iGen Networks Corp (IGEN)

[JMMatthews]

8-K https://www.otcmarkets.com/filing/html?id=16911012&guid=U4g-keeht3MKJth

The Company has delayed effecting its 10:1 reverse split pursuant to its Schedule 14C filed with the SEC June 26, 2023. Prior to effecting its reverse split, the Company will complete the re-structuring and extinguishing of all convertible debt from its balance sheet.

Neil G. Chan, CEO of IGEN as previously stated, “The re-structuring of debt and capital will enable us to re-finance in a meaningful way on a non-dilutive basis. The recent announcement for the 10:1 reverse split of issued and outstanding shares will be an important part of our ability to execute our previously announced strategic initiatives, namely the development of AI technologies and acquisition of shares of our technology partner Prolog.”

In its news announcement on June 20, 2023, the Company announced the development of the industry’s first Artificial Intelligence (AI) based commercial fleet solutions along with plans to develop and manufacture low-cost AI video devices. On February 16, 2023, the Company and Prolog announced the completion of an LOI for merger.

The Company expects to delay its application for the 10:1 reverse split for approximately three to four months.

IGEN $$$