Description of Securities
As of March 23, 2020, our authorized capital stock consists of 500,000,000 shares of common stock, $0.001 par value per share, of which 22,054,816 shares are issued and outstanding.
The authorized and unissued shares of our common stock are available for issuance without further action by our stockholders, unless such action is required by applicable law or the rules of The NYSE MKT, or any stock exchange on which our securities may be listed at such time. Unless approval of our stockholders is so required, our board of directors will not seek stockholder approval for the issuance and sale of our common stock.
Each outstanding share of common stock is entitled to one vote, either in person or by proxy, on all matters that may be voted upon by their holders at meetings of the stockholders.
Holders of our common stock:
|(i)||have equal ratable rights to dividends from funds legally available therefore, if declared by the Board of Directors;|
|(ii)||are entitled to share ratably in all our assets available for distribution to holders of common stock upon our liquidation, dissolution or winding up;|
|(iii)||do not have preemptive, subscription or conversion rights; and|
|(iv)||are entitled to one non-cumulative vote per share on all matters on which stockholders may vote at all meetings of our stockholders.|
The holders of shares of our common stock do not have cumulative voting rights, which means that the holder or holders of more than fifty percent (50%) of outstanding shares voting for the election of directors can elect all of our directors if they so choose and, in such event, the holders of the remaining shares will not be able to elect any of the our directors.
Our common stock is listed on The NYSE MKT under the symbol “ITP.” The transfer agent and registrar for our common stock is Empire Stock Transfer Inc., 859 Whitney Mesa Dr., Henderson, NV 89014.