NextMart, Inc. - Lowering of Authorized Common Stock

Rhea-AI Summary

NextMart, Inc. (NXMR) is amending its articles of incorporation to reduce its authorized Common Stock from 750 million to 500 million shares. This strategic move aims to restructure the company's capitalization, benefiting current shareholders while attracting potential acquisitions. The amendment follows the cancellation of over 305 million shares and is expected to take effect by March 31, 2022. NXMR commits to not increase the authorized stock for at least three years, ensuring no unnecessary dilution for existing shareholders as it negotiates future acquisitions.

Positive

• Reduction of authorized Common Stock from 750 million to 500 million shares, aimed at restructuring capitalization.
• Cancellation of over 305 million shares enhances shareholder value and minimizes dilution risk.
• Commitment to maintain lower authorized stock levels for a minimum of three years.

Negative

• None.

 HOLYOKE, Mass., March 30, 2022 /PRNewswire/ -- NextMart, Inc. (the "Company" or "NXMR" - Pink Sheets Alternative Reporting Pink: NXMR) – NXMR would like to announce that the Company's has tasked its securities counsel with amending its articles of incorporation to lower its authorized Common Stock from 750,000,000 shares to 500,000,000 shares. 

William Bouyea (CEO of the Company), states, "This amendment to our articles of incorporation, which will lower our authorized common stock from 750,000,000 to 500,000,000 shares, is part of our ongoing efforts to restructure the capitalization of the Company to benefit current shareholders and to become attractive to future company acquisitions. These announced corporate actions will make the Company more attractive to future acquisitions and put in place an anti-dilutive, pro market investor common stock structure. This corporate action comes on the heels of the cancellation of in excess of 305,000,000 shares of Common Stock last week."

Mr. Bouyea further stated, "We have filed the amendment to our articles of incorporation with the State of Delaware. This filing will take effect on or before March 31, 2022. Once the authorized Common Stock is lowered, the Company has agreed to not effectuate an increase in the amount of stock authorized for a minimum period of three calendar years.  Moving forward, the goal of management with the Common Stock cancellation and today's announcement of a lowered authorized common stock, is to let our market shareholders know that we are leaving an adequate amount of common stock unissued, more than enough for the Company to make the necessary acquisitions that are now being negotiated. As such, our current shareholders will not suffer any unnecessary dilution of their holdings. As we grow the future business of the Company, we want our public shareholders to understand that we have one goal in mind, to maximize shareholder value at all times."

 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.

98 Lower Westfield Road
Holyoke, MA 01140

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

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

Twitter: @CorporationNxmr

 

View original content:https://www.prnewswire.com/news-releases/nextmart-inc--lowering-of-authorized-common-stock-301513916.html

SOURCE NextMart, Inc.

FAQ

What is the significance of NXMR lowering its authorized Common Stock on March 30, 2022?

NXMR's decision to lower its authorized Common Stock aims to restructure its capitalization and reduce shareholder dilution, making it more attractive for future acquisitions.

How will the amendment to NXMR's articles of incorporation impact shareholders?

The amendment is designed to benefit current shareholders by minimizing dilution and ensuring a more appealing structure for potential future acquisitions.

When will NXMR's reduction in authorized Common Stock take effect?

The amendment to lower the authorized Common Stock will take effect on or before March 31, 2022.

Has NXMR canceled any shares recently?

Yes, NXMR has canceled over 305 million shares of Common Stock prior to this announcement.

How long will NXMR refrain from increasing its authorized stock after the amendment?

NXMR has committed to not increasing its authorized stock for a minimum period of three calendar years.