$SNPW Board of Directors have decided to allow the period to lapse and to waive its option to implement a reverse stock split
MANALAPAN, N.J., Jan. 25, 2023 (GLOBE NEWSWIRE) -- Sun Pacific Holding Corp. (Other OTC: SNPW) announces that On February 12, 2022, a majority of the shareholders of Sun Pacific Holding Corp. (the "Company") approved of providing the Board of Directors of the Company the option to, at its sole discretion, implement a reverse stock split at a range between 100:1 and 1000:1.
The option to implement the reverse was for twelve (12) months from April 21, 2022, the date of the filing of a Definitive 14C with the SEC.
As of January 24, 2023, the Board of Directors of the Company has determined to allow the period to lapse and to waive its option to implement a reverse stock split.
Sun Pacific management is confident that the business plans of the Company can move forward at this time without the need for the previously planned reverse stock split option. For this reason, and to protect the value of SNPW shareholders, the Board of Directors has made the decision to allow the option to expire without execution. Further information on the Company's plans for 2023 and beyond will be forthcoming.
About Sun Pacific Holding Corp.
Sun Pacific Holding Corp. (Other OTC: SNPW) uses management's knowledge and experience to serve its customers and now its shareholders through quality service and equipment, working to keep customers satisfied, and by doing our part in protecting the environment with smart green technology. For more information, visit http://www.sunpacificholding.com.
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