1606 Corp. Reports Change in Control
Ticker: CBDW · Form: 8-K · Filed: Jun 20, 2024 · CIK: 1877461
Sentiment: neutral
Topics: change-of-control, corporate-action
TL;DR
1606 Corp. just had a change in control. Big moves ahead?
AI Summary
On June 14, 2024, 1606 Corp. filed an 8-K report indicating a change in control of the registrant. The company, incorporated in Nevada with its principal executive offices in Phoenix, AZ, is involved in prepackaged software services.
Why It Matters
A change in control can signal a shift in the company's strategic direction, management, or ownership, potentially impacting its stock performance and business operations.
Risk Assessment
Risk Level: medium — Changes in control can introduce uncertainty regarding future strategy and management, which can be a medium-risk event for investors.
Key Players & Entities
- 1606 Corp. (company) — Registrant
- June 14, 2024 (date) — Date of earliest event reported
- Nevada (jurisdiction) — State of Incorporation
- Phoenix, AZ (location) — Address of principal executive offices
FAQ
What specific event triggered the change in control for 1606 Corp.?
The filing does not specify the exact event that triggered the change in control, only that it occurred on or before June 14, 2024.
Who are the new controlling parties of 1606 Corp.?
The filing does not disclose the identity of the new controlling parties.
When was the change in control officially reported?
The Form 8-K was filed on June 20, 2024, reporting the change in control as of June 14, 2024.
What is the primary business of 1606 Corp.?
1606 Corp. is primarily involved in Services-Prepackaged Software, with a Standard Industrial Classification code of 7372.
Where is 1606 Corp. incorporated and headquartered?
1606 Corp. is incorporated in Nevada and its principal executive offices are located at 2425 E. Camelback Rd, Suite 150, Phoenix, AZ 85016.
Filing Stats: 660 words · 3 min read · ~2 pages · Grade level 12.4 · Accepted 2024-06-20 12:13:38
Filing Documents
- onesix_8k.htm (8-K) — 24KB
- 0001477932-24-003768.txt ( ) — 138KB
- onesix-20240614.xsd (EX-101.SCH) — 6KB
- onesix-20240614_lab.xml (EX-101.LAB) — 13KB
- onesix-20240614_cal.xml (EX-101.CAL) — 1KB
- onesix-20240614_pre.xml (EX-101.PRE) — 8KB
- onesix-20240614_def.xml (EX-101.DEF) — 2KB
- onesix_8k_htm.xml (XML) — 4KB
01 Changes in Control of Registrant
Item 5.01 Changes in Control of Registrant. On June 14, 2024, Gregory Lambrecht, the former Chief Executive Officer of 1606 Corp., a Nevada corporation (the " Company "), gifted 60 shares of the Company's Series B Preferred Stock to Austen Lambrecht, the Company's current Chief Executive Officer and the son of Gregory Lambrecht. As a result of the gift, Austen Lambrecht, through his ownership of 90 shares of Series B Preferred Stock (which constitute all of the outstanding shares of Series B Preferred Stock), has voting control of the Company. The basis for the voting control is as follows: If at least one share of Series B Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series B Preferred Stock at any given time, regardless of their number, shall have voting rights equal to 10 times the sum of: i) the total number of shares of Common Stock which are issued and outstanding at the time of voting, plus ii) the total number of votes of all other series of Preferred Stocks which are issued and outstanding at the time of voting. Each individual share of Series B Preferred Stock shall have the voting rights equal to: [ten times the sum of: {all shares of Common Stock issued and outstanding at the time of voting + the total number of votes of all other series of Preferred Stocks which are issued and outstanding at the time of voting}] Divided by: [the number of shares of Series B Preferred Stock issued and outstanding at the time of voting] With respect to all matters upon which stockholders are entitled to vote or to which stockholders are entitled to give consent, the holders of the outstanding shares of Series B Preferred Stock shall vote together with the holders of Common Stock without regard to class, except as to those matters on which separate class voting is required by applicable law or the Articles of Incorporation or Bylaws. 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 1606 Corp. Date: June 20, 2024 By: /s/ Austen Lambrecht Austen Lambrecht, Chief Executive Officer 3