Business
NextMart, Inc. - Lowering of Authorized Common Stock
NextMart, Inc. - Lowering of Authorized Common Stock.
About this update from Nextmart, Inc.
[{"type":"text","content":"\n\n\n\nNextMart, Inc. - Lowering of Authorized 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. - Lowering of Authorized Common Stock\nPR Newswire\nHOLYOKE, Mass., March 30, 2022\n\n\n\n HOLYOKE, Mass., March 30, 2022 /PRNewswire/ -- NextMart, Inc. (the \"Company\" or \"NXMR\" - Pink Sheets Alternative Reporting Pink: NXMR) – NXMR would like to announce that the Company's has tasked its securities counsel with amending its articles of incorporation to lower its authorized Common Stock from 750,000,000 shares to 500,000,000 shares. \nWilliam Bouyea (CEO of the Company), states, \"This amendment to our articles of incorporation, which will lower our authorized common stock from 750,000,000 to 500,000,000 shares, is part of our ongoing efforts to restructure the capitalization of the Company to benefit current shareholders and to become attractive to future company acquisitions. These announced corporate actions will make the Company more attractive to future acquisitions and put in place an anti-dilutive, pro market investor common stock structure. This corporate action comes on the heels of the cancellation of in excess of 305,000,000 shares of Common Stock last week.\"\nMr. Bouyea further stated, \"We have filed the amendment to our articles of incorporation with the State of Delaware. This filing will take effect on or before March 31, 2022. Once the authorized Common Stock is lowered, the Company has agreed to not effectuate an increase in the amount of stock authorized for a minimum period of three calendar years.  Moving forward, the goal of management with the Common Stock cancellation and today's announcement of a lowered authorized common stock, is to let our market shareholders know that we are leaving an adequate amount of common stock unissued, more than enough for the Company to make the necessary acquisitions that are now being negotiated. As such, our current shareholders will not suffer any unnecessary dilution of their holdings. As we grow the future business of the Company, we want our public shareholders t...