CW Petroleum Corp (OTCQB: CWPE) Reduces Outstanding Shares by 81.66% Through Share Exchange Transaction
Rhea-AI Summary
CW Petroleum Corp (OTCQB: CWPE) has announced a significant reduction in its outstanding shares of common stock, decreasing from 122,445,898 to 22,445,898, representing an 81.66% reduction. This change was achieved through a share exchange transaction where CEO Christopher Williams exchanged 100,000,000 restricted shares of common stock for 1,000,000 shares of Series A Preferred Stock.
The company states that this move aims to improve its share structure, potentially enhancing access to growth capital and increasing market liquidity for its common stock. Mr. Williams noted that the company's revenues for the first nine months of 2024 were $6.27 million. The share exchange reflects Mr. Williams' previous ownership structure from 2022 and was initially implemented due to a potential capital raise and Nasdaq uplist in 2023, which did not materialize.
Positive
- Reduction of outstanding common shares by 81.66%, potentially improving share structure
- Reported revenues of $6.27 million for the first nine months of 2024
- Potential for improved access to growth capital and increased market liquidity
Negative
- Previous plans for capital raise and Nasdaq uplist in 2023 did not materialize
Katy, Texas, Oct. 22, 2024 (GLOBE NEWSWIRE) -- CW Petroleum Corp (OTCQB: CWPE) (the “Company”), a leading provider of Specialty Renewable and Hydrocarbon Motor Fuels, today announces to its investors and future investors it has reduced its Outstanding Shares of Common Stock from 122,445,898 to 22,445,898, an
Chief Executive Officer, Christopher Williams, has elected to exchange his 100,000,000 restricted shares of Common Stock for 1,000,000 shares of Series A Preferred Stock to reflect Mr. Williams’ previous ownership in 2022. The original share exchange occurred on June 14, 2022, and was effectuated due to a potential capital raise and up list to Nasdaq in 2023, which did not occur.
6.14.2022 - Form 1-U
2.10.2023 - Form 1-U
Mr. Williams commented, “We are committed to growing the Company and providing shareholder value. This share exchange will help place the Company in a better share structure, allowing greater access to growth capital and greater market liquidity for its common stock in the open market. Company revenues for the nine months ended September 30, 2024 were
Additional accurate information about the Company can be found on the OTC Markets website at the following links and on the EDGAR filing website provided by the Securities and Exchange Commission:
CWPE Overview
CWPE Security Detail
CWPE Financials
CWPE News
CWPE Disclosures
For additional information, visit our website at cwpetroleumcorp.com, email: investor@cwpetroleumcorp.com, or call 281-817-8099
About CW Petroleum Corp
CW Petroleum Corp was incorporated in the State of Texas on April 29, 2005, and began operations in 2011. On April 14, 2018, CW Petroleum Corp was incorporated in the State of Wyoming. On April 15, 2018, the Texas corporation became a wholly-owned subsidiary of the Company through a share exchange. CW Petroleum Corp (Wyoming) is a holding company and through our wholly-owned subsidiary, we supply and distribute biodiesel, biodiesel blends, ultra-low sulfur diesel, gasoline blends, renewable gasoline, and a proprietary EPA-approved reformulated no ethanol gasoline to distributors, convenience stores, and marinas.
Forward-Looking Statements
Certain statements in this press release may contain “forward-looking statements” regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the oil and gas markets, energy markets, and other markets in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “endeavors,” “strives,” “may,” or variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties, and assumptions that are difficult to predict, estimate, or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company’s most recent annual report on Form 1-K, which may be amended or supplemented by subsequent semiannual reports on Form 1-SA or other reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company’s filings with the Securities and Exchange Commission.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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