General European Strategic Investments Inc. Moves Forward with Designation of Preferred Stock
Las Vegas, Nevada--(Newsfile Corp. - May 27, 2022) - GENERAL EUROPEAN STRATEGIC INVESTMENTS INC. (OTC Pink: GESI) (the "Company or GESI") is pleased to announce that it has obtained signed consents from a super majority shareholders to designate a new series of preferred stock. With board approval, the Company's management will move forward with the appropriate filings to implement the designation.
As previously announced in our May 20, 2022 press release, these newly authorized preferred shares will:
- Designate 1,500,000 of its 10,000,000 authorized shares of preferred stock as a new series of preferred stock entitled "Series C Preferred Stock" with a par value of $0.0001.
- The 1,500,000 Series C Preferred Stock is to be convertible on a 1:100 basis after the Company's stock trades at a volume-weighted average price (VWAP) of $5.00 for 20 consecutive days. These shares will not have voting, dividend or liquidation rights but will have piggyback registration rights.
The Company is now wrapping up discussions with the holders of approximately 100 million currently issued shares held by controlling, affiliate and other large shareholders to have their shares cancelled and replaced with approximately 1 million shares of the newly authorized Preferred Series C stock. "We continue to believe that the use of these preferred shares will strategically help attract funding from various sources," said Wolfgang Rauball, CEO of GESI.
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "likely", "should", "could", "would", "may" or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company's ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company's operating history and resources, together with all usual and common economic, competitive, and equity market conditions / risks.
Robert Seguin, V.P., Investor Relations
General European Strategic Investments Inc.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125590