SPO Networks, Inc. (SPOI) Announces Plans For A Reverse Stock Split
SPO Networks, Inc. (OTC PINK:SPOI) announced a 1-for-1000 reverse stock split approved by its Board and majority shareholders, effective within 15 days of this announcement. CEO Tom Smith is cancelling 3,965,471,162 common shares, reducing the total outstanding shares from 8.33 billion to approximately 4.37 billion prior to the split. Post-split, outstanding shares will be about 4.37 million. The action is aimed at enhancing stock value, though the company cannot guarantee price maintenance.
- CEO Tom Smith's cancellation of 3,965,471,162 shares may enhance shareholder confidence.
- The company focuses on expanding in the lucrative cannabis market.
- The company's inability to guarantee that the stock price will reflect the reverse split could lead to shareholder concerns.
- The significant decrease in shares outstanding could indicate previous overvaluation.
Tom Smith, The Company's, CEO And Majority Shareholder Is Also Cancelling 3,965,471,162 Of His Common Shares; Approximately
FARMINGTON, AR / ACCESSWIRE / February 22, 2022 / SPO Networks, Inc. (OTC PINK:SPOI) ("SPOI" or the "Company"), a publicly-traded company that is actively exploring potential acquisitions and opportunities in diversified industries, including an established revenue generating waste/recycling subsidiary plus a newly launched medical and recreational cannabis and genetic seed operations entity with the expectation of rapid expansion in the cannabis industry utilizing a proprietary vertical market from cultivation facilities, to wholesale and retail dispensaries, today announced that its Board of Directors and a majority of shareholders have approved a reverse split of 1 (one) to 1000 (one thousand) split of the Company's common stock.
As of February 21, 2012, there were approximately 8,336,207,783 shares of the Company's common stock outstanding.
Also, in tandem with the reverse, Tom Smith, the Company's Founder, CEO and majority shareholder is retiring/cancelling 3,965,471,162 of his common shares which will be converted into a note. This will reduce the shares outstanding to 4,370,736,621 prior to the reverse.
After the 1 for 1,000 reverse split, and the cancellation of Smith's shares, the outstanding shares shall be reduced to 4,370,737 shares.
The reverse split will become effective no less that fifteen (15) days after the issuance of this announcement. Upon the effectiveness of the reverse stock split, SPOI stockholders will receive one new share of common stock for every one-thousand shares they hold.
The reverse stock split is expected to lead the Company's common stock to trade at approximately one-thousand times the price per share at which it trades prior to the effectiveness of the reverse stock split. SPOI, however, cannot assure that the price of its common stock after the reverse split will reflect the 1 for 1,000 reverse split ratio, that the price per share following the effective time of the reverse split will be maintained for any period of time, or that the price will remain above the pre-split trading price.
The Company will not issue fractional shares of its common stock as a result of the reverse stock split. The shares will be rounded up. Any shareholder who owns less than 1,000 shares will be rounded up to 1.
The Company will issue additional announcements as the process proceeds.
SPO Networks, Inc.
SPO Networks, Inc. is actively exploring potential acquisitions and opportunities in diversified industries, including solid waste, scrap metal recycling and demolition with special waste remediation. Additionally, SPO maintains the belief that patients and customers have a right to high quality, economical, and clinically-validated cannabis products. Towards this, SPO aims at medical and recreational cannabis and genetic seed operations with the expectation of rapid expansion in the cannabis industry. SPO is developing its cultivation facilities for extraction operations, wholesaling of cannabis and cannabis extracts in Colorado to licensed retailers and wholesalers. Eventually, the goal is to expand to retail product manufacturing and dispensary operations in several states, allowing SPO to offer a pricing strategy that will be attractive to consumers large and small.
For more information, please go to: https://www.spoinow.com.
FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the OTC Markets Group Inc. Our public filings with the OTC Markets Group Inc are available from commercial document retrieval services and at the website maintained by the OTC Markets at https://www.otcmarkets.com/stock/SPOI/disclosure
Contact:
www.spoinow.com
479-443-6000
info@spoinow.com
SOURCE: SPO Networks, Inc.
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FAQ
What is the purpose of the SPOI reverse stock split announced on February 22, 2022?
How many shares will SPOI have after the reverse stock split?
What is the impact of Tom Smith cancelling his shares on SPOI?
When will the reverse stock split for SPOI take effect?
What is the anticipated stock price for SPOI after the reverse split?
