This article is a step-by-step guide to the "Change Authorized Shares or Par Value" workflow in Shoobx. This flow allows you to create an amendment to your company's authorized shares or a change in par value (or upload documentation for these changes).
Select the link below for more information about each step in the flow:
In order to legally change the company's number of authorized shares, you must have approval from the Board of Directors and Stockholders. You must also file an amendment for your company's Charter with your state of incorporation and other relevant jurisdictions. When you begin the "Change Authorized Shares or Par Value" flow, you can decide whether you would like to upload these documents, because the change has already been completed outside of Shoobx, or if you would like to generate these documents and execute them through the platform. These steps will work through the generative version of the workflow, but the upload version will ask for the same information.
Provide Key Data
Shoobx will ask for the new number of authorized shares in your company, the new number of preferred authorized shares in your company (if applicable), the new common stock par value and the new preferred par value (if applicable). Please do not change the pre-seeded number for the fields which shall not be changing. If applicable, the next page of the flow will ask you to set the preferred number of authorized shares per class.
If you are generating this information, Shoobx will also ask you for the article number from your Certificate of Incorporation that is being amended. If you are uploading this information, you will be asked to upload the Amended Certificate of Incorporation document.
Shoobx allows you to create and solicit Board and Stockholder Approvals through the workflow in the platform, but you can also upload these documents or choose the "use other method of approval" option (which will allow you to queue the resolutions from this process for approval through a separate Board workflow to be run at a later date). Once the approvals have been uploaded or collected, you'll be able to move forward.
At this point you will be able to review all generated documents or all uploaded documents, including your Amended Certificate of Incorporation. If you are creating these changes in Shoobx, the next step will send your documents out for review and signatures. If you are uploading these changes into the platform, moving forward will finish the workflow and will document these changes in your account.
If you are generating the changes, after your approvals and signatures have been collected, you will arrive at a "Download Delaware Filing And Submit Evidence" step.
Filing With Delaware
This step in the flow will only appear if you are generating these changes through Shoobx. Shoobx will generate the Amended Certificate of Incorporation, and it is your duty to file this information with the State of Delaware. You will find instructions on how to do so on this screen. Once you receive your filing back from Delaware, you'll want to upload the document on this screen as well.
Once you complete the upload, your workflow will be done and these changes will be recorded in your company's account.
As always, if you have any questions, do not hesitate to reach out to firstname.lastname@example.org!