Fresh Harvest Products Announces Name Change to "Innovative MedTech"
Innovative MedTech, Inc. (formerly Fresh Harvest Products) has successfully completed a 1-for-10,000 reverse stock split effective March 9, 2021, reducing its outstanding shares from approximately 59 billion to around 5.9 million. The company's stock symbol will change from FRHV to FRHVD for 20 business days before transitioning to IMTH. This rebranding aligns with its new strategy as a diversified provider of health and wellness services. Stockholders with electronic positions will see automatic adjustments, while those holding physical shares can request new certificates.
- Successful completion of a 1-for-10,000 reverse stock split, reducing shares substantially from 59 billion to 5.9 million.
- New name and focus on health and wellness services may attract investor interest.
- Change in stock symbol to FRHVD and subsequent transition to IMTH may enhance market positioning.
- Reverse stock split often signals a previous decline in share price.
- Potential dilution of shareholder value during the transition to the new stock symbol.
Stock Symbol Change and Reverse Stock Split among the significant corporate changes as company lays the foundation for next phase
BLUE ISLAND, IL / ACCESSWIRE / March 12, 2021 / Fresh Harvest Products, Inc. (the "Company") (OTC PINK:FRHVD) announced today that it has completed its planned reverse split of its common stock, name change, and corporate rebranding. The new focus will be to operate as a diversified provider of health and wellness services.
The Company has changed its name to Innovative MedTech, Inc. with the State of Delaware, as announced by FINRA on Monday, March 8, 2021. In addition, the Company's stock symbol will change to "IMTH" (described below), and a reverse split to a ratio of 1-for-10,000 (the "Reverse Stock Split") was effective on March 9, 2021 (the "Effective Date"). Subsequently, the Company's common stock has begun to trade on a post-split adjusted basis.
About the Reverse Stock Split
The Reverse Stock Split reduced the number of shares of the Company's common stock currently issued and outstanding, not including the number of shares issuable upon the conversion of Series A and Series B Convertible Voting Preferred Stock, from approximately 59 billion shares to approximately 5.9 million shares. Every 10,000 outstanding shares of common stock, which were outstanding on the anticipated effective date of March 8, 2021, was combined into and automatically became one (1) outstanding share of common stock of the Company without increasing or decreasing the par value of each share. No fractional shares were issued in connection with the foregoing combination of shares pursuant to the Reverse Stock Split. Instead, the Company issued stockholders holding a fractional share of common stock, as a result of the split, one (1) additional share of common stock in lieu of each fractional share.
Stockholders holding their shares in electronic form at a brokerage firm, bank or other nominee will automatically have their positions adjusted to reflect the Reverse Stock Split.
Stockholders holding paper certificates may (but are not required to) send the certificates to the Company's transfer agent at the address provided below. The transfer agent will issue a new share certificate reflecting the Name Change and terms of the Reverse Stock Split to each requesting stockholder.
Clear Trust Transfer
16540 Pointe Village Dr, Suite 205
Lutz, Florida 33558
Phone 813.235.4490
Fax 813.388.4549
Please contact Clear Trust Transfer for further information, related costs, and procedures before sending any certificates.
New Trading Symbol and CUSIP
Our common stock has been quoted on the OTC Markets Pink tier under the trading symbol "FRHV." After the Effective Date of the Reverse Stock Split, our common stock is now quoted on the OTC Markets Pink tier on a post-split adjusted basis under the symbol "FRHVD" for 20 business days, after which time the symbol will change to our new trading symbol: IMTH.
On the Effective Date of the Reverse Stock Split, the CUSIP number of our common stock changed to 45782W108.
About Innovative MedTech, Inc.
Innovative MedTech, Inc. is based in Blue Island, IL. The company is a diversified provider of health and wellness services. For more information, please visit: https://innovativemedtechinc.com.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify, develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Media inquiries:
Michael Friedman
708-925-9424
ir@innovativemedtechinc.com
SOURCE: Innovative MedTech, Inc.
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FAQ
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