Galaxy Next Generation Buys Back and Cancels 50 Million Shares
Galaxy Next Generation (OTCQB:GAXY) has successfully acquired and canceled 50 million common shares, reducing its total outstanding shares from 3.43 billion to 3.38 billion. This move follows the repayment of a previous debt involving these shares. CFO Magen McGahee emphasized that this cancellation aims to minimize dilution and enhance shareholder value. Galaxy specializes in interactive learning technology solutions, primarily servicing the K-12 education market, which constitutes nearly 90% of its sales.
- Share buyback of 50 million shares reduces total outstanding shares from 3.43 billion to 3.38 billion.
- CFO indicates efforts to minimize dilution, potentially increasing shareholder value.
- None.
TOCCOA, GA / ACCESSWIRE / December 21, 2021 / Galaxy Next Generation, Inc. (OTCQB:GAXY) ("Galaxy" or the "Company), a provider of interactive learning technology solutions, is pleased to announce that it has acquired back 50 million common shares and retired them to Treasury.
The transaction stems from a previous debt dealing that has since been repaid, and included the return of 50 million common shares back to the Company.
Galaxy's total shares outstanding will be reduced from 3.43 billion to 3.38 billion.
For updated security details, please visit:
https://www.otcmarkets.com/stock/GAXY/security
Magen McGahee, Galaxy's Chief Financial Officer, commented, "This transaction and cancellation of 50 million common shares demonstrates our recent efforts to minimize dilution and increase shareholder value."
About Galaxy Next Generation, Inc.
Galaxy Next Generation (OTCQB:GAXY) is a provider of interactive learning technology solutions that allows the presenter and participant to engage in a fully collaborative instructional environment. Galaxy's products include Galaxy's own private-label interactive touch screen panel as well as numerous other national and international branded peripheral and communication devices. Galaxy's distribution channel consists of 22+ resellers across the U.S. who primarily sell the Company's products within the commercial and educational market. Galaxy does not control where resellers focus their resell efforts, although generally, the K-12 education market is the largest customer base for Galaxy products - comprising nearly
For additional information, please visit our website at: www.galaxynext.us
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investors Contact:
IR@GalaxyNext.us
888-859-1274
SOURCE: Galaxy Next Generation, Inc.
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