Visium Technologies Board Undergoes Refresh Amid Strategic Restructuring; Designates Up to 50M Series A Preferred Shares
Visium Technologies, Inc. announced significant corporate governance and capital structure changes on April 7, 2026. Independent Directors Paul Anthony Favata and Thomas Grbelja resigned, effective immediately, as part of a board refresh linked to strategic restructuring and acquisition transactions outlined in a non-binding Letter of Intent dated March 29, 2026. Concurrently, the Board approved the designation of Series A and Series B Convertible Preferred Stock, formalizing up to 50,000,000 shares of Series A Preferred Stock with a stated and liquidation value of $750.00 per share. These actions are procedural steps to align the company's governance and capital structure with its strategic initiatives, including potential acquisitions, and ratify prior designations under Florida law.
Key Highlights
- Independent Directors Paul Anthony Favata and Thomas Grbelja resigned from the Board and all committee positions (Audit, Compensation, Nominating and Corporate Governance) on April 7, 2026.
- The resignations are part of a "board refresh" connected to "strategic restructuring and acquisition transactions" contemplated by a non-binding Letter of Intent dated March 29, 2026.
- The Board approved the immediate filing of Certificates of Designation for Series A and Series B Convertible Preferred Stock on April 7, 2026, amending the Company's Articles of Incorporation.
- The Series A Convertible Preferred Stock designates up to 50,000,000 shares, each with a par value of $0.001 and a stated/liquidation value of $750.00.
- These designations formalize historical preferred stock designations originally adopted in April 2016 under the company's predecessor Nevada entity, now under Florida law.