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Quality Industrial Corp. Files Preliminary Schedule 14C Information Statement Regarding Increase in Authorized Common Stock
Globenewswire· 2026-01-22 13:10
Core Viewpoint - Quality Industrial Corp. has filed a Preliminary Schedule 14C Information Statement with the SEC to amend its Articles of Incorporation, increasing the authorized common stock from 200 million shares to 450 million shares, which aims to provide corporate flexibility for operations and strategic initiatives [1][2][3]. Corporate Action Approved by Written Consent - On January 20, 2026, the board of directors and stockholders holding approximately 53.5% of the voting power approved the amendment to increase the authorized common stock [2]. Rationale for the Authorized Share Increase - The increase is intended to support operations and strategic initiatives, allowing the company to issue common stock for various corporate purposes [3]. Potential Uses of Additional Authorized Shares - The additional shares may be used to meet existing obligations, reduce or restructure indebtedness, and provide flexibility for corporate transactions and strategic relationships [4]. Evaluation of Share Purchase Agreement - The company is currently evaluating and restructuring aspects of the Share Purchase Agreement related to Al Shola Gas, believing that the Authorized Share Increase offers additional flexibility for corporate planning and financing initiatives [5]. No Immediate Issuance of Shares - The Authorized Share Increase does not result in the immediate issuance of additional shares, but future issuances could dilute existing stockholders' ownership interests [5].