BlackStar Enterprise Group, Inc. Provides Registration Statement Update

Rhea-AI Summary

BlackStar Enterprise Group (OTC PINK:BEGI) announced that its latest amendment to the Form S-1 registration statement has received limited comments from the SEC, which the company plans to address soon. This registration allows common shares held by certain stockholders under convertible promissory notes to be registered. BlackStar aims to pursue a relationship with alternative trading systems and broker-dealers to trade its shares on a blockchain platform. However, they caution that regulatory approvals may not be timely or guaranteed, and the BDTP platform remains non-functional and may never become operational.

Positive

• Amendment to Form S-1 registration statement received limited SEC comments, indicating progress.
• Plans for a relationship with alternative trading systems and broker-dealers.

Negative

• No assurance of timely or successful regulatory approvals for trading on the BDTP platform.
• The BDTP platform is non-functional and may never become operational.

BOULDER, CO / ACCESSWIRE / March 15, 2023 / BlackStar Enterprise Group, Inc. (OTC PINK:BEGI) (the "Company" or "BlackStar) BlackStar's most recent amendment to its registration statement on Form S-1 recently received limited comments from the Securities and Exchange Commission ("SEC"), which the Company intends to address within the next [few] weeks. The registration statement, once effective, will register common shares held by certain selling stockholders underlying three existing convertible promissory notes. The registration of the shares of common stock does not indicate that the SEC either approves or disapproves of the Company's business, operations, or plans, or any proposed business, operations or plans.

BlackStar looks forward to the next steps of seeking a relationship with an alternative trading system and/or broker dealer and seeking any further regulatory approvals for trading its shares on a blockchain platform. We believe the Company is on the path to bringing its proposed business plan to reality. However, there can be no assurance that such regulatory approvals will be obtained in a timely manner or at all. We anticipate initiating formal discussions with the SEC and its relevant divisions and offices, including the Division of Trading and Markets, within the next six months with respect to seeking the approval or clearance of our shares being eligible to be traded on our BDTP™ platform. We believe it may take an additional six to nine months to address SEC comments and questions, and there is no assurance that we will be successful in our shares being approved or cleared for trading on our BDTP™ platform. The BDTP™ is not yet functional and may never be functional.

More information can be found in the Company's recently filings at the SEC web site: https://www.sec.gov/cgi-bin/browse-edgar?company=BlackStar+Enterprise&match=&filenum=&State=&Country=&SIC=&myowner=exclude&action=getcompany

BlackStar Enterprise Group, Inc. (OTC:BEGI)

WEBSITE: blackstarenterprisegroup.com

EMAIL: info@blackstarenterprisegroup.com

FACEBOOK: BlackStar Enterprise Group Inc-BEGI

CONTACT: Joseph E Kurczodyna CFO, 847-804-6873

SEC Disclaimer

This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in BlackStar's ("the Company's") business plan. The creation of subsidiaries and expansion of services into new sectors should not be construed as an indication in any way whatsoever of the future value of the Company's common stock or its present or future financial condition. The Company's filings may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.

SOURCE: BlackStar Enterprise Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/743761/BlackStar-Enterprise-Group-Inc-Provides-Registration-Statement-Update

FAQ

What does BlackStar Enterprise Group's recent SEC filing indicate for BEGI?

BlackStar's recent SEC filing shows progress with limited comments on its S-1 registration, allowing them to register shares from convertible notes.

What are the future plans for BlackStar Enterprise Group regarding trading on blockchain?

The company intends to seek regulatory approvals for trading its shares on a blockchain platform, although there are no guarantees of success.

When does BlackStar expect to address SEC comments on its registration statement?

BlackStar aims to address SEC comments within the next few weeks.

Is the BDTP platform functional for BlackStar Enterprise Group?

No, the BDTP platform is currently not functional and may never become operational.