Business
NextMart, Inc. - Cancellation of Common Stock
NextMart, Inc. - Cancellation of Common Stock.
About this update from Nextmart, Inc.
[{"type":"text","content":"\n\n\n\nNextMart, Inc. - Cancellation of Common Stock\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nNextMart, Inc. - Cancellation of Common Stock\nPR Newswire\nHOLYOKE, Mass., March 28, 2022\n\n\n\nHOLYOKE, Mass., March 28, 2022 /PRNewswire/ -- NextMart, Inc. (the \"Company\" or \"NXMR\" - Pink Sheets Alternative Reporting Pink: NXMR) – NXMR would like to announce that it has cancelled 305,804,558 shares of Common Stock previously issued.\nDuring March 2010, the Company entered into an asset exchange and subscription agreement (\"Agreement\") for the acquisition of various assets of China Internet Broadcasting, Limited (\"CIB\"). CIB defaulted under the obligations of the Agreement. As such, the Company completed the cancellation of 305,804,558 shares of Common Stock issued under the Agreement due to breach of contract by CIB.  This cancellation of the Common Stock issued under the Agreement was completed by the Company's transfer agent on March 24, 2022. The current issued and outstanding Common Stock of the Company upon the completion of this cancellation is now 355,025,304.\nWilliam Bouyea (CEO of the Company), states…\"As part of the corporate cleanup of the Company conducted over the past twelve months, we have been reviewing previously issued large blocks of Common Stock by previous management teams. On March 24, 2022, we succeeded in cancelling 305,804,558 shares of Common Stock that was previously issued pursuant to an acquisition agreement that occurred in 2010 that was not fully consummated. This cancellation of the Common Stock of the Company has resulted in a 46.28% lowering of the issued and outstanding Common Stock of the Company. \"\nThe Company is still analyzing several previous block issuances of the Common Stock of the Company.  It is anticipated that the Company will be successful in future cancellations of Common Stock like the one that has been announced today.\n Forward Looking Statement\nCertain statements that we make may constitute forward-looking statements under the Private Securities Litigation Reform Act of ...