November 24, 2020, and effective December 1, 2020.
The company has officially changed its name to Byrn, Inc. and executed a 1-for-1,000 reverse stock split. These changes are strategically positioned in anticipation of the company entering a new line of business operations. Investors should note that FINRA has declared these changes effective as of December 1, 2020.
Furthermore, the company was informed that its ticker symbol will be updated to BRRN within twenty business days. This rebranding and restructuring signals a potential shift in the company's strategic direction, and investors should monitor future filings for details regarding the new business ventures.
02—Key points
Key Highlights
- Company Name Change: Quture International, Inc. has officially changed its name to Byrn, Inc.
- Reverse Stock Split: A 1-for-1,000 reverse stock split has been executed.
- Strategic Rationale: Name change and reverse split are in anticipation of entering a new line of business.
- Effective Date: Corporate changes were effective as of December 1, 2020.
- Ticker Symbol Change: The ticker symbol will be updated to BRRN in approximately twenty business days.
- Regulatory Filings: Official Certificates of Amendment and Change were filed with the Nevada Secretary of State.
03—Questions
Frequently Asked Questions
What is the primary reason for the name change and reverse stock split?
The name change to Byrn, Inc. and the 1-for-1,000 reverse stock split were undertaken in anticipation of the company entering a new line of business operations. This suggests a strategic pivot or expansion for the company.
When did these corporate changes become effective?
The name change and the reverse stock split were declared effective by FINRA on December 1, 2020. The amendments to the articles of incorporation were filed with the Nevada Secretary of State on November 24, 2020.
Will the company's stock ticker symbol change?
Yes, the company was informed by FINRA that its ticker symbol will be changed to BRRN. This change is expected to occur within twenty business days from December 1, 2020.
How does the reverse stock split affect current shareholders?
A 1-for-1,000 reverse stock split means that for every 1,000 shares an investor owns, they will now own 1 share. This will significantly reduce the number of outstanding shares and proportionally increase the price per share, assuming the market capitalization remains the same. Shareholders are advised to check their brokerage accounts for the adjusted share count and value.
04—Continue