Arvana Inc. Issues Clarification and Confirms Details of Forward-Split

Rhea-AI Summary

Arvana Inc. (OTC:AVNI) clarified its previous press release regarding a forward stock split. The split will occur on April 18, 2023, at a ratio of 3:1, meaning investors will receive three new shares for each share they currently own. This split will increase the number of outstanding shares from 35,948,518 to 107,845,554, with no changes to the par value or authorized shares. Shareholders on record as of March 31, 2023, will receive the new shares on or about April 19, 2023. This clarification aims to resolve confusion regarding the record date and effective date of the split. Arvana operates in the fishing charter business through its subsidiary, Down2Fish Charters, serving the Greater Tampa Bay area.

Positive

• Forward-split of shares increases number of outstanding shares, improving liquidity.
• Clarification of split details may enhance investor confidence.

Negative

• None.

SALT LAKE CITY, UT / ACCESSWIRE / April 18, 2023 / Arvana Inc. ("OTC:AVNI") today issued a clarification to its prior press release dated April 12, 2023, regarding the forward-split of its common stock.

The April 12, 2023, press release generated some confusion over the record date for those stockholders entitled to the additional forward-split shares, and the effective date for the anticipated delivery of the forward-split shares. Arvana wishes to clarify and confirm the details of the forward-split.

The forward-split will take effect following the close of business on April 18, 2023, on a ratio of three (3) new shares of Arvana common stock for each (1) share of common stock outstanding, that will be deliverable on or about April 19, 2023, to stockholders of record on March 31, 2023.

The total number of outstanding shares of common stock will increase from 35,948,518 shares to 107,845,554 shares after the forward-split takes effect with no change in the par value of Arvana's common stock or in the number of its authorized shares.

For additional information concerning the forward split, please refer to Arvana's filings with the Securities and Exchange Commission or contact us directly.

Arvana Inc.

Arvana ("OTC:AVNI") is a public company registered under the Securities & Exchange Act of 1934, as amended, that is quoted on the OTC Pink Sheets Current Information Alternative Reporting platform. We operate a fishing charter business through our wholly owned subsidiary Down2Fish Charters, LLC.

Down2Fish offers a range of curated maritime adventures that include inshore, offshore, and custom charters for fishing enthusiasts, nature lovers, and sea bound adventurers. Our business is operated from a private dock in Palmetto, Florida to service the Greater Tampa Bay area including St Petersburg, Venice, Sarasota, and Clearwater.

Forward-Looking Statements

Several statements contained in this press release are forward-looking statements of future expectations based on currently available information that are subject to risks and uncertainties including general economic conditions, changes in capital markets, regulatory legislation, and other circumstances that may cause actual results to be materially different from those expectations. Arvana does not make any representation or warranty, express or implied, as to the accuracy, completeness, or status of such statements so it will not be liable for any decision made or action taken in conjunction with the information and/or statements contained in this press release. Arvana encourages the public to read the information provided in conjunction with its recent filings on Schedule 14c, Form 8-K, Form 10-Q and Form 10-K, which may be viewed at www.sec.gov.

Contact:

Ruairidh Campbell, Chief Executive Officer
Phone: +1 801-232-7395
Email: ruairidhcampbell@msn.com
Website: https://arvana.us

SOURCE: Arvana Inc.

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https://www.accesswire.com/749876/Arvana-Inc-Issues-Clarification-and-Confirms-Details-of-Forward-Split

FAQ

What is the date of Arvana's forward stock split?

Arvana's forward stock split will take effect on April 18, 2023.

What will be the new share count for Arvana after the split?

After the split, Arvana's outstanding shares will increase from 35,948,518 to 107,845,554.

When will shareholders receive their new shares after the forward split?

Shareholders will receive their new shares on or about April 19, 2023.

What is the split ratio for Arvana's forward stock split?

The forward stock split ratio is 3:1, meaning shareholders will receive three new shares for each share owned.