Listing on a national stock exchange is the goal of the company
COSTA MESA, CA / ACCESSWIRE / June 15, 2021 / Charlie’s Holdings, Inc. (Rose OTC: CHUC) (“Charlie’s“or the”Company“), an industry leader in both the high-end nicotine-based electronic cigarette space and the hemp-derived CBD wellness space, today announced that the company has received all necessary regulatory approvals from the Financial Industry Regulatory Authority (“FINRA”) to effect a division of its issued and outstanding and authorized common shares (the “Actions”) on a 1 percent basis (the “To divide”). The Split has been unanimously approved by the Board of Directors of the Company.
The split will take effect on Wednesday, June 16, 2021. In accordance with FINRA’s procedures for stock splits, the shares will trade after the split under the temporary symbol “CHUCD” for 20 trading days to signify that the stock split. actions has occurred, after which the symbol will revert to “CHUC”. Any fraction of a share resulting from the split will be rounded up to the whole share subsequent to the nearest split.
As of June 14, 2021, there were 20,316,393,494 common shares of Charlie’s Holdings, Inc. issued and outstanding. After the split, the number of issued and outstanding shares will be reduced to approximately 203,163,935.
The spin-off was executed as part of the Company’s strategic plan to improve the attractiveness of the financial markets for investors and to pursue its longer-term goal of “upgrading” to a national stock exchange. In the meantime, the Company has applied for the listing of its ordinary shares on the OTCQB. The timing of the split is supported by (i) the expectation that the United States Food and Drug Administration (“FDA”) will ultimately grant the Company one or more market orders as part of the FDA’s tobacco pre-market application (“PMTA”) regulatory route, (ii) CHUC’s significantly improved balance sheet after CEO Brandon Stump and COO Ryan Stump purchased $ 3.0 million of the company’s common stock; and (iii) projections indicating that the Company’s revenues, compared to 2020, will increase for the year ending December 31, 2021.
Ryan Stump, COO of Charlie’s, explained, “While the split hasn’t changed Charlie’s market capitalization, we believe the higher split-adjusted stock price is in the best interest of Charlie’s. our shareholders because it will expand our investor audience, make it easier for shareholders to hold CHUC shares in their brokerage accounts and, ultimately, improve the overall valuation of the Company. “
Additional information for shareholders
Charlie shareholders who hold shares in brokerage accounts, also referred to as holding shares in “name of the street”, will note that the number of shares in CHUC is automatically adjusted to reflect the number of shares adjusted by the split. . Registered shareholders who hold physical stock certificates will receive letters of transmittal from the Company’s transfer agent, Equiniti, or they can call 800-468-9716 for information on exchanging their alumni. share certificates against new share certificates reflecting the adjusted number of shares. as a result of the split.
About Charlie’s Holdings, Inc.
Charlie’s Holdings, Inc. (OTC Pink: CHUC) is an industry leader in both the high-end nicotine-based electronic cigarette space and the hemp-derived CBD wellness space by through its subsidiaries Charlie’s Chalk Dust, LLC and Don Polly, LLC. Charlie’s Chalk Dust manufactures high quality steam products currently distributed in over 90 countries around the world. Charlie’s Chalk Dust has developed a broad portfolio of innovative brand styles, flavor profiles and product formats. Launched in 2019, Don Polly creates brands and products in the hemp derivative market aimed at meeting the evolving wellness needs of the consumer.
Safe Harbor Declaration
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the overall business of the Company. , existing and planned markets and expectations regarding future sales and expenses. Words such as “expect”, “anticipate”, “should”, “believe”, “target”, “plan”, “objectives”, “estimate”, “potential”, “predict”, “power”, “Will,” “” could “,” intend “, variations of these terms or the negative of such terms and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances beyond the control of the Company.The actual results of the Company could differ materially from those indicated or implied in forward-looking statements due to a number of factors, including, but not limited to: the ability of the Company to list its shares on the OTCQB and integrate them on a national stock exchange; increase sales successfully and enter new markets; the FDA decision regarding PMTAs of the Company; the capaci the Company’s manufacture and production of products for its customers; the Company’s ability to formulate new products; acceptance of existing and future products; the complexity, expense and time associated with complying with government rules and regulations affecting nicotine and cannabidiol-containing products; the risks of litigation related to the use of the Company’s products; the risks of government regulations; the impact of competing products; and the Company’s ability to maintain and improve its brand, as well as other risk factors included in the Company’s most recent quarterly report on Form 10-Q, the Annual Report on Form 10-K and other documents filed with the SEC. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Except as required by law, the Company assumes no obligation or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in its expectations.
SOURCE: Charlie’s Holdings, Inc.
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