NEW YORK, April 14, 2022 (GLOBE NEWSWIRE) -- Starfleet Innotech Inc. (OTC Pink: SFIO), a global investment holding company, is pleased to announce that the company is reducing its current authorized share count by 50% from five billion to 2.5 billion.
“We believe this reduction leaves enough shares in reserve for us to continue our capital raising efforts, while also minimizing dilution among our shareholders,” said CEO Jeths Lacson.
SFIO is also announcing the creation of a new class of preferred shares pending processing on NVSOS, to be used for future acquisitions, as well as for onboarding new officers and key partners. The Series B Preferred Shares consist of 310 million shares—largely converted from common shares held by the company’s officers and key shareholders—amounting to 22% of the total 1.415 billion. Approximately 1.105B outstanding shares is expected following the restructure.The new class of preferred shares will carry at least a 12-month moratorium on sales, further restrictions on sales and an opportunity for conversion to common shares beyond the moratorium, as well as a right of first refusal for the company to repurchase offered shares.
“These initiatives are only some of a number of moves we are making to champion transparency and maximize shareholder value across our community,” Lacson said.
https://www.globenewswire.com/news-release/2022/04/14/2422835/0/en/SFIO-announces-50-reduction-of-authorized-shares-from-5-Billion-to-2-5-Billion.html