Rooshine, Inc. Announces Reverse Stock Split
Rooshine, Inc. (OTC PINK: RSAU) has confirmed a 1-for-100 Reverse Stock Split, effective April 23, 2021. This adjustment will reduce outstanding shares from over 2.2 billion to approximately 22.2 million, aiming to enhance liquidity and appeal to larger investors. The new trading ticker will be RSAUD for 20 days. Max Gomez, CEO, expressed optimism about the move facilitating a potential uplisting to a senior exchange. Post-split, shareholders can expect automatic adjustments in their accounts, while physical stockholders need to request new certificates.
- Reduction of outstanding shares from 2,222,860,352 to approximately 22,228,675, which may enhance stock valuation.
- CEO Max Gomez's belief that the split will attract institutional and international investors.
- Potential for uplisting to a more senior stock exchange, improving overall market perception.
- None.
ORMOND BEACH, FL / ACCESSWIRE / April 22, 2021 / Rooshine, Inc. (OTC PINK: RSAU) ("Rooshine" or the "Company"), today announced that FINRA has approved a 1-for-100 Reverse Split of the Company's common stock (the "Reverse Split"). As a result, every 100 pre-Reverse Split shares of common stock outstanding will automatically combine into one new share of post-Reverse Split common stock without any action on the part of the holders.
Max Gomez, CEO of Rooshine, commented, "We are very excited to have taken this positive step to reduce the number of outstanding Rooshine common shares which will position the Company for a potential uplisting to a more senior stock exchange in the near future. We anticipate this strategy will help to enhance liquidity, maximize valuation, and make the Company more attractive to potential investors of all sizes, particularly institutional and international investors."
The Company's common stock will begin trading on a post-Reverse Split basis at the opening of trading on Friday, April 23, 2021. In connection therewith, the Company's ticker symbol will be RSAUD for twenty (20) trading days to designate that it is trading on a post-Reverse Split basis. In addition, our post-Reverse Split common stock will trade under the new CUSIP Number 776616203.
Following the Reverse Split, the number of shares of the Company's issued and outstanding common stock will have been reduced from 2,222,860,352 to approximately 22,228,675. The Reverse Split will also apply to shares of common stock issuable upon the conversion of outstanding warrants and stock options. No fractional shares will be issued as a result of the Reverse Split. Any fractional shares resulting from the Reverse Split will be rounded up to the nearest whole share on a per shareholder basis.
The Company expects that shareholders holding RSAU shares at registered brokerage firms or at the transfer agent will have the Reverse Split transaction processed automatically in their accounts over the next few days. Shareholders holding physical stock certificates may request new certificates evidencing their post-Reverse Split shares by contacting the Company's transfer agent, ClearTrust LLC, at inbox@cleartrusttransfer.com or (813) 235-4490.
About Rooshine, Inc.
The Company was formed under the laws of the State of Nevada in April 1998. The Company's business is the importation, distribution, and sale of alcoholic spirits. Rooshine, Inc. was formed with the desire to produce high-quality premium spirits infused with natural ingredients and no artificial additives. To that end, Rooshine, Inc. has partnered with International Spirits Vault, Ltd. to develop a patented proprietary method that leverages electromagnetic pulse technology to accelerate the aging process of the spirit while in the barrel. Unlike other accelerated maturation processes on the market, Rooshine, Inc does not denature the spirit through boiling or pressurization but rather accelerates the natural aging process by expanding the surface area of the barrel through the use of electromagnetic pulses. Through the use of this process, Rooshine is able to reduce the maturation process from years to a matter of days or weeks while infusing the spirit with the essence of the barrel's conditioning. As a result of the enhanced speed and the fact that the accelerated aging process can occur in the barrel, Rooshine is able to cycle a single spirit through multiple barrel/wood combinations to develop unique flavors that would otherwise take decades or perhaps even centuries to produce.
Rooshine, Inc. - Investor Contact
Max Gomez, CEO, Rooshine, Inc.
E-mail: max@drinkrooshine.com
Rooshine, inc. - Social Media
Instagram: https://www.instagram.com/drinkrooshine/
Statement as to Forward-Looking Statements - Forward-Looking Statements certain statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified using words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected, " "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors. We assume no obligation to update the information contained in this news release.
SOURCE: Rooshine Inc.
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