Artificial Intelligence Technology Solutions Extends Commitment of No Reverse Stock Split

Rhea-AI Summary

Artificial Intelligence Technology Solutions, Inc. files a Form 8-K with the SEC to extend its commitment not to engage in a reverse stock split until January 1, 2025, unless uplisting to NASDAQ or NYSE. The company may confirm further extensions based on business conditions.

Positive

• Artificial Intelligence Technology Solutions, Inc. extends commitment not to engage in a reverse stock split until January 1, 2025, providing assurance to investors and aligning with their interests.

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• None.

Detroit, Michigan, June 14, 2023 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), a global leader in AI-driven security and productivity solutions has filed a Form 8-K with the Securities and Exchange Commission that provides details on the company’s corporate charter amendment that has been filed with the Nevada Secretary of State. The charter amendment extends the Company’s commitment not to engage in a reverse stock split of its Common Stock before January 1, 2025, unless the Company is uplisting to NASDAQ or the NYSE.

“I deeply value and appreciate the support and commitment shown by the remarkable AITX investor community,” said Steve Reinharz, CEO of AITX. “I want to reiterate my unequivocal stance on not pursuing any reverse stock splits. To provide you with utmost assurance, I am pleased to announce our decision to formalize this commitment by enacting a corporate charter amendment and subsequent filing of the associated Form 8-K. This proactive step reinforces our unwavering dedication to this principle and serves as evidence of our alignment with the investor community's interests and expectations.”

On January 6, 2022, the Company issued a formal statement committing to no reverse stock split until January 1, 2024. The 8-K filed today extends this date to January 1, 2025. The Company noted it may confirm further extensions depending on business conditions.

Reverse splits are a strategic maneuver often employed by companies to increase the share price of their stock. This tactic is often used to satisfy minimum price requirements set by stock exchanges, thereby facilitating the company's listing or potential uplisting to prestigious exchanges like NASDAQ or NYSE. Additionally, reverse splits can help attract institutional investors who have restrictions on investing in stocks with low prices, as a higher share price may be perceived as more desirable.

Reinharz continued, “I encourage you to stay informed and engaged with our Company's updates, announcements, and financial reports. We are committed to transparent communication and will promptly share any material developments that may impact our shareholders.”

CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of Artificial Intelligence Technology Solutions, Inc. (the "Company"). This publication contains forward-looking statements, which are not guarantees of future performance and may involve subjective judgment and analysis. The information provided herein is believed to be accurate and reliable, however the Company makes no representations or warranties, expressed or implied, as to its accuracy or completeness. The Company has no obligation to provide the recipient with additional updated information. No information in this publication should be interpreted as any indication whatsoever of the Company's future revenues, results of operations, or stock price.

About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX’s RAD, RAD-M and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. To learn more, visit www.aitx.ai, www.radsecurity.com, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai, and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.

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Steve Reinharz
949-636-7060
@SteveReinharz

FAQ

What is the purpose of the corporate charter amendment filed by Artificial Intelligence Technology Solutions, Inc.?

The purpose of the corporate charter amendment is to extend the company's commitment not to engage in a reverse stock split until January 1, 2025, unless uplisting to NASDAQ or NYSE.

Why are reverse stock splits used by companies?

Reverse stock splits are often used by companies to increase the share price of their stock and meet minimum price requirements set by stock exchanges, facilitating listing or potential uplisting to prestigious exchanges like NASDAQ or NYSE.

What impact does the extension of the commitment have on investors?

The extension of the commitment provides assurance to investors and aligns with their interests, as it ensures that there will be no reverse stock split until January 1, 2025, unless uplisting to NASDAQ or NYSE.