Pervasip Corp (PVSP)

[Bjones2]

No Reverse Splits for 5 YEARS means July 2027

Pervasip Announces 2 Billion Authorized Share Reduction and no Reverse Splits for 5 Years
July 21, 2022 at 09:16 am EDT
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Seattle, WA, July 21, 2022 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, today announced the decision to reduce the Company’s authorized shares and provide new guidance on reverse splits.

The Company’s board of directors has authorized a reduction of the number of authorized shares by 2 billion and will file the necessary certificates of amendment. “This is a significant step for us. We are continually looking for ways to combat any manipulation of our stock and increase value for our shareholders. We believe this reduction leaves enough shares in reserve for us to undertake any needed capital raising efforts, while also minimizing dilution among our shareholders,” said German Burtscher, Chief Executive Officer.

In addition, the Company has decided to announce that no reverse splits will be entertained for the next 5 years. The only exception would be a future uplisting to OTCQX.