SINC 48M shares cancellation is now effective

Rhea-AI Summary

Sincerity Applied Materials Holdings Corp (OTC Pink: SINC) has announced the cancellation of 48 million common shares, equivalent to approximately 66% of its total outstanding shares. The total outstanding shares now stand at 25.5 million. This cancellation affects only controlling shareholders, resulting in a nearly threefold increase in shareholding concentration for minor shareholders. The transaction is expected to impact financial statements, specifically affecting consolidated financials and earnings per share from Q2, 2022.

Positive

• Cancellation of 48M shares increases shareholding concentration for minor shareholders.
• Reduction of shares may enhance earnings per share metrics moving forward.

Negative

• Cancellation represents a significant reduction in liquidity with 66% of shares removed.
• Potential uncertainties regarding actual operational performance and forward-looking expectations.

MELBOURNE, Australia, May 04, 2022 (GLOBE NEWSWIRE) -- Sincerity Applied Materials Holdings Corp (OTC Pink: SINC), announced the cancellation of 48M common shares is now effective.

48M share cancellation represents about 66% of total outstanding shares been cancelled, the latest total number of outstanding shares are 25.5 million.

The number of shares been cancelled are all from controlling shareholders, which means for small shareholders, their shareholding position is almost 3x more concentrated.

This transaction will have impacts on the financial statements, consolidated financial statement with current SIMCOR acquisition, the number of fully diluted weighted-average shares and the earnings per share, from Q2, 2022.

About Sincerity Applied Materials Holding Corp
Sincerity Applied Materials delivers high performance environmental polymer and solutions, to help customers reducing product wastage, improve logistics efficiency, and reduce their carbon footprint. The Company, though its China partner, has been developing its exceptional material technology through partnerships with leading Chinese research institutions and facilities. Today, Sincerity's products are widely used in the automotive, packaging, building & construction and engineering industries.

Forward-Looking Statements
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.

Contact Information:
Investor Relations: CORE IR
+1 516 222 2560
IR@sincerityplastics.com 

FAQ

What is the impact of the 48M share cancellation by SINC?

The cancellation reduces the total outstanding shares to 25.5 million, concentrating shareholding for minor shareholders and potentially affecting earnings per share.

How many shares were canceled by Sincerity Applied Materials?

Sincerity Applied Materials has canceled 48 million shares.

What percentage of total outstanding shares does the recent cancellation represent for SINC?

The cancellation represents approximately 66% of Sincerity Applied Materials' total outstanding shares.

When will the share cancellation impact financial statements for SINC?

The impacts will be reflected in the consolidated financial statements from Q2, 2022.