Md. Code Regs. 36.10.02.08

Current through Register Vol. 51, No. 24, December 2, 2024

Section 36.10.02.08 - Ownership of Applicant

A. An applicant shall disclose all:

(1) Principals;

(2) Principal entities, as defined in COMAR 36.03.01.02; and

(3) Persons who have, or exercise, voting rights in or as to the applicant.

B. In addition to the requirements in §A of this regulation, the applicant shall disclose the following:

(1) If authorized to issue capital stock, for each class of stock authorized:

(a) Total number of shares;

(b) Par value, if any;

(c) Voting rights;

(d) Current rate of dividend; and

(e) Number of shares outstanding and the market value of each share; and

(2) If a corporation:

(a) Include a certified copy of each voting trust or voting agreement in which capital stock of the applicant is held, and describe the:

(i) Name and address of each stockholder participating in the trust or agreement;

(ii) Class of stock involved; and

(iii) Total number of shares held by the trust or agreement;

(b) Provide the terms of any proxy by which any capital stock may be voted, and provide the:

(i) Name and address of the person holding the proxy;

(ii) Name and address of the stockholder who granted the proxy;

(iii) Class of stock for which the proxy may vote; and

(iv) Total number of shares voted by the proxy;

(c) Include any provisions described in §B(2)(a) and (b) of this regulation, and the procedures by which these provisions may be modified for the redemption, repurchase, retirement, conversion, or exchange of an ownership interest;

(d) State whether the:

(i) Applicant's stock may be traded through options; and

(ii) Corporation, or a stockholder, has executed an agreement or contract to convey any of the corporation's or the stockholder's stock at a future date;

(e) Include a copy or a description of each agreement or contract disclosed under §B(2)(d) of this regulation;

(f) Include a copy of each prospectus, pro forma, and other promotional material about the applicant that the applicant may give to potential investors if it receives a sports wagering license; and

(g) Fully disclose any stock options that may exist or have been granted.

Md. Code Regs. 36.10.02.08

Amended effective 49:1 Md. R.16, eff. 1/13/2022