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PETRON ENERGY II, INC. Files SEC form 8-K, Submission of Matters to a Vote of Security Holders, Other Events

PETRON ENERGY II, INC. Files SEC form 8-K, Submission of Matters to a Vote of Security Holders, Other Events

Form 8-K for PETRON ENERGY II, INC.


24-Dec-2014

Submission of Matters to a Vote of Security Holders, Other Events

ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.The following proposals were submitted to the stockholders of Petron Energy II, Inc. at the 2014 Annual Meeting of Stockholders held on December 19, 2014:1. The election of two members of the board of directors to serve for the ensuing year or until their successors have been duly elected and qualified.;2. The ratification of the appointment of the executive officers of the Company;

3. The ratification of the appointment of KWCO, PC (“KWCO”) as the independent auditor of the Company for the year ended December 31, 2015; and

4. The consideration of any other matter that may properly come before the meeting or any adjournment thereof.

Holders of our Common Stock are entitled to one vote per Common Stock share. The holder of our Series A Preferred Stock was entitled to vote in an amount equal to 51% of the total votes eligible to be casted. Holders of our Series B Preferred Stock were entitled to vote 1/100 of one vote per Series B Preferred Stock share. Only stockholders of record at the close of business on November 7, 2014 were entitled to vote. The number of votes cast for and against and the number of abstentions and non-votes with respect to each matter voted upon are set forth below:

 

Election of Directors



Director Nominee    Votes For    Votes Against   Non-Votes/Abstentions
  Floyd Smith      466,242,937         0              435,986,368
 David Knepper     466,242,937         0              435,986,368

Mr. Smith and Mr. Knepper were elected to the Board of Directors, and will serve as directors until our next annual meeting or until their successors are elected and qualified.

Ratification of Appointment of the Company’s Executive Officers

The results of the voting were 466,242,937 votes for, 0 votes against, and 435,986,368 abstentions and non-votes. The appointment of Floyd Smith as the Company’s CEO, President, Secretary and Treasurer was ratified. The appointment of Bob Currier as the Company’s CFO was also ratified.

Ratification of KWCO PC as the Company’s Independent Registered Public Accounting Firm

The results of the voting were 466,242,937 votes for, 0 votes against, and 435,986,368 abstentions and non-votes. The appointment of KWCO PC was ratified.

 

ITEM 8.01 OTHER EVENTS.On December 24, 2014, Petron Energy II, Inc., a Nevada corporation (the “Company”) effectuated a reverse split (the “Reverse Split”) of its issued common shares whereby every One Thousand Five Hundred (1,500) pre-split shares of common stock were exchanged for one (1) post-split share of the Company’s common stock. As a result, the total issued shares of common stock of the Company decreased from Eight Hundred Two Million Eight Hundred Fifty One Thousand Eight Hundred and Fifty Six (802,851,856) shares prior to the Reverse Split to Five Hundred Thirty Five Thousand Two Hundred and Thirty (535,235) shares following the Reverse Split. FINRA confirmed approval of the Reverse Split on December 23, 2014 and the Reverse Split became effective on December 24, 2014. The Reverse Split shares are payable upon surrender of certificates to the Company’s transfer agent.