Bemax Inc. Retires Over Two Hundred Million Common Shares of Company Stock, Reduce Issued and Outstanding Shares.
Rhea-AI Summary
Bemax Inc. (OTC Pink: BMXC) announced that CEO Taiwo Aimasiko has voluntarily retired 200,716,573 common shares in exchange for 8,028,662 Series 'B' preferred shares, reducing total issued and outstanding common shares by 40.90%. This marks the second share reduction during the current fiscal year. The company, which focuses on disposable diapers and women's hygienic products, reports experiencing increasing sales growth and maintains its strategy of supporting growth without increasing authorized shares.
Positive
- Significant 40.90% reduction in outstanding common shares, potentially increasing share value
- Company reports increasing sales growth in current fiscal year
- Strategic share restructuring without increasing authorized shares
Negative
- Conversion of common shares to preferred shares could lead to future dilution if converted back
News Market Reaction – BMXC
On the day this news was published, BMXC gained 4.65%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
- Current total issued and outstanding shares reduced by
40.90%
Dallas, Georgia--(Newsfile Corp. - November 12, 2024) - Bemax Inc. (OTC Pink: BMXC), a private label development company with a focus on disposable diapers and women's hygienic sanitary products, is pleased to announce today its CEO, Taiwo Aimasiko, has voluntarily retired 200,716,573 Common Shares of the Company's Stock for 8,028,662 Series "B" preferred shares, effectively reducing the total issued and outstanding common shares by
These shares' retirement is the second reduction of the total issued and outstanding shares effected during the current fiscal year. Also, Bemax continues to experience increasing sales growth during the ongoing financial year.
"This round of retirement of over 200 million common shares has created additional value to the shareholders and the overall health of the company. As previously stated, this will continue to be an integral part of Bemax Inc.'s long-term corporate strategy as well as management's desire to maintain a capital structure that supports growth without resorting to increasing our authorized shares," said Taiwo Aimasiko, CEO of Bemax Inc.
"Currently at Bemax, we continue to demonstrate plans to meet and exceed our sales target for 2024 and beyond, expanding our global distribution network and enhancing shareholders' value and confidence", stated Bemax CEO, Taiwo Aimasiko.
About Bemax Inc.
About Bemax Inc. Bemax Inc. is a forward-thinking company dedicated to delivering top-quality disposable diapers and women's hygienic sanitary products. With a focus on innovation and customer satisfaction, Bemax continues to expand its product offerings and distribution network, aiming to exceed the expectations of its growing customer base. Bemax Inc. exports and distribute private label household products to the global emerging markets. www.bemaxinc.com.
Safe Harbor Statement
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
CONTACT INFORMATION
Bemax Inc.
Dallas, GA
USA
Taiwo Aimasiko
Email: admin@bemaxinc.com
Tel: (470) 582 0807 ext. 101
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229579
FAQ
How many common shares did Bemax Inc. (BMXC) retire in November 2024?
What percentage reduction in outstanding shares did BMXC achieve in this retirement?
Is this the first share retirement by BMXC in the current fiscal year?
