In a recent SEC filing dated September 6, 2024, Arogo Capital Acquisition Corp. (NASDAQ:AOGO) announced significant changes to the rights of its security holders. The Delaware-based company, specializing in prepackaged software services, reported that all outstanding shares of its Class B Common Stock have been converted to Class A Common Stock, effective August 21, 2024.
As detailed in the 8-K filing, the conversion was a result of the stockholders' approval at a special meeting held on July 5, 2024, to amend the company's charter. This amendment allowed holders of Class B shares to convert their stock into Class A shares on a one-for-one basis at any time before the closing of an initial business combination.
Following the conversion, 2,587,500 shares of Class B Common Stock were automatically changed into an equal number of Class A Common Stock shares. Consequently, there are no longer any Class B shares issued and outstanding, with the total number of Class A shares standing at 4,349,909.
The conversion has effectively altered the voting power dynamics within the company. Previously, Class B shareholders had one vote per share, similar to Class A shareholders. Post-conversion, all share classes now hold equal voting rights, with one vote per share. This change also affects the economic interests of the shareholders, as dividends, when declared, are distributed ratably among all shareholders.
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