PHILADELPHIA, PA / ACCESSWIRE / October 10, 2023 / Pennexx Foods (OTC PINK:PNNX) Pennexx through written consent and agreements with its major shareholders the company has created two new classes of stock, Series A and B. Series A stock has no conversion to common but is a voting stock for the company and Series B is intended to be offered as performance-based incentive stock to key hires of the company.
Details of these transactions will be included in the third-quarter filings.
Through these agreements, the board of directors has used the Series A Shares to keep the company's outstanding shares to approximately 60 million shares by exchanging common stock of a major shareholder for unconvertable Series A stock.
This has maintained the level of dilution. With an authorized level of 150 million shares, the company has a significant ability to raise funds in the future if it so chooses.
Having a stock class of preferred series B stock that can be offered to incoming management and key hires means that the company can attract a high caliber of executive management.
Vincent Risalvato, CEO of Pennexx said, "It is exciting now that the company's products are being proven in the field. We can prepare for the tremendous growth opportunity we have foreseen."
About Pennexx Foods Inc. (PNNX:OTCMKTS US). Pennexx, through its wholly owned subsidiaries, is a holding company within the Software/Internet Industry that focuses on social media, prepaid debit cards, artificial intelligence, targeted marketing, and consumer rewards.
Safe Harbor Act: This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report.
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SOURCE: Pennexx Foods, Inc.
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