Business
SFIO announces 50% reduction of authorized shares from 5 Billion to 2.5 Billion
SFIO announces 50% reduction of authorized shares from 5 Billion to 2.5 Billion.
About this update from Starfleet Innotech Inc.
[{"type":"text","content":"\n NEW YORK, April 14, 2022 (GLOBE NEWSWIRE) -- Starfleet Innotech Inc. (OTC Pink: SFIO), a global investment holding company, is pleased to announce that the company is reducing its current authorized share count by 50% from five billion to 2.5 billion.  “We believe this reduction leaves enough shares in reserve for us to continue our capital raising efforts, while also minimizing dilution among our shareholders,” said CEO Jeths Lacson.  SFIO is also announcing the creation of a new class of preferred shares pending processing on NVSOS, to be used for future acquisitions, as well as for onboarding new officers and key partners. The Series B Preferred Shares consist of 310 million shares—largely converted from common shares held by the company’s officers and key shareholders—amounting to 22% of the total 1.415 billion. Approximately 1.105B outstanding shares is expected following the restructure.The new class of preferred shares will carry at least a 12-month moratorium on sales, further restrictions on sales and an opportunity for conversion to common shares beyond the moratorium, as well as a right of first refusal for the company to repurchase offered shares. “These initiatives are only some of a number of moves we are making to champion transparency and maximize shareholder value across our community,” Lacson said.  For media enquiries, please contact: Craymond Yeong, PR & Marketing SpecialistStarfleet Innotech, Inc.Phone: (+64) 21 0833 2966Email: [email protected]: @SFIO_IncFacebook: @starfleetinnotech About Starfleet Innotech, Inc.Starfleet Innotech, Inc. (OTC: SFIO) is a global investment holding company focused on innovation through disruptive collaborations across its three key industries: Food and Beverage (F&B), Real Estate, and Technology. With a strong presence across New Zealand, Australia, Malaysia, the United Arab Emirates, the United States, and the Philippines, SFIO makes strategic investments in high-growth businesses, building synergies across its diverse portfolio to provide maximum shareholder value. Guided by tradition, driven by innovation, and enabled by collaboration—SFIO is on a hyper-growth path to build a thriving business ecosystem, with plans to uplist onto a major stock exchange in the next three years. FORWARD LOOKING STA...