Exhibit 3.1
CERTIFICATE OF AMENDMENT
TO THE CERTIFICATE OF
INCORPORATION
OF
DROPCAR, INC.
DROPCAR, INC., a Delaware corporation
(the “Corporation”), does hereby certify
that:
FIRST: The name of the Corporation
is DROPCAR, INC.
SECOND: The Board of Directors of
the Corporation has duly adopted a resolution pursuant to Section
242 of the General Corporation Law of the State of Delaware setting
forth a proposed amendment to the Certificate of Incorporation of
the Corporation and declaring said amendment to be advisable. The
requisite stockholders of the Corporation have duly approved said
proposed amendment in accordance with Section 242 of the General
Corporation Law of the State of Delaware. The amendment amends the
Certificate of Incorporation of the Corporation as
follows:
Article
Fourth of the Corporation’s Certificate of Incorporation is
hereby amended by adding the following paragraphs:
“(3) Reverse
Stock Split. Effective at 5:00 p.m. (Eastern time), on the
date of filing of this Certificate of Amendment of the Certificate
of Incorporation of the Corporation with the Secretary of State of
the State of Delaware (the “Effective Time”), the
shares of the Corporation’s Common Stock issued and
outstanding prior to the Effective Time and the shares of Common
Stock issued and held in treasury of the Corporation immediately
prior to the Effective Time shall automatically be reclassified
into a smaller number of shares such that each six shares of the
Corporation’s issued and outstanding Common Stock immediately
prior to the Effective Time are reclassified into one validly
issued, fully paid and nonassessable share of Common Stock, without
any further action by the Corporation or the holder thereof.
Notwithstanding the immediately preceding sentence, no fractional
shares shall be issued as a result of the reverse stock split.
Instead, any stockholder who would otherwise be entitled to a
fractional share of the Corporation’s Common Stock as a
result of the reclassification shall be entitled to receive a cash
payment equal to the product of such resulting fractional
interest in one share of the Corporation’s Common Stock
multiplied by the closing trading price of the Corporation’s
Common Stock on the trading day immediately preceding the effective
date of the reverse stock split. Notwithstanding the foregoing, the
Corporation shall not be obliged to issue certificates evidencing
the shares of Common Stock outstanding as a result of
the reverse stock split or cash in lieu of fractional
shares, if any, unless and until the certificates evidencing the
shares held by a holder prior to the reverse stock
split are either delivered to the Corporation or its transfer
agent, or the holder notifies the Corporation or its transfer agent
that such certificates have been lost, stolen or destroyed and
executes an agreement satisfactory to the Corporation to indemnify
the Corporation from any loss incurred by it in connection with
such certificates.
(4)
Each stock certificate that, immediately prior to the Effective
Time, represented shares of Common Stock that were issued and
outstanding immediately prior to the Effective Time shall, from and
after the Effective Time, automatically and without the necessity
of presenting the same for exchange, represent that the number of
whole shares of Common Stock after the Effective Time into which
the shares of Common Stock formerly represented by such certificate
shall have been reclassified (as well as the right to receive a
cash payment in lieu of a fractional share of Common Stock),
provided, however, that each person of record holding a certificate
that represented shares of Common Stock that were issued and
outstanding immediately prior to the Effective Time shall receive,
upon surrender of such certificate, a new certificate evidencing
and representing the number of whole shares of Common Stock after
the Effective Time into which the shares of Common Stock formerly
represented by such certificate shall have been reclassified
(including the right to receive a cash payment in lieu of a
fractional share of Common Stock).”
IN
WITNESS WHEREOF, the Corporation has caused this CERTIFICATE OF
AMENDMENT to be signed by Spencer Richardson, its Chief Executive
Officer, as of the 8th day of March,
2019.
DROPCAR,
INC.
By: /s/
Spencer Richardson
Name: Spencer
Richardson
Title: Chief
Executive Officer