What a crock
Steven Hoffman, Chairman of Bayside Corporation, stated, "The Board believes that undertaking this reverse split is in the best long-term interest of all shareholders.
What a crock
WESTON, FL / ACCESSWIRE / November 30, 2018 / Bayside Corporation (OTC PINK: BYSD); ("Bayside" or the "Company") is pleased to announce that today the Company has filed with the State of Wyoming and FINRA its intention to do a reverse stock split with a ratio of 1 for 15,000, expected to be effective on December 29, 2018. The split, which was approved by the Board and shareholders, will have no inherent effect or change on the Company's value or total market capitalization.
"This action is part of our larger plan to increase shareholder value. This year, under our new management team, the company has not only become current with all its financial filings and held its first shareholder meeting in years, but also did what we said we were going to do -- executed on our business plan to deploy a network of Bitcoin ATMs throughout the country. We have seen sustained revenue growth and expect it to continue in the coming year," commented Justin Frankel, Chief Executive Officer of Bayside Corporate.
Frankel added, "While we've seen improvements in virtually all areas of our business, our share price has remained low and stagnate. Stocks that are priced more accurately attract more attention from market analysts, financial media and larger investors. We are one of a small group of pure-play, revenue generating, publicly traded companies operating in the blockchain and crypto asset space today. The growth of blockchain technology and the continued maturity of the crypto-asset market will continue to present exciting opportunities for us, and a higher stock price will allow us to better take advantage of these opportunities."
The Shareholders previously approved a split of up to 1 for 20 at the shareholder meeting June 19, 2018. Subsequent to the shareholder meeting, the Board determined that a larger reverse was necessary. On November 12, 2019 the Board and a majority of the shares entitled to vote on the matter voted to set the reverse ratio at 1 for 15,000.
Steven Hoffman, Chairman of Bayside Corporation, stated, "The Board believes that undertaking this reverse split is in the best long-term interest of all shareholders. Over the past year, the company has ensured its filing are current and has seen revenue from operations continue to grow. This is not a potentially dilutive measure for Bayside, rather it is a way to get the public markets to better recognize what we have accomplished thus far and allow us to take advantage of the explosive growth in the blockchain industry."
