$BBBT Black Bird Biotech Management Affirms Long-Term Commitment, Exchanges One-Third, over 120 Million, of Outstanding Common Shares for Preferred Shares
Black Bird Biotech, Inc.
Mon, August 15, 2022 at 8:00 AM·4 min read
FLOWER MOUND, TX / ACCESSWIRE / August 15, 2022 / Black Bird Biotech, Inc. (OTC PINK:BBBT), manufacturer and distributor of plant-based MiteXstreamTM biopesticide, announced that the members of its Board of Directors have agreed to exchange a total of nearly 124 million shares, or approximately 36%, of the Company's outstanding common stock for shares of a new Series A Preferred Stock. All of the transactions are expected to be completed by August 19, 2022, with two of the transactions, representing approximately 99 million shares of common stock, expected to be completed today, August 15, 2022.
In announcing these actions, the Company's President, Fabian Deneault, stated, "We've invested four years into our MiteXstreamTM Mission and we will gladly invest that again, and then some, if that is what it takes to establish MiteXstreamTM as the globally-recognized game-changing biopesticide that we know it is. Our actions reaffirm our team's commitment to that Mission, on the one hand, and, on the other, our commitment to taking decisive actions we believe will minimize dilution to our shareholders over the long term, especially as the MiteXstreamTM message is gaining traction. The dynamic quality of MiteXstreamTM demands these commitments."
Bill LoBell, the Company's Sales Executive VP, added, "To Fabian's point, two recent sales of MiteXstreamTM are illustrative of the ‘ah-hah' moments that are happening. About a month ago, a customer in a smaller Oklahoma town purchased a gallon of MiteXstreamTM through our online store. Accounting for shipping time, this customer purchased three more gallons last week, after just two-and-a-half or three weeks. Clearly, MiteXstreamTM did the job as advertised. And, we remain excited to show MiteXstreamTM at the Cannabis Conference 2022 in Las Vegas later this month."
The holders of the Company's Series A Preferred Stock possess, as a class, voting control of the Company and have the right to convert their Series A Preferred Stock back into shares of common stock at any time. More information about the Series A Preferred Stock and their issuance is available on the Company's SEC EDGAR page.
For news and updates, shareholders, prospective investors and prospective business partners are encouraged to follow @BBBT_Corporate on Twitter and @BlackBirdBiotech on Instagram. Also visit BBBT's corporate website, BlackBirdBiotech.com, for additional information about the company.
