1812 Brewing Company, Inc. Reduces Authorized Shares by 50% Watertown, NY, June 22, 2022 (GLOBE NEWSWIRE) -- 1812 BREWING COMPANY, INC. (OTC Pink: KEGS) (the "Company" or “KEGS”) is pleased to announce that is has received correspondence from Florida’s Department of State that the Company’s Articles of Amendment to its Articles of Incorporation reducing the Company’s authorized shares by ten (10) billion shares or 50% was processed on April 20, 2022.
“As previously stated, it was hard to imagine a scenario wherein the Company would need to issue 20 billion shares, and to have the Authorized Shares at that level was counterproductive to our ongoing efforts to reduce the Company’s overall cost of capital,” stated Chairman and CEO Tom Scozzafava. He continued, “This is just one step in KEGS’ ongoing effort to clean up its balance sheet and share structure, and it will not be our last. We have previously stated that we are looking to repay or restructure all of KEGS “floorless” convertible debentures, and from a capital structure perspective that is what we are focused on moving forward.”
The Company’s reduction in Authorized Shares has an effective date of March 31, 2022. The Company’s transfer agent has adjusted the Company’s records to reflect the reduction and has reported the new Authorized Shares number to OTC Markets’ issuer services division.
https://www.globenewswire.com/news-release/2022/06/22/2467077/0/en/1812-Brewing-Company-Inc-Reduces-Authorized-Shares-by-50.html