EGOC completes reverse stock split, taking a further step towards entering the US capital market

Rhea-AI Summary

On March 30, 2023, Energy 1 Corp. (OTC: EGOC) announced the completion of a reverse stock split, approved by FINRA. Following this split, the total number of shares outstanding is now 52,410,857, aimed at optimizing the shareholder base and preparing for a potential transfer to another exchange. The reverse split has increased the stock price proportionally and reduced transaction costs, promoting active trading and enhancing liquidity.

Looking ahead, the company plans to introduce high-quality business entities, engage in modern agriculture, biotechnology, and sustainable energy projects globally, particularly in Xinjing. The firm is focused on utilizing advanced technology to offer eco-friendly products, aiming for a significant milestone in advancing its business and shareholder returns.

Positive

• Completion of the reverse stock split enhances liquidity and reduces transaction costs for investors.
• Plans to inject high-quality business entities aimed at increasing shareholder returns.
• Focus on modern agriculture and sustainable energy projects supports long-term growth.

Negative

• No immediate financial metrics or results provided to gauge the impact of the business strategy.

SHANGHAI, April 18, 2023 /PRNewswire/ -- On March 30, 2023, Energy 1 Corp. (OTC: EGOC) (the "Company"), innovative technology-based enterprise as future core business, has officially effected the reverse stock split of its shares of common stock through regulatory approval from FINRA. Following the reverse stock split, the total number of shares of common stock issued and outstanding after the reverse stock split is now 52,410,857, which will optimize the Company's shareholder base and prepare for a potential transfer to another exchange in the future. After the reverse stock split, the number of common stock issued and outstanding has decreased, the stock price has increased proportionally, the transaction costs for investors has reduced, which help promote active trading and increase stock liquidity. The Company intends to inject high-quality business entities into the Company after the reverse stock split, which will help promote the Company's business and increase shareholders' returns, and is a significant milestone for the Company's potential transfer to another stock exchange.

Following the completion of the reverse stock split, the Company intends to inject high-quality business entities into the Company, implement a unified financial data preparation, and build up foundations for the potential transfer to another stock exchange. The Company has been committed to modern agriculture and biotechnology development, upgrading the industry to a systematic and refined level, and combining upstream and downstream resources to achieve both technological enhancement and enterprise profitability.

EGOC intends to inject high-quality business entities into the Company, including cross-border intelligent e-commerce, biotechnology, ecological black pigs etc. Additionally, the Company has already laid out sustainable energy projects worldwide to develop the wind power and photovoltaic systems in Xinjiang and continuously adding new power to the Company's future profitability.

As an innovative technology company, the Company is committed to the modern agriculture, health, and new energy industries, providing ecofriendly and healthy products to all existing and potential customers with the advanced technology, continuing to provide differentiated services to all customers, and moving towards a potential transfer to another stock exchange.

Forward-Looking Statements

The press release contains forward-looking statements, including but not limited to the Company's proposed offering. These forward-looking statements involve known and unknown risks and uncertainties based on the Company's current expectations and forecasts of future events that the Company believes may affect its financial condition, operating results, business strategy, and financial requirements, including the expected success of the offering. Investors can identify these forward-looking statements by expressions such as "approximate," "estimate," "believe," "hope," "expect," "estimate," "project," "intend," "plan," "should," "could," "may," or similar expressions. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, except as required by law. Although the Company believes the expectations expressed in these forward-looking statements are reasonable, it cannot assure investors that these expectations will prove to be correct. Investors are advised to review other factors that may affect its future results in its registration statement and other documents submitted to the US Securities and Exchange Commission.

CONTACT:

Man Kong Lam
+852-9126-7205
richardlam@g2gcpa.com

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SOURCE Energy 1 Corp.

FAQ

What is the significance of the reverse stock split by Energy 1 Corp. (EGOC)?

The reverse stock split aimed to optimize the shareholder base and increase liquidity, facilitating a potential transfer to another stock exchange.

When was the reverse stock split for EGOC completed?

The reverse stock split was officially completed on March 30, 2023.

How many shares are outstanding after the reverse stock split of EGOC?

After the reverse stock split, the total number of shares outstanding is 52,410,857.

What industries is Energy 1 Corp. focusing on after the reverse stock split?

Energy 1 Corp. is focusing on modern agriculture, biotechnology, and sustainable energy projects.

What are the future plans of EGOC after the reverse stock split?

EGOC intends to inject high-quality business entities into the company to enhance profitability and promote growth.