RESEARCH TRIANGLE PARK, NC / ACCESSWIRE / July 9, 2021 / Today, Cyberlux Corporation, (OTC Bulletin Board: CYBL), a leading provider of LED lighting and renewable energy solutions, provided an update on several key Company Initiatives.
As stated in the shareholder letter dated June 25, 2021, once Cyberlux Corporation has gained its OTC Pink Current status, the Company will file the amendment to reduce its Authorized Share level. As a further update, the Company has now finalized its strategic Authorized Share level and the current 20,000,000,000 (20 billion) Authorized Shares will be reduced by 11,250,000,000 (11.25 billion) to 8,750,000,000 (8.75 billion) Authorized Shares, a reduction of 56.25% overall. Management believes this will provide more than enough strategic equity to achieve the Company's growth plans while protecting its shareholders from any unnecessary dilution.
In addition, Cyberlux Corporation recently reported that its Outstanding Shares balance of 5,081,275,578 included 700,000,000 (700 million) phantom restricted shares from a transaction in 2014. These 700 million restricted shares were reported and confirmed lost in 2018 and will never be tradeable. Unfortunately, the process of removing these from the Outstanding Share level is impossible in this particular situation and going forward the Effective Outstanding Share level is 4,381,275,578. This is an important matter as it improves the equity valuation for shareholders by 16%.
As a final update, the Company stated that it has now enacted a No Reverse Split Policy which will prevent CYBL from engaging in a reverse stock split for a period of up to 5 years. Cyberlux will make this policy amendment available to the public once it has achieved the OTC Pink Current status as part of the Company's filings. The Company respects its shareholder base and intends to support shareholders with measures like this No Reverse Split Policy whenever possible.
'With our strategic growth plan in place, we are now able to take action on the CYBL equity structure as we've intended. A reduction of the Authorized Share level by 56% is a significant action to help our shareholders accrue value in their positions while allowing the Company to have the means to execute our plans. We are expanding through acquisitions, across government agencies, and in targeted commercial and international markets with our renewable energy products, technologies and services, and having a healthy equity structure is vitally important," said Mark Schmidt, president and chief executive officer of Cyberlux. "We are also making significant progress with our OTC Pink Current status and will have more information coming forward very soon."
About Cyberlux Corporation
Cyberlux Corporation (OTC Bulletin Board: CYBL), a leader in solid-state lighting innovation, has developed breakthrough LED lighting and energy efficiency technology, with solutions available today in U.S. government agencies, commercial markets and international opportunities. For more information, please visit www.cyberlux.com. For investor information, please contact: [email protected]
This news release contains forward-looking statements. Actual results could vary materially from those expected due to a variety of risk factors, including, but not limited to, the Company's ability to expand its capabilities. The Company's business is subject to significant risks and uncertainties discussed more thoroughly in Cyberlux Corporation's filings. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE: Cyberlux Corporation