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IQST - iQSTEL Management Converts 21 Million Common Shares to Series B Preferred Shares Reducing Outstanding Share Count By More Than 22%
NEW YORK, Dec. 8, 2020 /PRNewswire/ -- iQSTEL, Inc. (USOTC: IQST) today announces management's conversion of 21 million common shares held among the CEO, CFO
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, Dec. 8, 2020 /PRNewswire/ -- iQSTEL, Inc. (USOTC: IQST) today announces management's conversion of 21 million common shares held among the CEO, CFO and chief commercial officer into Series B preferred shares over next days, effectively reducing the outstanding share count by more than 22%. These Class B preferred shares have a one-year lock-up, and upon conversion, management has opted for a one-year leak out on the shares into the outstanding share count.\n\"It is important for our current and future investors to bear witness to our conversion of these shares from common to preferred class. While many management teams talk about the confidence they have in their companies, Alvaro, Juan and I truly believe in the future of iQSTEL and its current growth plans and wish to demonstrate that belief through this stock conversion,\" commented Leandro Iglesias, iQSTEL's CEO. \"We believe the coming year holds great things for iQSTEL, including an expansion of our fintech capabilities as well as a potential up-list onto the Nasdaq, and we wish to demonstrate our confidence in our future execution.\"\nAs of the share conversion, outstanding shares are reduced from 93,786,210 to 72,754,110. \nThe securities mentioned in this press release will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. \nAbout iQSTEL Inc (Updated):\niQSTEL Inc (OTC: IQST) (www.iQSTEL.com) is a US-based publicly-listed company offering leading-edge Telecommunication and Technology Services for Global Markets, with presence in 13 countries. The company provides services to the Telecommunications, Financial Services, Liquid Fuel Distribution and Electric Vehicle Industries. iQSTEL has 3 Business Divisions: Telecom, Technology and Fintech, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, IoT Labs, and itsBchain. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, 4G & 5G international infrastructure connectivity, Cloud-PBX, OmniChannel Marketing, IoT Smart Gas Platform, IoT Smart Electric Vehicle Platform, Mobile Number Portability Application MNPA (Blockchain), Settlement & Payments Marketplace (Blockchain), Visa De...