Seafarer Exploration Corp. CEO, Kyle Kennedy, Addresses the Possibility of a Reverse Split with The Stock Day Podcast
Phoenix, Arizona--(Newsfile Corp. - January 28, 2020) - The Stock Day Podcast welcomed Seafarer Exploration Corp. (OTC Pink: SFRX) ("the Company"), a publicly traded underwater salvage and exploration company traded under the symbol SFRX. President and CEO of the Company, Kyle Kennedy, joined Stock Day host Everett Jolly.
Jolly began the interview by noting that the Company currently has a significant number of shares of stock outstanding. "Do you plan on doing a reverse split?", asked Jolly. Kennedy explained that the Company sells stock each month to meet their financial needs, and often offers stocks at a discount to investors as an incentive. "A lot of these little companies that lose money continually sell stock just like we do, and the number of issued shares continues to climb," explained Kennedy. "Shareholders hate reverse splits for very good reasons," added Kennedy, noting that many companies choose to complete a reverse split at an inopportune time.
"There are points in time for a little company to reverse their stock," explained Kennedy. "That point in time in our situation is when I materially change the company," he continued. "A material change is any event in our company that I no longer have to sell stock for a living to support the company," said Kennedy.
"I believe this year that we possibly have three different events that could trigger a material change in our company," said Kennedy. He then explained that one of the events that may trigger such a move by the Company would be the discovery of $50 million worth of treasure, while a second event could include the blockchain division of the Company increasing revenues to surpass their operating costs. "The third event that could trigger this is the government grant," said Kennedy, noting that although the grant has been pending for nearly a year, it may still come to fruition.
"If we no longer have to sell stock, then what I can do is move us to the NASDAQ," shared Kennedy. "If I can move us to the NASDAQ, that would be the appropriate time to do a reverse," he continued, adding that the Company will be open to a whole new shareholder base and have access to institutional investors. "When we do a reverse, it's going to be because we did it at the right time for the right reasons, and we should not see that sell-off that most companies experience because we will have dramatically changed the company," said Kennedy.
To close the interview, Kennedy expressed his excitement for the Company's potential over the next few months, and cautioned investors against selling stock too early. "This is just the start for us," said Kennedy. "I would look for this quarter to be a turning point," he closed.
To hear Kyle Kennedy's entire interview, follow the link to the podcast here: https://audioboom.com/posts/7489376-seafarer-exploration-corp-ceo-kyle-kennedy-addresses-the-possibility-of-a-reverse-split-with-t
About Seafarer Exploration:
Seafarer Exploration Corp. is a publicly traded underwater salvage and exploration company traded under the symbol SFRX. The principal business of the company is to develop the infrastructure necessary to engage in the archaeologically-sensitive research, documentation, exploration, recovery, and conservation of historic shipwrecks. The company has secured multiple sites it believes contain historic and valuable shipwrecks. The company will use accepted archaeological methods to properly document, research and recover portions of the wrecks. Seafarer employs scientists and historians and is committed to preserving the cultural and historical significance of every wreck it finds. www.seafarercorp.com.
The press release may include certain statements that are not descriptions of historical facts but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking terminology such as ''may,'' ''expects," ''believes,'' ''anticipates,'' ''intends,'' ''projects," or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that was reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectation and actual results may vary (perhaps materially) from certain of the results anticipated herein.
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