SCHEDULE 14A
(Rule 14a-101)
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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant To Section 14(a) Of The Securities Exchange Act Of 1934
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|_| Definitive Proxy Statement
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NANNACO, INC.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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0-11.
(1) Title of each class of securities to which transaction applies:
Nannaco, Inc. common stock, $.001 par value per share.
(2) Aggregate number of securities to which transaction applies:
153,341,900 shares of Nannaco common stock.
(3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: 153,341,900 shares multiplied by $.0012 (average of the high and low prices reported on the OTCBB) equals $184,010 as the value of the transaction.
(4) Proposed maximum aggregate value of transaction: $184,010
(5) Total fee paid: $36.80
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[NANNACO, INC. LOGO]
Dear Nannaco Stockholder:
The boards of directors of Nannaco, Inc., a Texas corporation ("NNCO", "Nannaco", "Registrant" or the "Company"), Nannaco Acquisition, Inc., a Delaware corporation ("Acquisition"), and Red Alert Group, Inc., a Georgia corporation ("Red Alert") have adopted an Agreement and Plan of Merger ("Merger Agreement") that will result in Red Alert becoming a wholly owned subsidiary of Nannaco. Further, in addition to approving the Merger Agreement, the board of directors of Nannaco has (i) approved a 1 for 100 reverse-split of the issued and outstanding shares of the common stock of the Company while maintaining the amount of common stock shares we are authorized to issue at 500,000,000 (the "Reverse-Split"), (ii) approved an amendment to our articles of incorporation, as amended, to change our name from "Nannaco, Inc." to "Red Alert Group Holding Corp.", and (iii) made a recommendation to the shareholders to elect certain new directors to the board of directors of Nannaco which individuals have been nominated by the board of directors of Nannaco.
quote:
Originally posted by KeJaM:
I got suckered into buying alot of shares in this company, but, and I don't mean to sound ignorant, why is a reverse split such bad news.
there is a reason the stock is at such low levels, right now. A reverse split will give you less shares at a higher price. Ussually with a penny those prices sink right back down to the bottom. So after the reverse split you can lose a lot of money.
http://www.investopedia.com/terms/r/reversesplit.asp
http://www.investopedia.com/articles/01/072501.asp
and I am sure there are a lot more pages with more info...
[This message has been edited by futuresobjective (edited July 14, 2004).]