August 15, 2024 9:30 AM EDT | Source: Hawk Point Media Group.
Phoenix, Arizona–(Newsfile Corp. – August 15, 2024) – SinglePoint Inc. (CBOE: SING) a leading provider in the renewable energy sector, issues an update to shareholders detailing the effects of the 1-for-100 Reverse Stock Split. The Reverse Stock Split approved by the Company’s Board of Directors and ratified by a majority of the voting shareholders became effective as of the opening of trading on Thursday, August 15, 2024. The Company utilized the provisions of the Nevada Revised Statutes to simultaneously reduce the number of authorized shares and the outstanding shares of common stock of the corporation.
The Company is affecting the Reverse Stock Split to cure the minimum bid price deficiency in efforts to remain listed on the Cboe BZX Exchange, Inc. Listing Qualifications Department (the “Staff”) of Cboe BZX Exchange, Inc. (the “Exchange”) previously issued deficiency notifications to SinglePoint, Inc. (the “Company”) for non-compliance with Exchange Rules 14.9(e)(1)(B) (the “Bid Price Rule”). Based on a review of the bid price of the Company’s common stock between January 16, 2024, and February 27, 2024 (the “Review Period”), the Staff determined that the Company’s common shares did not meet the minimum bid price requirement set forth in the Bid Price Rule, which requires a minimum bid price of $1.00 per share on a continuous basis. The compliance period was determined by the Staff to be February 28, 2024, to August 26, 2024 (the “Compliance Period”).
Wil Ralston, Chairman and CEO of the Company, commented, “SinglePoint is committed to taking all reasonable steps and corporate actions necessary to preserve compliance with listing requirements of the national exchanges. We continue to believe that maintaining our listing on a senior national exchange is a long-term value for our shareholders through enhanced trading volume and liquidity.”
The Company effected the Reverse Stock Split pursuant to the Company’s filing of a Certificate of Change (the “Certificate”) with the Secretary of State of the State of Nevada in accordance with Nevada Revised Statutes (“NRS”) Section 78.209. Under Nevada law, no amendment to the Company’s Articles of Incorporation was required in connection with the Reverse Stock Split. Under Nevada law, because the Reverse Stock Split was approved by the Board of Directors of the Company in accordance with NRS Section 78.207, no stockholder approval is required. Pursuant to NRS Section 78.207, the Company may affect the Reverse Stock Split without stockholder approval if (i) both the number of authorized shares of the Common Stock and the number of issued and outstanding shares of the Common Stock are proportionally reduced as a result of the Reverse Stock Split; (ii) the Reverse Stock Split does not adversely affect any other class of stock of the Company; and, (iii) the Company does not pay money or issue scrip to stockholders who would otherwise be entitled to receive a fractional share as a result of the Reverse Stock Split. As described herein, the Reverse Stock Split complies with such requirements.
Shares of SinglePoint began trading on a split-adjusted basis on the Cboe BZX Exchange, Inc under the same symbol SING. The new CUSIP number for the common stock is 82932V508.
With the effect of the Reverse Stock Split, every 100 common shares outstanding automatically combines into 1 new share with no change in the par value. All stockholders who would hold fractional shares after the Reverse Stock Split were automatically rounded up to the next whole number and no cash will be paid for such fractions.
Additionally, the Board of Directors approved special treatment to preserve round lot shareholders that was applied to stockholders that fell below 100 shares as a result of the 1-for-100 split. Any stockholder as of the record date that fell below 100 shares of common stock will be automatically rounded up to one hundred shares of common stock.
The Company intends to treat stockholders holding shares of Common Stock in “street name” (that is, held through a bank, broker or other nominee) in the same manner as stockholders of record whose shares of Common Stock are registered in their names. Banks, brokers or other nominees will be instructed to affect the Reverse Stock Split for their beneficial holders holding shares of our Common Stock in “street name;” however, these banks, brokers or other nominees may apply their own specific procedures for processing the Reverse Stock Split. Stockholders who are holding their shares in electronic form at brokerage firms do not need to take any action, as the effect of the Reverse Stock Split will automatically be reflected in their brokerage accounts.
Stockholders holding paper certificates may (but are not required to) send the certificates to the Company’s transfer agent and registrar, VStock Transfer LLC (“VStock Transfer”) at the address set forth below. VStock Transfer will issue a new stock certificate reflecting the Reverse Stock Split to each requesting stockholder. VStock Transfer can be contacted at (212) 828-8436.
VStock Transfer, LLC
18 Lafayette Place
Woodmere, NY 11598
Phone: 212.828.8436
Toll-Free: 855-9VSTOCK
Fax: 646-536-3179
Email: info@vstocktransfer.com
About SinglePoint Inc.
SinglePoint Inc. is a renewable energy and sustainable lifestyle company focused on providing environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is initially focused on building the largest network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also actively exploring future growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies that enhance sustainability and a healthier life. For more information, visit the Company’s website (www.singlepoint.com).
Forward-Looking Statements
This news release includes “forward-looking statements”. These statements are based upon the current beliefs and expectations of SinglePoint’s management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220042
SOURCE: Hawk Point Media Group.
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