I really don't think SNPW knows what they need or don't need relative to a potential reverse split. Maybe this explains the filing of a 14c and a recent tweet stating it is not a possibility at this time. I base this opinion on their recent history relating to a potenital reverse split.
8/19/2019 - A 14c was filed addressing a potential reverse split. "Sun Pacific
·"The Board approved a resolution to give to the Board of Directors of the Company the option to effectuate a reverse stock split within the range of 100:1 through 1000:1 within 12 months after the filing of this Form 14(c)."
Jan 10, 2020 A tweet was issued stating the below -
"Dryer offloading also no R/S anytime soon dont know how many ways to say this but if and when we have to, we will advise our shareholders and notify accordingly. Also I have no direct contact with market maker selling or buying and all of my shares they are all locked up. $snpw"
8/28/20 An 8k was filed authorizing a reverse split. "On August 25, 2020, the Board of Directors (the “Board”) of Sun Pacific Holding Corp. (the “Company”) voted to approve a Reverse Stock Split of the Common Stock of the Company at the ratio of 1000:1. The Board was granted such authority pursuant to Schedule 14C Information Statement as filed with the SEC on August 26, 2019 which gave the Board the option to effectuate a Reverse Stock Split of the Common Stock of the Company at the sole discretion of the Board within 12 months of said Information Statement, without the issuance of another Information Statement, within the range of 100:1 through 1000:1.
2/17/2021 An 8k was filed canceling the previous 8k for a reverse stock split. "On February 17, 2021, the Board of Directors of the Company (the “Board”) resolved to cancel such corporate action effective immediately."
4/11/2022 A new 14c was issued addressing a reverse split potential. " To authorize the Board the Option to effectuate a reverse stock split of our issued and outstanding shares of Common Stock (the “Reverse Stock Split Option”), at the sole discretion of the Board within 12 months of this Information Statement, without the issuance of another Information Statement, within the range of 100:1 through 1000:1
8/11/2022 Snpw Tweeted " Sun Pacific Holding Corp
@SunPacificPower
14C not happening anytime soon or even a possibility at this time as we leave our options open. We will wait before we cancel it or let it expire , as we proceed to complete our funding for our solar project to build a 1GW production plant $SNPW #SOLAR #texas #finance"
Does SNPW really have a good handle on if they do or don't need a reverse split?
Not so sure the examples used are analogous to the filing of a 14c. The examples used, car inurance/flood insurance etc are typically insured 100% of the time as one doesn't know when they will be needed.
The above differes from a 14C which has been filed, then cancelled and then refiled again etc. I interpret this to mean a 14c is filed when it is more likely to be used or needed, otherwise why would it be filed some of the time but not all the time.
My opinions.
