Spectral Capital Corporation Comments on Recent Market Activity Pursuant to OTC Markets Request

Rhea-AI Summary

Spectral Capital (OTCQB:FCCN) has responded to OTC Markets' request regarding recent market activity. The company's stock price increased from $0.62 on June 24, 2024, to an intraday high of $5.14 on July 11, 2024. Recent announcements include:

• A Share Exchange Agreement with Node Nexus Network Co
• Commencement of trading on OTCQB
• Appointment of new directors
• Launch of Quantum Bridge Program

The company believes none of its disclosures were materially misleading or false. Director Chad McLeaming purchased 142,376 shares between May 28 and July 11, 2024. The company emphasizes its early-stage status and encourages investors to review its risk disclosures.

Positive

• Stock price increased from $0.62 to $5.14 in less than a month
• Commenced trading on OTCQB market
• Appointed two new directors
• Launched Quantum Bridge Program
• Insider purchase of 142,376 shares by director Chad McLeaming

Negative

• Company is an early-stage issuer with unestablished economic potential
• May not achieve growth objectives in the near term or at all
• Significant stock price volatility

SEATTLE, July 15, 2024 /PRNewswire/ -- Spectral Capital Corporation (OTCQB:FCCN) has been requested by OTC Markets Group Inc. ("OTC Markets") to issue this statement about the increase in price and trading volume concerning its common shares traded on the OTCQB market (operated by OTC Markets).

On July 11, 2024, OTC Markets informed the Company that it had become aware of an increase in the price and trading volume of the Company's common stock traded on the OTCQB market. Specifically, from a closing price of approximately $0.62 on June 24, 2024, to an intraday high of $5.14 on July 11, 2024.

The Company has made a number of announcements in recent weeks, including:

(i) On June 7, 2024, the Company disclosed in a Form 8-K a Share Exchange Agreement with Node Nexus Network Co LLC;

(ii) On June 12, 2024, the Company announced in a press release that it has commenced trading on the OTCQB; 

(iii) On June 17, 2024, the Company announced in a press release and a Form 8-K the appointment of two new directors, Paul Breitenbach and Samson Lee; and

(iv) On July 9, 2024, the Company announced that it has launched its Quantum Bridge Program and the expectation that it will soon be announcing its strategic partners.

The June 7, 2024, June 12, 2024, June 17, 2024, and July 9, 2024 information disclosures is collectively referred to herein as (the "Materials"). 

The Company first became aware of the increased price and trading volume on June 25, 2024. Based upon the Company's review of the Materials, the Company believes that none of the Materials published were materially misleading or false. The Company has not determined whether the publication of the Materials, either individually or collectively, had a material impact on the trading of the Company's common stock. 

Upon inquiry of the Company's management, directors, control persons and third-party service providers, and to the best of the Company's knowledge, during the past 90 days no such persons executed any transactions of the Company's securities for purchase or sale of stock, except for purchases of 142,376 shares made by Chad McLeaming from May 28, 2024 to July 11, 2024 in the open market at prices between $0.364 to $4.717. 

After inquiry amongst the Company's officers and directors, none of the Company's officers or directors have engaged any third-party service providers to provide investor relations services, public relations services, marketing, or other related services in the past three months.  The Company has engaged Joyful Group Holdings Ltd to provide marketing and public relations services regarding the Company's technology products. 

Our Directors Sean Michael Brehm and Paul Breitenbach have engaged in communications on their various social media channels as well as via email discussing the Company's product offering.  In addition, Sean Michael Brehm has conducted several media and press interviews on Quantum Computing during the period (collectively the "Communications").  Based on the Company's inquiry regarding the Communications, the Company believes that none of the Communications were materially misleading or false. The Company has not determined whether the Communications, either individually or collectively, had a material impact on the trading of the Company's common stock. The Company wishes to emphasize to investors or potential investors (consistent with cautionary language included in the Company's continuous disclosure record available at www.sec.gov) that it is an early-stage issuer, the total size and economic potential of the Company's business have not yet been established, and it may not be able to achieve its growth objectives in the near term, or at all. All investors are encouraged to review the Company's continuous disclosure filings for comprehensive and current risk disclosures.

The Company believes that it has disclosed all material information concerning the recent market activity pursuant to applicable federal securities laws and U.S. state securities laws.

For more complete and specific information regarding the Company, its prospects and the risks associated with those prospects, readers should consult the Company's public filings on Securities and Exchange Commission at www.sec.gov. The Company encourages investors to contact their investment advisers prior to making any investment.

ABOUT THE COMPANY

About Spectral Capital Corp: Spectral Capital (OTCQB:FCCN) is a publicly traded technology startup accelerator and quantum incubator, dedicated to fostering innovation and growth in the quantum computing field.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and FCCN's growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although FCCN believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of FCCN. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in FCCN's business; competitive factors in the market(s) in which FCCN operates; risks associated with operations outside the United States; and other factors listed from time to time in FCCN's filings with the Securities and Exchange Commission. FCCN expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in FCCN's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For more information, please visit www.spectralcapital.com.

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SOURCE Spectral Capital Corporation

FAQ

What caused the recent increase in Spectral Capital 's (FCCN) stock price?

Spectral Capital 's stock price increased from $0.62 on June 24, 2024, to $5.14 on July 11, 2024. The company made several announcements, including a Share Exchange Agreement, OTCQB listing, new director appointments, and the launch of its Quantum Bridge Program. However, the company has not determined if these announcements directly impacted the stock price.

Has there been any insider trading of Spectral Capital (FCCN) stock recently?

Yes, director Chad McLeaming purchased 142,376 shares of Spectral Capital (FCCN) between May 28, 2024, and July 11, 2024, at prices ranging from $0.364 to $4.717 per share.

What is Spectral Capital 's (FCCN) Quantum Bridge Program?

Spectral Capital (FCCN) announced the launch of its Quantum Bridge Program on July 9, 2024. The company stated it would soon be announcing strategic partners for this program. However, specific details about the program were not provided in the press release.

When did Spectral Capital (FCCN) start trading on the OTCQB market?

Spectral Capital (FCCN) announced on June 12, 2024, that it had commenced trading on the OTCQB market.