NOCOPI TECHS INC - NNUP STOCK NEWS

Nocopi Technologies, Inc. (NNUP) announced a one-for-ten reverse stock split effective September 2, 2022. Shareholders received one new share for every ten shares held, with fractional shares rounded up. The stock symbol will temporarily change to NNUPD for 20 trading days before reverting to NNUP. This corporate action is aimed at facilitating a private placement transaction, anticipated to enhance its balance sheet and cash position, which was reported at $1,593,400 as of June 30, 2022.

Nocopi Technologies, Inc. (OTC Pink: NNUP) reported a modest revenue increase to $514,300 for Q2 2022, up from $513,900 in Q2 2021. This growth was driven by a 17% rise in license and royalty revenue, which reached $169,800. However, specialty ink sales declined by 7% year-over-year to $344,500. Operating expenses surged to $615,900 due to legal costs, resulting in a net loss of $297,000 compared to a profit in the prior year. Cash at the end of Q2 2022 was $1.6 million, down from $1.9 million a year earlier. The company anticipates gradual normalization in customer demand and plans for growth supported by new funding.

Nocopi Technologies (OTC Pink: NNUP) announced a 1-for-10 reverse stock split, effective August 26, 2022, to facilitate a $3.5 million private placement deal. This issuance involves 2,500,000 shares at $1.40 per share, following the stock split adjustment. The company intends to use the funds to pursue growth opportunities while maintaining a robust balance sheet. The transaction is contingent on the reverse stock split and additional conditions. A registration rights agreement requires filing a registration statement by August 2023.

Nocopi Technologies (OTC Pink: NNUP) reported a revenue decline in Q1'22, earning $339,400 compared to $611,400 in Q1'21, mainly due to decreased specialty ink purchases and ongoing global supply chain issues. Gross profit fell to $173,200 with a gross margin of 51%, down from 64% the previous year. Operating expenses rose to $382,000, leading to a net loss of $203,400 versus net income of $114,800 in Q1'21. Despite challenges, the company ended the quarter with $2 million in cash and no long-term debt, signaling potential for recovery as market conditions normalize.

Nocopi Technologies, Inc. (OTC Pink: NNUP) reported a 27% revenue decline to $1.95M for FY 2021, impacted by global supply chain issues. However, licenses and royalties rose by nearly 9% to $809,900, primarily from the toy and entertainment sector. Cash increased to $1.85M, with working capital up to $3.20M. Despite a net income drop to $49,400, the company maintained a strong balance sheet without long-term debt. Q4 revenue fell 32% to $514,100, and legal expenses increased significantly. Nocopi continues to explore new products and geographical expansions while managing supply chain risks.

Nocopi Technologies, Inc. (OTC Pink: NNUP) has scheduled its Annual Stockholders Meeting for June 16, 2022. The announcement follows a Form 8-K filing on February 2, 2022, which also detailed changes to the Company’s Board structure and governance through Amended and Restated Bylaws. CEO Michael Feinstein highlighted the company’s transformation into a growing business, eliminating long-term debt and achieving approximately $2.1M in cash as of September 30, 2021. Nocopi aims for strategic growth and value creation for shareholders in a recovering post-COVID economy.

Nocopi Technologies (OTC Pink: NNUP) reported Q3’21 results, showing a 59% drop in revenue to $312,500 due to decreased specialty ink shipments, offset by a 45% increase in license and royalty income to $222,500. Gross profit fell 51% to $209,200, but gross margin improved to 67%. Operating expenses reduced by 12%, and net income decreased to $1,100. Cash from operations declined to $228,200, though year-to-date cash increased by 4% to $802,600. Supply chain issues impacted production orders, but management remains optimistic about future growth.

Cedar Creek Partners, the largest shareholder of Nocopi Technologies (NNUP), expressed disappointment at the company's board for failing to allow shareholders to choose board members, continuing a trend of over 20 years without holding an annual meeting. Cedar Creek, representing over 10% of Nocopi's shares, criticized the board's decision to classify its members and limit shareholder power. While the board indicated plans for an annual meeting in spring 2022, Cedar Creek stressed the need for accountability and urged shareholders to demand change, reflecting concerns over governance and management practices.

Cedar Creek Partners and Tim Eriksen have garnered enough support from stockholders to call for a special meeting regarding Nocopi Technologies, Inc. (NNUP). Cedar Creek holds 9.0% of Nocopi's shares, while Eriksen personally owns 0.9%. The meeting aims to replace the existing board due to a lack of corporate governance, as they have not held an annual meeting in over twenty years. Cedar Creek argues that the board's financial oversight is inadequate, failing to return capital to shareholders despite a growing cash reserve.