May 2021

Shares of stock to be sold to existing shareholders, in the exercise of their pre-emptive rights, as a consequence of an increase in authorized capital stock of a corporation are not required to be registered with the SEC if the corporation will not incur expenses in relation to the sale of the said shares [SEC-OGC Opinion No. 21-05, 07 May 2021].

The Securities and Exchange Commission (“SEC”) issued on 07 May 2021 SEC-OGC Opinion No. 21-05 (“SEC Opinion”) which states that, in the absence of any indication
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