PARK CITY, UT / ACCESSWIRE / August 18, 2023 / NRP Stone, Inc. (Symbol:NRPI), a pioneering force in space innovation through its subsidiary Uplift Aerospace, Inc., today announced significant changes to its corporate structure, following recent shareholder approval.
Corporate Restructuring
On August 8, 2023, a majority of the shareholders approved an amendment and restatement of the Articles of Incorporation. Pursuant to this amendment:
- All convertible and preferred shares were canceled. This included the cancellation of all Series B Convertible Preferred Shares previously issued to Mr. Joshua Hanes.
- In exchange for the 95 canceled Series B shares and Mr. Hanes's return of 40,000,000 Common Shares, the Company issued Mr. Hanes 40,000,000 Common Series B Shares, as authorized by a majority of shareholders.
- The Common Series B Shares are equal in ownership to Common Shares and hold 20:1 voting rights for eight years. After this period, they will have the same 1:1 voting right as Common Shares.
- Additionally, the Company has provided revised incentive rights for Mr. Hanes through an amendment to the original Acquisition Agreement, tied to the Company's market value.
These incentive rights, as approved by a majority of shareholders and agreed upon between the Company and Mr. Hanes, are detailed as follows:
1. Should the Company reach a market value of One Billion Dollars ($1,000,000,000), Mr. Hanes shall be awarded 5% of the outstanding shares of the Company's common stock.
2. Should the Company reach a market value of Two Billion Dollars ($2,000,000,000), Mr. Hanes shall be awarded an additional 5% of the outstanding shares of the Company's common stock.
3. Should the Company reach a market value of Ten Billion Dollars ($10,000,000,000), Mr. Hanes shall be awarded an additional 85% of the outstanding shares of the Company's common stock.
This authorization, issuance of Common Series B Shares, and the amendment of the Articles of Incorporation were approved by the Board of Directors and a majority of shareholders. The Company has authorized counsel to effectuate the change with the Nevada Secretary of State.
Annual Shareholder Meeting
NRP Stone, Inc. will be holding an annual shareholder meeting on September 14, 2023, at 7:30 PM EDT. The meeting agenda includes discussing the recent corporate restructuring, the current state of the company, and the 5-year strategic plan.
About NRP Stone, Inc.
NRP Stone (Symbol:NRPI) runs its businesses through its wholly owned subsidiary, Uplift Aerospace Inc. Uplift offers manufacturing & logistic services for brands & creators to build innovative products in space. Our integrated services include in-space manufacturing, university research partnerships, and spaceflight mission operations. Learn more at www.upliftaerospace.com.
Over the past two years, Uplift Aerospace has secured agreements with NASA, Blue Origin, Orbital Reef Space Station, University of Arizona, University of Wisconsin, and the University of Central Florida. The ultimate objective of the Company is to run its businesses in order to create shareholder value, while exercising sound corporate governance to ensure the interests of the Company's management and shareholders are completely aligned.
MEDIA CONTACT: press@upliftaerospace.com
Symbol:NRPI
For the latest updates, visit upliftaerospace.com and follow @upliftaerospace on Facebook, Instagram, and Twitter.
Disclosures and Caution Concerning Forward-Looking Statements: This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, economic and market factors, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company, its management, or affiliates, undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
SOURCE: NRP Stone, Inc.
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