SNPW Board of Directors have decided to allow the period to lapse and to waive its option to implement a reverse stock split
Sun Pacific Holding Corp. (SNPW) announced that the Board of Directors has decided to allow the option for a reverse stock split, initially approved by shareholders in February 2022, to expire without execution. This decision, made on January 24, 2023, reflects management's confidence in advancing the Company’s business plans without the need for a stock split. The option was to implement a reverse stock split in a range from 100:1 to 1000:1, valid for twelve months from April 21, 2022. The Board aims to protect shareholder value and reassures that further details on the Company’s 2023 plans will be provided soon.
- Management's confidence suggests ongoing business progress.
- Decision to forgo a reverse stock split may maintain shareholder value.
- None.
MANALAPAN, N.J., Jan. 25, 2023 (GLOBE NEWSWIRE) -- Sun Pacific Holding Corp. (Other OTC: SNPW) announces that On February 12, 2022, a majority of the shareholders of Sun Pacific Holding Corp. (the “Company”) approved of providing the Board of Directors of the Company the option to, at its sole discretion, implement a reverse stock split at a range between 100:1 and 1000:1. The option to implement the reverse was for twelve (12) months from April 21, 2022, the date of the filing of a Definitive 14C with the SEC. As of January 24, 2023, the Board of Directors of the Company has determined to allow the period to lapse and to waive its option to implement a reverse stock split.
Sun Pacific management is confident that the business plans of the Company can move forward at this time without the need for the previously planned reverse stock split option. For this reason, and to protect the value of SNPW shareholders, the Board of Directors has made the decision to allow the option to expire without execution. Further information on the Company’s plans for 2023 and beyond will be forthcoming.
About Sun Pacific Holding Corp.
Sun Pacific Holding Corp. (Other OTC: SNPW) uses management's knowledge and experience to serve its customers and now its shareholders through quality service and equipment, working to keep customers satisfied, and by doing our part in protecting the environment with smart green technology. For more information, visit www.sunpacificholding.com.
Safe Harbor and Forward-Looking Statements
This news release contains statements that involve expectations, plans or intentions (such as those relating to future expansion or financial results) and other factors discussed from time to time in the Company's OTC Markets filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
IR Contact
Sun Pacific Holding Corp
345 Highway 9 South Suite 388
Manalapan, NJ 07726
Phone: +1 (888) 845-0242
Email: ir@sunpacificholding.com
Website: www.sunpacificholding.com
FAQ
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