Additional Cancellation of Common Stock
Press Release | 05/19/2023
A1 Group, Inc. (the "Company" or "AWON") would like to announce that it has identified two significant blocks of Common Stock that the Company is currently processing for potential cancellation to treasury.
The initial potential cancellation to treasury stock that the Company is currently working is 166,568,157 shares of Common Stock held by a control shareholder ("Control Shares). These Control Shares were issued in July of 2017 pursuant to a licensing agreement that was never consummated with the Company ("Potential Cancellation"). If successful with this Potential Cancellation, the Companys issued and outstanding Common Stock will drop from 371,756,038 to 205,187,881 (44.81% decrease).
In addition to the Potential Cancellation, the Company has also identified 56,962,757 shares of Common Stock held by five (5) shareholders that may be processed for cancellation to treasury stock as well. The Company is currently researching the transactions that resulted in the issuance of the Common Stock to these shareholders and consulting with its legal counsel. This would result in a 15.32% drop in the issued and outstanding Common Stock when viewed individually aside from the Potential Cancellation discussed above.
If both potential cancellations are effectuated, the issued and outstanding Common Stock would drop to 148,225,124 (60.12% decrease). The Company will keep its public shareholders advised as to these potential cancellations of Common Stock to treasury as material related events unfold.
