GelStat Provides Corporate Update on Capital Restructuring
GelStat Corporation (OTCPink: GSAC) announced updates regarding its capital market activities, including a planned Regulation A+, Tier 2 equity financing of up to $5 million. The company has recouped over 100 million shares of common stock, which will enhance its treasury for future issuance. Outstanding shares have increased to approximately 618 million. CEO Javier Acosta indicated that these actions are aimed at simplifying the capital structure and pursuing growth. GelStat focuses on marketing non-prescription health products such as Migraine and Sleep formulations.
- Recouped 100 million shares, enhancing future issuance capability.
- Plans to raise up to $5 million through a Regulation A+ offering.
- CEO and board members have purchased common stock, signaling confidence.
- Outstanding shares increased to approximately 618 million, which may dilute existing shareholders.
STUART, Fla., March 08, 2022 (GLOBE NEWSWIRE) -- GelStat Corporation ("GelStat" or the "Company") (OTCPink: GSAC), a development stage company focused on the marketing of over-the-counter and other non-prescription, natural consumer health care products, today provided several updates related to its ongoing capital markets activities and corporate initiatives. As previously announced, the Company is in the process of conducting a Regulation A+, Tier 2, equity financing of up to
Following the commencement of its Public Offering, the Company has successfully recouped over 100 million previously issued shares of common stock as part of a settlement agreement with both former management and a major shareholder. As a result, 100 million shares of common stock have been restored to the Company’s treasury and will be available for issuance in the future.
GelStat currently has approximately 618 million shares of common stock outstanding, which is an increase from approximately 524 million shares of common stock outstanding prior to commencing its Public Offering. In addition, the Company’s Chief Executive Officer and certain members of the GelStat Board of Directors have made purchases of the Company’s common stock. The Company plans to provide an exact share count when it files its annual report on Form 1-K for the fiscal year ended December 31, 2021.
“We are continuing to make great progress in our efforts to rebuild GelStat for the future," said Company CEO Javier Acosta. “With these recent actions, we have improved GelStat’s balance sheet and simplified our capital structure. We also now have more flexibility and freedom to pursue our growth and expansion initiatives. We are currently taking several steps to broaden the reach of our existing products and also actively looking at entering new markets. With the proceeds from our offering, we believe we will be able to more effectively pursue this dual strategy.”
GelStat expects to provide more regular corporate updates to the market over the coming weeks and months.
About GelStat Corporation
GelStat Corporation (OTCPink: GSAC), based in Stuart, Florida, is a development stage company that is currently focused on the marketing of over-the-counter (OTC) and other non-prescription, natural consumer health care products including its Migraine and Sleep formulations. The Company is focusing its efforts on proprietary, innovative products that address the multibillion-dollar global market for health supplements. For more information, visit www.gelstat.com.
Forward Looking Statements
This news release includes 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, as amended, regarding, among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified using forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we plan to file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to GelStat Corporation or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
| Contacts |
| Corporate Javier Acosta GelStat Corporation (772) 212-1368 info@gelstat.com Investor Relations Contact Tom Colton and John Yi Gateway Investor Relations GSAC@gatewayir.com 949-574-3860 |
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