Business
Pervasip Announces 2 Billion Authorized Share Reduction and no Reverse Splits for 5 Years
Pervasip Announces 2 Billion Authorized Share Reduction and no Reverse Splits for 5 Years.
About this update from Pervasip Corp.
[{"type":"text","content":"\n Seattle, WA, July 21, 2022 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, today announced the decision to reduce the Company’s authorized shares and provide new guidance on reverse splits. The Company’s board of directors has authorized a reduction of the number of authorized shares by 2 billion and will file the necessary certificates of amendment. “This is a significant step for us.  We are continually looking for ways to combat any manipulation of our stock and increase value for our shareholders. We believe this reduction leaves enough shares in reserve for us to undertake any needed capital raising efforts, while also minimizing dilution among our shareholders,” said German Burtscher, Chief Executive Officer. In addition, the Company has decided to announce that no reverse splits will be entertained for the next 5 years. The only exception would be a future uplisting to OTCQX. “We are still planning to complete our audits and uplist to OTCQB as soon as possible,” continued Burtscher. “In the meantime, we will follow through on our operating plans, continue to restructure and generate value for our shareholders. Addressing shareholder concerns regarding potential reverse splits has been on our mind for a while. A 5-year horizon will cover all eventualities, including equity that will be seasoned over the next 2 years.” Pervasip CorporationPervasip Corp., a developer of companies and technologies in high value emerging markets, owns Artizen Corporation and its subsidiary, Zen Asset Management LLC, a diversified asset management company founded to acquire, develop, and support companies and technologies in the cannabis industry. ZAM’s existing clients operate four licensed cannabis cultivation and one processing facility in Washington. Most of the biomass produced by these independent cultivators has been sold historically under the Artizen™ brand, including all-time top selling products in flower in Washington state. Additional information on Artizen-branded products is available online at www.artizencannabis.com. Pervasip additionally owns 5% of KRTL Biotech, Inc., a developer of biotechnologies with a focus on pharmaceutical app...