New York, New York--(Newsfile Corp. - June 7, 2021) - Today, Enerkon Solar International Inc. (OTC Pink: ENKS) (the "Company"), an international holding company - consisting of 6 companies incorporated in the USA and UK - investing in major top market segments (Renewable Energy, Solar - Hydrogen Production, New Disruptive Technologies, Patents and Trademarks, Biotech, Defense and other vibrant market segments) issued the following statement through the Companies' CEO MR. Benjamin Ballout who stated:
"Today the company agreed to embark the second phase of a robust share buyback campaign which is in the form of a second buy back action - constructed as a compulsory Restricted Non-Affiliate Conversion to Preferred Shares with an Option exercise price of $7.00 and a dividend in cash or kind in the amount of 8% payable quarterly - in arrears."
"The company will publish the restricted shareholdings (non-Affiliate) numbers effected as a % of total outstanding shares through the Company PROFILE UPDATE ad validation on the OTC Markets Website via OTCIQ - and this would be reflected on conversion in stages as conversions come across and are processed or as shares are canceled with compulsory conversion automatically retiring the Restricted shares back to treasury with simultaneous issuance of Preferred Restricted shares as structured above."
Previous to this action, the Chairman retires to treasury of the company 25,250,000 shares held by him over the past 3 years in exchange for 252,500 preferred shares with $7.00 Exercise option and 8% dividend in cask or kind payable quarterly in arrears - this being about 30% of outstanding shares, whereas this second phase buy back will represent a cumulative total of nearly 80% of total outstanding shares cancelled and retired to treasury in exchange for preferred - this being a 100:1 conversion ratio for which the second phase will also be executed by the same ration value of 100:1 - At $7.00 the holders can opt to convert back on their options to the original shareholding positions against an exercise ratio formula back to common should the price be maintained for 30 days average at $7.00.
This action will benefit the public shareholders in general, as the effects of the action will be the contraction in outstanding common stock, which will raise the Per Share 'book value' accordingly, without having to resort to a reverse split, which is not popular with companies, or shareholders.
These actions are taken as a prelude to Up List Plans to the NASDAQ market which maintains a minimum share entry price of $4.00 to qualify for listing on the national exchange.
This action does not guarantee the PPS will rise to $4.00 and the company may be required to institute additional share repurchase actions in the coming week(s) and there is no guarantee that the exercise option of $7.00 would be reached - therefore, the exercise price may be adjusted down, if so needed, in the future.
The foregoing statements are forward-looking statements, and as such, they may or may not reflect the results which could transpire in the future which should be negative or not transpire at all due to circumstances or other reasons and investors, shareholders, or others should not rely on these forward-looking statements to ascertain any value if any of ENKS or to make any investment decisions and to take note that this is not an offer to buy or sell securities or an endorsement of ENKS for investment purposes as all investment carry a risk of loss sometimes a total loss of your investment in Micro cap shares markets or any market and therefore such statements or plans should not be relied upon for any business decisions of any kind - Approval and permissions required by federal regulations may or may not be approved and if not approved may result in the loss of all value and all investments in products requiring such regulatory permissions to market and sell. These statements are made as forward-looking statements for educational purposes only in accordance with the rules and regulations which pertain to the same.
New HQ Address in New York at:
Enerkon Solar International Inc
477 Madison Avenue
New York, NY 10022 USA
Tel. +1 (877) 573-7797
Tel. +1 (718) 709-7889
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86750