SAKL Redeems 15M Shares of Its Common Stock: Reducing Issued and Outstanding to 86M

Rhea-AI Summary

Sack Lunch Productions, Inc. (OTCPINK:SAKL) announced the cancellation of 15,000,000 shares of its common stock, decreasing total outstanding shares from 101,085,305 to 86,085,305. This redemption was part of a settlement agreement with a former affiliate of SAKL and its CEO, Richard Surber, who now holds nearly 49 million shares, or 48% of total shares. Surber highlighted that this move is beneficial for existing shareholders, given the current market price, and indicated that further redemptions may occur to manage debts and acquire additional assets.

Positive

• Share redemption reduces total outstanding shares to 86,085,305, enhancing shareholder value.
• CEO holds 48% of shares, aligning interests with shareholders.
• Potential for further share redemptions and asset acquisitions.

Negative

• None.

SALT LAKE CITY, UT / ACCESSWIRE / October 7, 2022 / Sack Lunch Productions, Inc. (OTCPINK:SAKL) reports that it has executed and closed upon an agreement to cancel 15,000,000 shares of its $.0001 common stock. The redemption is a result of a settlement agreement with a former affiliate of SAKL and Richard Surber, CEO of SAKL which brought Mr. Surber's holdings of common stock to nearly 49M shares of SAKL's common stock or 48% of the total issued and outstanding shares of SAKL.

Richard Surber, CEO of SAKL, commented, "We continue to make progress on efforts to improve the capital structure of SAKL. The redemption of 15M shares for $.001 per share, in a related party private transaction, is a big win for existing shareholders based upon the current market price of SAKL's common stock. The redemption will reduce the total issued and outstanding shares to 86,085,305 from 101,085,305." Mr. Surber continued, "Further redemptions are on the table as we work towards resolving certain debts, acquire additional assets and operations."

About Sack Lunch Productions, Inc.:

Sack Lunch Productions, Inc. (OTC PINK:SAKL) is an entertainment company with operations that include the licensing of such events such as Color Me Rad and The Dirty Dash. Investors should not invest more than they can afford to lose in penny stocks.

FOR MORE INFORMATION, CONTACT:

Richard Surber, President
Sack Lunch Productions, Inc.
801-580-7172
hudconsult@aol.com

SOURCE: Sack Lunch Productions, Inc.

View source version on accesswire.com:
https://www.accesswire.com/719483/SAKL-Redeems-15M-Shares-of-Its-Common-Stock-Reducing-Issued-and-Outstanding-to-86M

FAQ

What recent action did Sack Lunch Productions (SAKL) take regarding its common stock?

Sack Lunch Productions executed a share cancellation of 15,000,000 common stock shares, reducing total shares outstanding.

How will the share redemption affect Sack Lunch Productions' existing shareholders?

The share redemption is expected to enhance value for existing shareholders by reducing the total issued and outstanding shares.

What percentage of Sack Lunch Productions' shares does CEO Richard Surber currently own?

Richard Surber owns approximately 48% of Sack Lunch Productions' total shares after the recent redemption.

What is the current total outstanding shares for Sack Lunch Productions after the redemption?

After the redemption, Sack Lunch Productions has a total of 86,085,305 outstanding shares.

Are there any plans for further share redemptions by Sack Lunch Productions?

Yes, the CEO mentioned that further redemptions are being considered to address debts and acquire additional assets.