MANALAPAN, N.J., Aug. 16, 2019 (GLOBE NEWSWIRE) -- Sun Pacific Holding Corp. (Other OTC: SNPW) announced that on August 9, 2019, the Company filed a Form 14C with the Securities and Exchange Commission with the shareholders of the Company consenting to an increase in the number of authorized shares as was obligated by contract per the settlement of its convertible debt with Auctus Fund, LLC (“Auctus”). Auctus who still hold warrants of the Company shares required a certain number of shares to be reserved. Their requirement coupled with the Company not also having sufficient authorized shares available to also satisfy EMA Financial, LLC (“EMA”) remaining share balance and warrants created the need for the Company to increase its authorized shares. While the Company has extinguished its convertible debt with Auctus, the Company also hopes to extinguish its remaining convertible debt with EMA in the coming weeks.
The Company also gave notice in its filed Form 14C, that it may implement a reverse stock split in the future to provide flexibility to the Board of Directors in the event that additional capital sources might require a higher stock price. At this time the Board of Directors does not intend to implement a reverse stock split. In the event that the Board of Directors in the future decides to take such corporate action, they will provide shareholders with prior notice. As the Company addresses its convertible debt balances, the Company hope is that the market will begin to correct itself and not require a reverse split.
Nicholas Campanella, CEO of Sun Pacific Holding Corp, stated, “We believe we have several projects developing that may benefit shareholders and the Company in the future. As we look at developing these projects, we need to have our contractual obligations and corporate structure in sufficient order to meet those requirements. Those requirements may require us to be flexible in how we address creditworthiness, working capital, and capital requirements that our partners may require. Having that flexibility in place to act quickly should help us respond to opportunities and partnership that should benefit our stakeholders.”
About Sun Pacific Holding Corp.
Sun Pacific Holding Corp. (Other OTC: SNPW) uses management's knowledge and experience to serve its customers and now its shareholders through quality service and equipment, working to keep customers satisfied, and by doing our part in protecting the environment with smart green technology. For more information, visit www.sunpacificholding.com.
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