Hi, doing my DD here...it looks nice so far.
Just something I didn't like...Could you please tell me what happened with this old share reduction? They said it was already approved. I mean...4 months since that and never happened...why should we believe them now? TIA.
Spectacular Solar Share Structure Changes Approved
Press Release | 07/23/2019
RAHWAY, N.J., July 23, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – Spectacular Solar, Inc. (OTCPK: SPSO), is pleased to announce that the following share structure changes have been approved by the Nevada Secretary of State.
Spectacular Solar has reduced the total Authorized Common Shares from 850,000,000 shares to 750,000,000 and a Series B Preferred class was designated and established with Authorized Shares set at 100,000,000. The preferred shares will carry a 1:1 ratio with common shares but each Series B Preferred Share will have three (3) times the voting power of a common share.
A resolution was passed to issue Spectacular Solar CEO Doug Heck 100,000,000 Preferred Shares upon his surrendering 100,000,000 of the 302,185,737 common shares which he currently holds. It was also resolved to retire these 100,000,000 shares which will subsequently reduce the O/S (Outstanding Shares) Count by about 15% which will result in a new O/S of 575,533,904.
Additionally, the Company believes that there may be some tangential benefits resulting from this share structure change, including:
that its amended capital structure will be more attractive to potential institutional investors, with respect to both open market support and private placement capital;
that it will likely be helpful in achieving its desired up-listing
that its amended capital structure will be far more attractive to a potential merger/acquisition candidate should the Company decide to utilize its equity as part of any such transaction
“Obviously, our main goal is to increase shareholder value by building the company through increasing sales and other operationally related efforts,” Heck said. “But we saw the opportunity to make these changes in the share structure that, in addition to strengthening the general health of the company, also benefits the shareholder.”
AI
