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SinglePoint Announces Capital Re-Structuring and Spin-Off of Non-Core Asset, 1606 Corp., to All Shareholders
SinglePoint Announces Capital Re-Structuring and Spin-Off of Non-Core Asset, 1606 Corp., to All Shareholders.
About this update from Singlepoint, Inc.
[{"type":"text","content":"\n\n\n\nSinglePoint Announces Capital Re-Structuring and Spin-Off of Non-Core Asset, 1606 Corp., to All Shareholders\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\nSinglePoint Announces Capital Re-Structuring and Spin-Off of Non-Core Asset, 1606 Corp., to All Shareholders\n- Creation of two independent companies with 1606 spin-off, including a 1-for-1 dividend share issuance for all shareholders\n- Reverse split of 1-for-75 of current common stock\n- Continuing to execute on strategy toward listing on a national exchange\nPR Newswire\nPHOENIX, Jan. 7, 2021\n\n\n\nPHOENIX, Jan. 7, 2021 /PRNewswire/ -- SinglePoint Inc. (OTC: SING) (\"SinglePoint\" or the \"Company\"), a company focused on providing renewable energy solutions, today announced the Company will affect a 1-for-75 reverse split of its issued and outstanding shares of common stock. Additionally, the Company will, on a 1-for-1 basis, spin-off of 1606 Corp. to its shareholders, which will become its own entity. The spin-off and the effectiveness of the reverse stock split will occur after the filing of required documentation with SEC and Finra, and the expiration of proscribed time limits after mailing of materials to shareholders.\n\n \n \n \n \n \n \n\n \nThe solar energy market is experiencing exponential growing demand and is expected to reach $223 billion by 20261. To help sustain this growth, there is expected to be significant government support with investing heavily in renewable energy through direct investments, subsidies as well as tax credits. SinglePoint intends to evaluate additional opportunities for strategic spin-off's, combinations, sale and/or purchase of other non-core, non-alternative energy assets to streamline offering and accelerate positioning of SinglePoint as leader in renewable energy solutions.\n\"This represents a key component in our planned, multi-stepped approach towards uplisting to a national exchange and enhancing shareholder value. By taking this initial step of separating into two independent companies, each business will have the ability to enhance focus on its signific...