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Sport Endurance amends articles to adopt blank check authority

Sport Endurance Inc. amended its articles of incorporation to clarify that the company has blank check authority with regard to its shares of preferred stock and to reduce the number of authorized shares of series A preferred stock to 1,000 shares, according to a Jan. 31 SEC filing.

The company's board and the majority shareholder approved the amendment to provide that the board of directors has the power to adopt blank check preferred stock with rights, preferences and limitations as the board may approve.

Previously, the articles of incorporation authorize 20 million shares of preferred stock including 10 million shares of series A preferred stock but did not include a provision on the terms of any preferred stock which may be issued. The amendment makes it clear that the board will have authority to issue blank check preferred stock without further approval of shareholders.

Further, the board and the majority shareholder also approved an amendment to reduce the number of shares of the series A preferred stock to 1,000 shares to provide the company more flexibility regarding the issuance of additional shares of preferred stock.