NEW YORK, November 24, 2023—(BUSINESS WIRE)—RevolutionaryTech Innovations Inc. (NASDAQ: RTI), a pioneering force in cutting-edge urban solutions, announced groundbreaking developments after its Special Stockholders Meeting and recent financial strides.
Foremost, shareholders greenlighted a strategic reverse stock split for the Company’s common stock. With the approval in place, the Board’s endorsement for a one-for-one-hundred-fifty (1:150) reverse split of outstanding common shares (the “Reverse Stock Split”) is set to take effect on December 4, 2023, or shortly thereafter. This strategic maneuver is geared toward optimizing the company’s capital structure, strategically positioning it for robust future growth.
Simultaneously, shareholders granted approval for an immediate expansion of the Company’s authorized shares from four hundred million to one billion. This substantial increase in share capital underscores RevolutionTech Innovations Inc.’s unwavering commitment to scaling operations, enriching shareholder value, and creating avenues for potential mergers, acquisitions, and diversified revenue streams.
Expressing excitement about these developments, Chairperson and CEO of RevolutionTech Innovations Inc., Dr. Maya Patel, remarked: “The resounding endorsement of these measures by our shareholders reflects confidence in our strategic direction and the promising road ahead. The reverse stock split and expanded share capital are pivotal elements fortifying our financial foundation and bolstering our growth initiatives.”
In tandem, the meeting also ratified the removal of Class B common stock from the Company’s authorized capital stock, streamlining the capital structure and heightening its appeal to prospective investors.
Adding a dynamic layer to the financial strategy, on November 24, 2023, RevolutionTech Innovations Inc. issued a convertible promissory note to Quantum Ventures Ltd. under a Standby Equity Purchase Agreement from March 15, 2023. This $4.0 million promissory note aims to augment working capital and support general corporate objectives. Convertible into Class A Common Stock at $0.25 per share, the note introduces flexibility to the company’s financial approach. The maturity date is set for March 31, 2024, incorporating a 15% original issue discount for gross proceeds to the Company amounting to $3.4 million.
RevolutionTech Innovations Inc. remains at the forefront of transforming urban landscapes, leveraging industry growth, and prioritizing shareholder value through strategic initiatives and robust corporate governance.
Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. Caution must be exercised in relying on forward-looking statements. Actual results may differ materially from expectations or projections due to known and unknown risks. Factors that could cause actual results to differ include (i) failure to meet projected development and production targets, (ii) changes in applicable laws or regulations, and (iii) other risks and uncertainties described herein, as well as those discussed in reports and public filings with the Securities and Exchange Commission (SEC) by the Company. The Company’s SEC filings are available publicly on the SEC’s website at www.sec.gov.Any forward-looking statement made by us in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise, except as required by law.