$DRFS – Dr. Foods, Inc. burnt the house down with a reverse split filing. The chart had been on a steady decline since a nice rally in July of nearly 400%. On Wednesday September 14th the stock fell -53.73% from $0.0067 to a support of $0.003. The 8-K filing follows their August 22nd 10-Q, Dr. Foods, Inc. (Form: 10-Q,) filing with little to no sustainable growth, a total cash balance of $200,802 and accumulated deficit of $1,009,185.
On September 13, 2022, the Company filed a Certificate of Change with the Nevada Secretary of State to effect a Reverse Stock Split, whereas every 200 shares of the Company’s issued and outstanding Common Stock will be automatically converted into one issued and outstanding share of Common Stock, without any change in the par value per share. The effective date of the Certificate of Change is September 21, 2022. Fractional shares as a result of the Stock Split will be rounded up to the nearest whole number. The Stock Split will affect all shares of the Company’s common stock outstanding immediately prior to the effective time of the Stock Split. The Authorized Shares prior and following the Stock Split will remain the same at 4,800,000,000 shares of common stock, par value $0.0001 per share.
The effective date listed on the Certificate of September 21, 2022 will likely differ from the market effective date when posted on FINRA’s daily list. An 8-K will be filed with the Securities and Exchange Commission after completion of our FINRA corporate action relating to the Stock Split, which at this time remains pending. It will include additional details, including, but not limited to, information regarding the market effective date of the Stock Split when posted on FINRA’s daily list.
Non-Certificated Shares; Certificated Shares: Stockholders who are holding their shares in electronic form at brokerage firms do not have to take any action as the effect of the Reverse Stock Split will automatically be reflected in their brokerage accounts.
Dr. Foods, Inc. (Form: 8-K,)
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