San Diego, California, July 07, 2021 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTC Markets: HMBL) announced today that CEO Brian Foote has agreed to retire 9,350 shares of Series B Preferred Stock that he owns, which is the equivalent of 93,500,000 shares of common stock.
The market value of these shares based on the prior trading day’s closing price at the time the request was submitted was over $100,000,000 (USD). Mr. Foote previously retired 551,669,335 pre-split common shares from the float in November 2020, also at his own personal cost.
The purpose of this share retirement is to reduce the overall HUMBL share count and protect HUMBL investors from dilution as the company pursues its brand partnerships, top line revenue and market share acquisition strategies.
The retired shares are sufficient to cover the shares that have been or will be issued in connection with the completed Tickeri and Monster LA acquisitions, HUMBL Brand Ambassadors, HUMBL Strategic Advisors and HUMBL Strategic Collaborations such as Athletes First, Glushon Sports Management and Pilgrimage Festival. In addition, the share retirement includes an overage allocation to cover shares that may be issued in connection with potential future acquisitions.
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