This Information Statement is furnished to holders of shares of common stock, par value $0.001 per share (the “Common Stock”), of Sun Pacific Holding Corp. (the “Company”). Our Board of Directors (the “Board”) approved on February 18, 2022 and recommended the approval by our stockholders, of the following corporate actions (“Corporate Actions”):
1. To approve the increase in authorized share capital to 1,000,000,000 shares of common stock (“Common stock”) (the “Common Stock Authorized Share Capital Increase”); 2. 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.
This Information Statement is furnished to holders of shares of common stock, par value $0.001 per share (the “Common Stock”), of Sun Pacific Holding Corp. (the “Company”). Our Board of Directors (the “Board”) approved on February 18, 2022 and recommended the approval by our stockholders, of the following corporate actions (“Corporate Actions”):
1. To approve the increase in authorized share capital to 1,000,000,000 shares of common stock (“Common stock”) (the “Common Stock Authorized Share Capital Increase”); 2. 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.
This Information Statement is furnished to holders of shares of common stock, par value $0.001 per share (the “Common Stock”), of Sun Pacific Holding Corp. (the “Company”). Our Board of Directors (the “Board”) approved on February 18, 2022 and recommended the approval by our stockholders, of the following corporate actions (“Corporate Actions”):
1. To approve the increase in authorized share capital to 1,000,000,000 shares of common stock (“Common stock”) (the “Common Stock Authorized Share Capital Increase”); 2. 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.
This Information Statement is furnished to holders of shares of common stock, par value $0.001 per share (the “Common Stock”), of Sun Pacific Holding Corp. (the “Company”). Our Board of Directors (the “Board”) approved on February 18, 2022 and recommended the approval by our stockholders, of the following corporate actions (“Corporate Actions”):
1. To approve the increase in authorized share capital to 1,000,000,000 shares of common stock (“Common stock”) (the “Common Stock Authorized Share Capital Increase”); 2. 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.
The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the three months ended March 31, 2022 and 2021, the Company incurred losses from continuing operations of $28,370 and $56,475, respectively. The Company had a working capital deficit of $2,985,198 as of March 31, 2022.
These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on its ability to raise the additional capital to meet short and long-term operating requirements. Management is continuing to pursue external financing alternatives to improve the Company’s working capital position however additional financing may not be available upon acceptable terms, or at all. If the Company is unable to obtain the necessary capital, the Company may have to cease operations.
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