Business
Focus Universal Inc. Announces a Special Stock Dividend of One Share for Every Two Shares of Stock
ONTARIO, CA and LOS ANGELES, CA / ACCESSWIRE / February 7, 2023 / Focus Universal, Inc. (NASDAQ:FCUV) ("Focus Universal" or the "Company"), a provider of
About this update from Focus Universal Inc.
[{"type":"text","content":"ONTARIO, CA and LOS ANGELES, CA / ACCESSWIRE / February 7, 2023 / Focus Universal, Inc. (NASDAQ:FCUV) (\"Focus Universal\" or the \"Company\"), a provider of patented hardware and software design technologies for Internet of Things (IoT) and 5G is pleased to announce today that its Board of Directors (the \"Board\") declared a special dividend of one share dividend for every two shares of Common Stock issued and outstanding resulting in a 50 percent stock dividend of the Company's outstanding common stock (the \"Dividend\"). There were 43,130,915 shares of the Company's common stock outstanding as of February 7, 2023. Once the stock dividend is issued, there will be 64,696,373 shares of the Company's common stock outstanding.Focus Universal's Chief Executive Officer, Desheng Wang, \"I am happy to announce that Focus Universal's Board has declared this special Dividend, which is intended to be a special thanks to our shareholders - including our own closely held hardworking friends and families, along with some high-quality institutions. These shareholders have stuck with us through unprecedented times and have been instrumental in helping us implement our strategic long-term plans to put us in a position to achieve success. We are publishing the following detailed information, which I hope will be helpful to shareholders.\"TimingOn February 7, 2023, Focus Universal's Board approved the Dividend. The Company's Board set the record date for the Dividend as February 23, 2023 (the \"Record Date\") and the payment date as March 23, 2023 (the \"Payment Date\").DividendThe Dividend will be payable at a ratio of 1:2, meaning that one share of common stock will be issued for every two shares of Company common stock held by the shareholders of such shares as of the Record Date. In lieu of distributing fractional shares, the Company will round up any shares that would otherwise be fractional.Forward-Looking StatementsThe statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to our ability to consummate the proposed offering...