Item 3.02 Unregistered Sales of
On
The Board of Directors of Regen have authorized 20,000 shares of the
Nonconvertible Series NC Preferred Stock, par value
The holders of Nonconvertible Series NC Preferred Stock shall be entitled
receive dividends, when, as and if declared by the Board of Directors in
accordance with
On any voluntary or involuntary liquidation, dissolution or winding up of Regen, the holders of the Nonconvertible Series NC Preferred Stock shall receive, out of assets legally available for distribution to Regen's stockholders, a ratable share in the assets of Regen.
There is no current public market for the Nonconvertible Series NC Preferred Stock.
Item 3.03 Material Modification to Rights of Security Holders.
The issuance of 10,000 shares of Nonconvertible Series NC Preferred Stock to
To the extent that the Nonconvertible Series NC Preferred Stock may have anti-takeover effects, Regen believes that the ability of Regen to issue shares with such voting power will encourage persons seeking to acquire Regen to negotiate directly with the Board of Directors enabling the Board of Directors to consider the proposed transaction in a manner that best serves the stockholders' interests.
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