GeoSolar Technologies Files S-1 Registration for Spin-Off From Fourth Wave Energy
Fourth Wave Energy, Inc. (OTCQB: FWAV) has announced the spin-off of GeoSolar Technologies (GST) following GST's filing of a registration statement with the SEC. GST will obtain all commercial rights to the GeoSolar Plus technology in exchange for issuing approximately four shares of GST common stock for each outstanding share of Fourth Wave. The GeoSolar Plus system aims to reduce energy consumption and greenhouse gas emissions while improving indoor air quality. Shareholders will retain their Fourth Wave shares and receive GST shares once the registration statement is effective.
- Successful spin-off of GeoSolar Technologies, creating two independent public companies.
- GeoSolar Plus system designed to significantly reduce energy consumption and greenhouse gas emissions.
- None.
SAN JOSE, Calif., May 18, 2021 /PRNewswire/ -- Fourth Wave Energy, Inc. (OTCQB: FWAV) ("Fourth Wave" or the "Company") is pleased to announce that GeoSolar Technologies ("GST") has filed a registration statement with the Securities and Exchange Commission in connection with the spin-off of GST from Fourth Wave. Following the spin-off, GST and Fourth Wave will be two separate and independent public companies.
As part of the spin-off agreement with Fourth Wave, GST received all commercial rights to the GeoSolar Plus technology and patents in exchange for the issuance of approximately four shares of GST common stock for each outstanding common share of Fourth Wave.
The GeoSolar Plus ("GSP") system is designed to significantly reduce energy consumption and associated greenhouse gas emissions in residences and commercial buildings, while improving indoor air quality by improving the building envelope, reducing energy loads, and generating on-site renewable solar energy. The GSP system is comprised of a number of system components including solar/PV and geothermal and produces more clean energy than it produces with no carbon.
The date for determining which shareholders of Fourth Wave will receive shares of GST in the spin-off will be determined shortly before the effective date of GST's registration statement. The shares of GST common stock will be issued to the Fourth Wave shareholders shortly after GST's registration statement is declared effective by the Securities and Exchange Commission. Fourth Wave shareholders will continue to retain their shares in Fourth Wave.
This Press Release is not an offer of any securities of GST and GST is not soliciting offers to acquire any securities of GST. The shares of GST's common stock have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exception from registration requirements.
The registration statement of GeoSolar Technologies can be viewed on the SEC's website at www.sec.gov.
Investor Contact:
Fourth Wave Energy
Phone: +1 (0)408-213-8874
www.fourthwaveenergy.com
Email: info@fourthwaveenergy.com
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SOURCE Fourth Wave Energy, Inc.
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