Item 5.03 Amendments to Articles of Incorporation
or Bylaws; Change in Fiscal Year.
On November 4, 2022, the Company
filed a Certificate of Amendment to the Articles of Incorporation (the “Certificate of Amendment”) with the Nevada Secretary
of State to effect a reverse stock split of the outstanding shares of common stock, par value $0.0001 per shares, of the Company at a
ratio of one-for-thirty (30), which will become effective at 12:01 a.m. on November 9, 2022 (the “Reverse Stock Split”). Upon
effectiveness of the Reverse Stock Split, every thirty (30) outstanding shares of common stock will be combined into and automatically
become one share of common stock. No fractional shares will be issued in connection with the Reverse Stock Split and all such fractional
interests will be rounded up to the nearest whole number of shares of common stock. The authorized shares prior to and following the Reverse
Stock Split will remain the same at 200,000,000 shares of common stock, par value $0.0001 per shares, and 20,000,000 shares of preferred
stock, par value $0.0001 per shares. The Reverse Stock Split does not alter the par value of the Company’s common
stock or modify any voting rights or other terms of the common stock.
The Reverse Stock Split was approved
and authorized by a majority of the Company’s stockholder at a special meeting of stockholders held on October 18, 2022 and by the
Board of Directors of the Company on October 21, 2022.
The Company’s common stock
will continue to trade on the Nasdaq Capital Market under the existing symbol “CCNC”. The new CUSIP number following the Reverse
Stock Split is 19200A204.
After the Reverse Stock Split,
all options, warrants and other convertible securities of the Company outstanding immediately prior to the Reverse Stock Split will be
adjusted by dividing the number of shares of common stock into which the options, warrants and other convertible securities are exercisable
or convertible by thirty (30) and multiplying the exercise or conversion price thereof by thirty (30), all in accordance with the terms
of the plans, agreements or arrangements governing such options, warrants and other convertible securities and subject to rounding to
the nearest whole share.
The Company intends to treat stockholders
holding shares of common stock in “street name” (that is, held through a bank, broker or other nominee) in the same manner
as stockholders of record whose shares of common stock are registered in their names. Banks, brokers or other nominees will be instructed
to effect the Reverse Stock Split for their beneficial holders holding shares of the Company’s common stock in “street name;”
however, these banks, brokers or other nominees may apply their own specific procedures for processing the Reverse Stock Split. Stockholders
who are holding the Company’s common stock in electronic form at brokerage firms do not need to take any action, as the effect of
the Reverse Stock Split will automatically be reflected in their brokerage accounts.
Stockholders who are holding their
shares of common stock electronically in direct registered book-entry form (“DRS”) with Continental Stock Transfer, the Company’s
transfer agent (the “Transfer Agent”), will not need to take action. The Reverse Stock Split will automatically be reflected
in the Transfer Agent’s records and on such stockholders’ next account statement.
Stockholders holding paper certificates
may exchange their stock certificates for post-split shares of common stock held electronically in DRS book-entry form, which means they
will not receive physical stock certificates and will receive a statement of account and instructions from the Transfer Agent regarding
the transition to book-entry share registration. To obtain a Letter of Transmittal or for instructions on how a stockholder should surrender
his, her or its certificates representing pre-split shares of common stock to the Transfer Agent in exchange for post-split shares in
DRS book-entry form, please contact the Transfer Agent’s Reorganization Department at (917) 262-2378.
The foregoing description of the Certificate
of Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Certificate
of Amendment which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.