General European Strategic Investments Inc. To Cancel 100 Million Common Shares as Part of Preferred Swap
Las Vegas, Nevada--(Newsfile Corp. - June 22, 2022) - GENERAL EUROPEAN STRATEGIC INVESTMENTS INC. (OTC Pink: GESI) (the "Company or GESI") is pleased to announce shareholders representing an aggregate of 100,000,000 common shares, have formally agreed to swap their shares on a 100:1 basis into shares of Series C Convertible Preferred Stock. The Company has prepared and submitted the documents necessary to designate this new series of preferred stock to the appropriate regulatory bodies.
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.
With the Certificate of Designation filing now completed, the Company will coordinate with its transfer agent for the cancellation of the aforementioned common shares and issuance of the Series C Convertible Preferred shares.
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/128590