SPO Networks, Inc. (SPOID) Announces 1-1,000 Reverse Stock Split Completed W Detail
SPO Networks, Inc. (OTC PINK:SPOI) announced the completion of a 1-for-1000 reverse stock split, previously approved by its Board and majority shareholders. Before the split, 3,965,471,162 common shares were converted into a promissory note by CEO Tom Smith, reducing total outstanding shares to 4,370,736,621. Post-split, the total outstanding shares are now 4,371,280, and authorized common shares reduced from 10 billion to 10 million. The Company continues to explore acquisitions in various industries, particularly focusing on cannabis and waste management.
- Completed a 1-for-1000 reverse stock split, consolidating shares and improving share structure.
- Reduction of total outstanding shares to 4,371,280 may enhance per-share metrics.
- Significant share cancellation raises concerns about prior dilution and shareholder value.
The Company Released Information On Share Structure After The Reverse
FARMINGTON, AR / ACCESSWIRE / March 30, 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 the reverse split that was previously approved a reverse split of 1 (one) to 1000 (one thousand) split of the Company's common stock by the Company's Board of Directors and a majority of shareholders has been completed.
Prior to the split, on March 14, 2022, Tom Smith, CEO and majority shareholder converted 3,965,471,162 common shares into a promissory note @ $.00115 per share (
| Total Outstanding prior to cancellation and split: | 8,336,207,783 |
| Less canceled shares: | -3,965,471,162 |
| 4,370,736,621 | |
| Reverse Split | -4,366,365,341 |
| Total Outstanding Shares as of 3/29/22 | 4,371,280 |
Settlement of fractional shares were rounded up and any shareholder who owned less than 1000 shares was rounded up to 1 share.
Authorized common shares were also reduced from 10,000,000,000 to 10,000,000.
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 was the reason for SPOI's recent reverse stock split?
What is the total number of outstanding shares for SPOI after the split?
How many shares were canceled prior to the SPOI reverse split?
What changes were made to SPOI's authorized shares?
