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American Green Board of Directors Orders Massive Reduction in Authorized Shares
American Green Board of Directors Orders Massive Reduction in Authorized Shares.
About this update from American Green, Inc.
[{"type":"text","content":"\n PHOENIX, AZ, March 31, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Today, American Green’s (ERBB:OTC) Board of Directors voted unanimously this past week to reduce the company’s authorized shares and it was ratified with a shareholder consent having a majority of the shareholder votes.  Prior to ERBB’s restructuring that took place during Q4/19, there were 120,000,000,000 (120 Billion) authorized shares.  Last week, the Board of Directors voted to reduce that amount to 975,000,000 (975 million).  Says David Gwyther, American Green president, “It was the company’s intention to reduce the authorized shares at the same time American Green restructured its outstanding shares last year.  The Board of Directors felt it was time to make that happen now by voting to lower the authorized shares and having the reduction ratified by majority consent.” Continued Mr. Gwyther, “Now that American Green is moving out of the development stages for most of its active enterprises, I believe the company will be relying less and less on capital coming in from investors which should reduce its need to issue additional shares for outside capital.  The company may still require additional capital for expansions and acquisitions, but because of our growing revenues, the company believes that such additional capital should be on more beneficial terms to the company.” Explanation of American Green’s Shareholder Count As of the company’s last filing, the company lists 436 “shareholders of record.”  This count is confusing to many shareholders I have spoken with, so I will try to explain.  One of the 436 shareholders is “CEDE & Co.” CEDE holds ALL the shares for almost all the brokerage firms in America but it is only counted as ONE shareholder for the purposes of our financial report.  When American Green held its last shareholder meeting, the company was required to notice all shareholders including those holding shares through brokerage firms. Only one company in America that we know of can reach out to each brokerage company and receive the names and addresses of every ERBB shareholder.  That company’s name is Broadridge.  American Green hired Broadridge to do just that, and at the time just prior ...