Business
Hero Technologies Leadership Continues Holding Shares, Supporting Shareholder Value; Company Management and Insiders Reiterate Transparent, Anti-Dilutive Approach
Hero Technologies Leadership Continues Holding Shares, Supporting Shareholder Value; Company Management and Insiders Reiterate Transparent, Anti-Dilutive Approach.
About this update from Hero Technologies Inc.
[{"type":"text","content":"DOVER, DE / ACCESSWIRE / April 7, 2021 / Hero Technologies (OTC PINK:HENC; Twitter: @heroicmindtech), a cannabis company focused on a vertically integrated strategy, today announced that its management and insiders continue to hold HENC common shares and have not sold any shares in the open market, protect equity for legacy shareholders, and communicate company developments transparently.The company's management and insiders are not currently selling the shares they hold, do not plan to sell any shares in the near future, do not expect to issue any more shares to insiders, and do not anticipate any reverse splits of the company's stock. Should the aforementioned change, the company will disseminate such changes in a press release or in any lawful manner.The company recently reduced its debt to zero by converting the convertible debt that was held by P2B Capital LLC, an entity controlled by an insider, into common shares. With a clean balance sheet and increased liquidity, the company expects to expand both acquisition activities and organic expansions of existing operations. The company raised $560,000 recently without convertible notes or other 'toxic' financing vehicles.To provide investors with transparent, accurate common share information, Hero Technologies participates in the Transfer Agent Verified Shares Program. Under this program, the company's transfer agent verifies share data directly to OTC Markets, which displays the data on its website (on the HENC Security Detail tab) and transmits it to investors, brokers, and dealers.In addition, the company is considering adoption of a 10b5-1 plan to assure investors that insiders will not trade shares based on material non‐public information, and to provide greater transparency of insider transactions. The company may have challenges finding a mid-size broker dealer to implement a 10b5-1 plan; however, we are likely to have some sort of informal plan that the company will disseminate to shareholders and prevent trading on material non-public information.Company shareholders who held shares before the reverse merger that formed Hero Technologies ("Holloman legacy shareholders") continue to hold over 32% of the equity in the company-far exceeding the 1% to 5% equity that typical reverse mergers leave legacy shareholders."We are focused on our...