Exxe Group Files to Redomesticate to Wyoming from Delaware
Exxe Group has officially filed to redomesticate from Delaware to Wyoming, a process expected to complete in approximately 4-6 months. This strategic move, approved by the Board and majority shareholders, offers significant corporate advantages such as unrestricted stock buyback capabilities. The company has initiated multiple steps in the redomestication process, including the dissolution of its Delaware corporation and filing necessary documents in Wyoming. CEO Dr. Eduard Nazmiev believes this transition will support upcoming corporate initiatives, including a potential uplisting and spin-off activities.
- Redomestication to Wyoming allows for stock buyback programs without restrictions.
- Expected completion of the redomestication process in a timely manner (4-6 months).
- Steps taken to ensure a smooth transition, including obtaining required approvals and documents.
- None.
- Exxe Group files to redomesticate to Wyoming from Delaware
- Redomestication offers significant corporate advantages
- Redomestication expected to complete in approximately 4-6 months
NEW YORK, NY / ACCESSWIRE / February 28, 2023 / Exxe Group, Inc. (OTC PINK:AXXA), ("Exxe" or the "Company") today announced it has filed to change its State of incorporation to Wyoming from Delaware.
Redomestication was approved by the Board and a majority shareholder vote. The process is expected to take approximately 4-6 months.
Wyoming corporate law is clear in that Wyoming corporations may engage in stock buyback programs without any restrictions. Restrictions that apply to the payment of corporate dividends, in Delaware, are not included in the provision of Wyoming law that specifically authorizes stock buybacks.
Exxe Group already obtained a Certificate of Good Standing and has taken the following steps in the redomestication process:
- on January 12, 2023 received a current certified copy of its Articles of Organization
- on January 26, 2023 created a Board resolution stating the agreement to domesticate the corporation in Wyoming, and dissolve the corporation in Delaware
- on January 26, 2023 obtained majority shareholder approval to redomesticate to Wyoming
- on January 27, 2023 completed Articles of Dissolution in Delaware
- on February 21, 2023 retained Northwest Registered Agent, LLC as its Registered Agent
- on February 22, 2023 presented the completed Articles of Dissolution in Delaware for review by the Wyoming Secretary of State
- on February 22, 2023 filed Articles of Continuance in Wyoming. This includes copies of Exxe Group's: Certificate of Good Standing, certified Articles of Organization, resolution, and the unfiled Articles of Dissolution
Dr. Eduard Nazmiev, Exxe Group CEO, stated: "Exxe Group is continuously working on structural and operational improvements. We believe redomestication to Wyoming will aid in various corporate goals, including the spinoff of daskonzept group, potential uplisting for Exxe Group, and other significant potential undertakings such as stock buybacks."
By effecting redomestication, Exxe Group and its date of organization, credit ratings, and governing documents remain intact. The only thing that changes is the corporate business address.
According to the Tax Foundation's 2021 State Business Tax Climate Index, the State with the best tax structure for businesses is Wyoming. In addition, according to the Small Business & Entrepreneurial Council's Small Business Policy Index 2019, Wyoming is the 5th most entrepreneur-friendly state from a policy standpoint.
About Exxe Group
Exxe Group Exxe is a diversified fintech company with assets in real estate, architectural design, agricultural, automotive, medical, media, and trading technology. Exxe Group acquires controlling equity interests in undervalued assets, and undertakes an active role in improving their performance - accelerating their growth by providing both access to capital and management expertise. For additional information please visit the Company's:
Website: http://www.exxegroup.com/
Twitter: https://twitter.com/exxegroup
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release.
CONTACT: Exxe Group IR: info@exxegroup.com
SOURCE: Exxe Group, Inc.
View source version on accesswire.com:
https://www.accesswire.com/741169/Exxe-Group-Files-to-Redomesticate-to-Wyoming-from-Delaware
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