Therapeutic Solutions International, Inc. (OTC Markets:TSOI), a Nevada-based medical device company with a market capitalization of $1.54 million and a concerning current ratio of 0.27, has announced an amendment to its corporate charter to increase the number of authorized shares.
The amendment, filed with the Nevada Secretary of State on January 07, 2025, raises the total authorized shares from 6.5 billion to 9 billion with a par value of $0.001 each, and maintains the 5 million authorized preferred shares with the same par value. According to InvestingPro data, the company is quickly burning through cash with an EBITDA of -$3.28 million in the last twelve months.
The decision was made through a nonunanimous majority written consent of stockholders following a consent solicitation initiated on January 06, 2025. For the amendment to pass, a majority of the outstanding common stock needed to consent in writing. Not voting has the same effect as a vote against the amendment, as do abstentions.
Board members Timothy G. Dixon and Thomas E. Ichim, who are also Series A Preferred stockholders, consented in favor of the amendment. The Series A Preferred stock carries significant voting power, ensuring that its holders effectively control the company's voting outcomes.
The increase in the number of authorized shares could potentially be used for various corporate purposes, including but not limited to, financing company operations, expansion, or acquisitions. However, the specific reasons for the increase in authorized shares were not disclosed in the filing.
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