GRN Holding Corporation Increases Authorized Shares to Advance Aggressive Acquisition Strategy
GRN Holding Corporation (OTC PINK:GRNF) announced on August 26, 2020, the filing of Form 8-K to facilitate its acquisition plans. Following non-binding Letters of Intent executed in November 2019, the Company has engaged in due diligence since January 2020, with binding letters of intent now executed. To support its acquisition strategy, GRNF plans to increase its authorized shares from 250 million, of which almost 250 million are already issued. This move aims to enhance shareholder value by enabling strategic acquisitions.
- Execution of binding letters of intent for acquisitions.
- Increased authorized shares to support acquisition strategy.
- Nearly all authorized shares (249,843,977) are already issued, indicating limited flexibility without increasing shares.
SEATTLE, WA / ACCESSWIRE / August 27, 2020 / GRN Holding Corporation, (OTC PINK:GRNF)(the "Company"), announces its filing of Form 8-K August 26, 2020, disclosing important corporate actions designed to facilitate its acquisition plans. On November 12, 2019, the Company announced its acquisition strategy by disclosing its execution of several non-binding Letters of Intent to acquire several businesses. Beginning January, 2020, the Company began its due diligence into these acquisition targets, and proceeded to execute binding letters of intent to move forward with the acquisition process, with the next step entering into material definitive agreements to formally complete the acquisitions.
Justin Costello, Company Chief Executive Officer and Director, commented: "In analyzing the capital structure of our company, in conjunction with our asset strategy, it was clear that in order to complete our acquisitions, the Company required flexibility to issue restricted shares as consideration. As we disclosed in our recent annual report filed with the SEC, our authorized shares are limited to 250 million shares and as of today, the Company has issued 249,843,977 shares. Obviously, and in order to complete the acquisitions, the Company determined to increase its authorized shares to accommodate our acquisition strategy in order to bring value to our shareholders.
About GRN Hold Corporation
GRN Holding Corporation (OTC PINK:GRNF) is a Nevada registered publicly-traded company.
For more information, please contact:
Justin Costello
IR@grnholding.com
Forward-looking Statements
This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate," "seek," intend," "believe," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-k, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
SOURCE: GRN Holding Corporation
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FAQ
What is the purpose of GRNF's recent Form 8-K filing?
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