Business
GenTech Sharply Reduces Authorized Shares by 80%, Floating Shares by 50%
GenTech Sharply Reduces Authorized Shares by 80%, Floating Shares by 50%.
About this update from Gentech Holdings Inc.
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / May 16, 2019 / GenTech Holdings, Inc. (OTC PINK: GTEH) ("GenTech" or the "Company"), an emerging leader in the CBD marketplace, is pleased to announce that the Company has undertaken a significant reduction in total authorized, outstanding, and floating shares."As we navigate our pivot into the branded CBD marketplace, we recognize that our priority must be on proving our commitment to a shareholder-friendly market identity and to rewarding our loyal shareholders," commented David Lovatt, CEO of GenTech. "Growth and shareholder value go hand in hand. And actions speak louder than words."The total number of issued and outstanding common shares has been decreased by 36,206,896 shares, which were returned to treasury on May 14. This has taken the total issued and outstanding share total down to 385,563,721 shares and dropped the trading float share total down to just 35,546,101 shares, representing a 50.5% reduction in float.In addition, the total number of authorized shares is also being reduced by 80% from 25 billion shares to 5 billion shares.The Company also notes that it will be retiring more common shares over coming weeks through a conversion process following the establishment of a new class of preferred shares designed to function as an employee incentivization resource."We are eager to reduce the authorized share total by even more, but we want to leave ourselves a sufficient cushion to act on promising M&A opportunities capable of driving shareholder value," continued Mr. Lovatt. "In addition, I strongly believe in surrounding myself with the most talented team I can find. To help reward our current talent and attract new stars to our management team, we are establishing a preferred share series that will convert based on the achievement of key milestones. I will begin to convert my own common stock holdings over coming weeks to further reduce the issued and outstanding share total."About GenTech Holdings, Inc.GenTech Holdings, Inc. is a publicly traded company under the symbol GTEH. The company is creating a national chain of Hemp Centric Coffee Shop Retail Spaces where patrons can relax, drink CBD infused Teas and Coffees, try various own-brand products and experience holistic education and classes. The company is also building ...