SHANGHAI, Dec. 31, 2022 /PRNewswire/ -- Energy 1 Corp. (OTC: EGOC), innovative technology-based enterprise as future core business, announced today that it intends to effect a 1-for-250 reverse stock split of its authorized and issued and outstanding shares of common stock.
The board of directors approved a 1-for-250 reverse stock split of its authorized and issued and outstanding shares of common stock. Current 13,102,700,000 issued and outstanding common shares will be split on a basis of 1 new share for every 250 old shares, reducing the number of issued and outstanding common shares to 52,410,800.
To effectuate the split, the Company has submitted an application to FINRA. After effect of the reverse stock split, the total number of issued and outstanding common shares will be decreased.
The 1-for-250 reverse stock split will automatically convert 250 current shares of the Company's common stock into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares of the Company's common stock shall be entitled to receive such additional fraction of a share of the Company's common stock as is necessary to increase the fractional shares to a full share. The Company's authorized common stock will be reduced as well so that once the split is effective, there will be 104,000,000 shares of authorized common stock.
The implementation of the proposed reverse stock split will not lead to changes in the Company's controlling shareholders. After the completion of the reverse stock split, the Company's total shares of issued and outstanding shares will be 52,410,8000 which will optimize the shareholder base of the Company.
To become an innovative technology-based enterprise, EGOC will be deeply involved in the field of modern agricultural health industry by owning a mature operation system. Through its own technology and independent high, sophisticated and cutting-edge products and instruments, EGOC will hope to provide its users leading health management services and realize integration of society throughout the world, the Company will continue to prepare to be listed in a larger market.
Forward-Looking Statements
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases "plans," "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
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