NextMart, Inc. - Further Lowering of Authorized Common Stock

Rhea-AI Summary

NextMart, Inc. (NXMR) announced a planned reduction of its authorized Common Stock from 500 million to 250 million shares. This will be executed in two steps, starting with an immediate decrease to 300 million shares. The company is in the process of canceling about 68 million shares to facilitate this change. CEO Kathryn Gavin stated that these actions aim to restructure the company’s capitalization for the benefit of current shareholders and to attract future acquisitions. This reduction reflects a significant reduction from 750 million shares authorized prior to last year.

Positive

• Reduction of authorized Common Stock from 500 million to 250 million shares demonstrates a proactive approach to improve shareholder value.
• Share cancellation of approximately 68 million shares contributes to a less diluted share structure.

Negative

• None.

CARLSBAD, N.M., Sept. 16, 2022 /PRNewswire/ -- NextMart, Inc. (the "Company" or "NXMR" - Pink Sheets Alternative Reporting Pink: NXMR) – NXMR would like to announce that the Company's plans on lowering its authorized Common Stock down to 250,000,000 shares of Common Stock in a two-step corporate action process. 

The Company currently has 500,000,000 shares of Common Stock authorized (Par Value $0.01). The Company will immediately lower its authorized Common Stock to 300,000,000 shares.  The Company is currently in the process of cancelling approximately 68,000,000 shares of Common Stock. Upon these shares of Common Stock being officially cancelled, the Company will lower its authorized Common Stock to 250,000,000.

Kathryn Gavin (CEO of the Company), states…" The corporate actions described in this release will lower our authorized common stock from 500,000,000 to 250,000,000 shares of Common Stock. Again, as previously stated on the last lowering of the authorized Common Stock of the Company, these corporate actions are part of our ongoing efforts to restructure the capitalization of the Company to mainly benefit current shareholders and to become attractive to future company acquisitions. These two planned corporate actions will put in place an anti-dilutive, pro market investor common stock structure. It is important to note that when current management took over this Company last year, it had 750,000,000 shares of Common Stock authorized. The net effect of the two proposed corporate actions described in this release will result in the authorized Common Stock of the Company being one-third of what it was less than a year ago."

Forward Looking Statement

Certain statements that we make may constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. The statements contained herein may contain certain forward-looking statements relating to NXMR that are based on the beliefs of NXMR's management as well as assumptions made by and information currently available to NXMR's management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. These forward-looking statements include, without limitation, statements relating to the NXMR's business prospects, future developments, trends and conditions in the industry and geographical markets in which NXMR operates, its strategies, plans, objectives and goals, its ability to control costs, statements relating to prices, volumes, operations, margins, overall market trends, risk management and exchange rates.

ABOUT US

NextMart, Inc., a Delaware Corporation, is a public quoted Pink Sheet issuer under the ticker symbol "NXMR". Currently, NXMR currently is a shell company with a new management team with plans to become a current alternative reporting issuer with OTC Markets. The Company is currently looking for an appropriate business acquisition.

CONTACT:              

4602 West Pierce Street
Carlsbad, New Mexico 88220

Company Web Site: https://nextmartcorporation.com/

Emco Oilfield Services, LLC Web Site: https://emcooilfield.com/

Twitter: @CorporationNxmr

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SOURCE NextMart, Inc.

FAQ

What is NextMart, Inc.'s plan for lowering its authorized Common Stock?

NextMart plans to reduce its authorized Common Stock from 500 million to 250 million shares through a two-step process.

When will NextMart lower its authorized Common Stock?

The authorized Common Stock will be lowered in stages, with an immediate reduction to 300 million shares.

What is the current status of NextMart's authorized shares before the reduction?

Currently, NextMart has 500 million authorized shares of Common Stock.

How does the share reduction affect NXMR shareholders?

The reduction aims to create an anti-dilutive common stock structure, potentially increasing the value for current shareholders.

Why is NextMart reducing its authorized Common Stock?

The company is restructuring its capitalization to benefit current shareholders and attract future acquisitions.