HUMBL Suspends BLOCK ETX Subscription Products
HUMBL, Inc. (OTCQB:HMBL) announced the suspension of its BLOCK ETX subscription products, with automatic cancellations set for February 18, 2022. All customers will receive refunds for January and February subscription fees. CEO Brian Foote stated that the company's non-custodial subscription services are not considered securities, but the SEC dialogue influenced this decision. HUMBL Financial remains focused on developing future products with clearer regulatory pathways.
- Refunds for January and February subscription fees will be issued to customers.
- Suspension of the BLOCK ETX subscription products may indicate regulatory challenges.
- The need for SEC dialogue suggests uncertainty in the company's regulatory compliance.
San Diego, CA, Feb. 14, 2022 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTCQB:HMBL) has announced the suspension of its BLOCK ETX subscription products. HUMBL Financial customers are not required to take any action. All subscriptions will be automatically canceled by 5:00 p.m. EST on February 18, 2022. Additionally, monthly subscription fees for January and February 2022 will be refunded.
“We do not believe that our non-custodial, algorithmically driven, software-as-a-service BLOCK ETX subscription products are securities, nor that the underlying digital assets are securities,” said HUMBL CEO, Brian Foote. “However, after additional dialogue with the SEC surrounding our S-1 filing, we’ve determined this is the best path forward in the approval process.”
In the meantime, HUMBL Financial will continue working on future product lines that have greater levels of potential licensing and regulatory clarity.
About HUMBL, Inc.
HUMBL is a Web 3, consumer blockchain platform with both consumer and commercial divisions.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
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