Amendment aims to reduce short selling, allow stock to trade more fairly and freely
DOVER, DE / ACCESSWIRE / October 6, 2022 / Hero Technologies (OTCQB:HENC) (Twitter: @heroicmindtech), a cannabis company focused on a "seed-to-sale" vertical integration strategy, today announced that it is drafting a 424(b)(3) prospectus supplement to amend its current S-1 registration statement (CIK 0001324736, file number: 333-261062). The purpose of the planned amendment is to remove the 80 million share offering priced at $0.05 per share. The amendment will exclude any shares already issued.
The company has raised funds under the S-1, but decided not to proceed with the fixed priced registered direct offering. The amendment may help reduce resistance that appeared, before the S-1 was ever effective, after an insolent influencer highlighted the offering back in December of 2021. Proceeds from the sale of shares are expected to fund the company's acquisition of property in Vassar Township, Michigan, and other corporate needs.
Hero Technologies' Michigan subsidiary, BlackBox Systems and Technologies LLC, expects the Vassar property to be its base of operations in the state, with operations encompassing cannabis cultivation, processing, wholesale trade, and retail dispensary. BlackBox has already won pre-qualification approval in Michigan for Adult (recreational) and Medicinal Use cannabis licenses.
Hero Technologies' CEO, Gina Serkasevich, said, "Our original S-1 registration served its purpose of allowing the company to raise funds quickly and efficiently for strategic purposes. Now, it is in the best interest of the company and our shareholders to remove the fixed price offering. We expect that removing the fixed price offering will enable our common stock to trade more fairly and freely, with far less unwarranted short selling."
About Hero Technologies
Hero Technologies Inc. is a cannabis company working toward a vertically-integrated business model. The company owns a majority stake in BlackBox Systems and Technologies LLC, an aeroponic cannabis cultivation system that provides optimal growing conditions to enhance photosynthesis and cultivation of large flowering plants, creating increased harvest efficiencies. The company's strategic business plan includes cannabis genetic engineering, farmland for both medical and recreational cannabis cultivation, production licenses, distribution licenses, consumer packaging, and retail and dispensary operations that make the company a multi-state operator (MSO).
This press release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include: management plans relating to the proposed project; the expected timing of the completion of the proposed project; the ability to complete the proposed project; any statements of the plans and objectives of management for future operations, products or services, including the execution of plans proposed project; any statements of expectation or belief; projections related to certain financial metrics; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are typically identified by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "outlook," "plan," "project," "seek," "should," "target," "will," "would" and other similar words and expressions or negatives of these words. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and are beyond our control. Forward-looking statements speak only as of the date they are made. Neither Hero Technologies Inc. nor its holding company or subsidiaries assumes any duty and does not undertake to update any forward-looking statements. Because forward-looking statements, by their nature, are uncertain or assumptive to varying degrees, actual results or future events could differ, possibly materially, from those that Hero Technologies Inc., its holding company or subsidiaries anticipated in the forward-looking statements, and future results could differ materially from historical performance.
Hero Technologies Contact:
Ms. Gina Serkasevich, CEO
(302) 538-4165 | [email protected]
SOURCE: Hero Technologies Inc.