Nightfood Holdings Inc. (OTCQB: NGTF) has issued a letter to shareholders to clarify the details of its recently filed Preliminary Schedule 14C Information Statement concerning authorization for a potential reverse stock split. The company's board of directors and majority stockholder have approved authorization for the board to effect a reverse stock split within a range of 1-for-150 to 1-for-250, in connection with a potential listing on a national securities exchange.
The authorization grants the board discretion to determine whether and when to implement a reverse split and to select a specific ratio based on market conditions and the company's trading price at that time. Nightfood emphasized that the authorization does not necessarily mean a reverse split will occur and that the board may ultimately decide to abandon the action. This clarification aims to address shareholder concerns and provide transparency regarding the company's strategic plans.
The potential reverse stock split is part of Nightfood's broader strategy to meet the listing requirements of a national securities exchange, which could enhance the company's visibility and access to capital markets. However, the company cautioned that the decision will be made based on what is in the best interest of the company and its shareholders at the time.
Nightfood Holdings, doing business as TechForce Robotics, is focused on AI-driven robotics, enterprise automation, hospitality automation, pharmaceutical automation, and advanced-technology commercialization. Through strategic acquisitions, partnerships, and technology-development initiatives, the company is building a diversified automation platform serving multiple high-growth industries.
For more information, visit the company's newsroom at http://ibn.fm/NGTF. The full press release is available at https://ibn.fm/DXOVA.
