HUMBL Extends Limitations for Series B Preferred Stock Conversions
San Diego, California, May 31, 2023 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTCQB: HMBL) announced today that its Board of Directors and Series B stockholders have approved an amendment to HUMBL's certificate of incorporation to extend the limitations on the conversions of its Series B preferred stock.
These limitations include preventing the Series B holders from converting any Series B preferred stock from June 2023 through September 2023 and limiting their conversions to 500 Series B shares per month from October 2023 to June 2024.
From July 2024 to December 2024, conversions will be limited to 1,000 Series B shares per month. The amendment to the certificate of incorporation will take effect on June 1, 2023. The Series B preferred shares are not registered under Section 12 of the Exchange Act.
This is one of several measures that HUMBL is taking as part of its broader restructuring plan to recapitalize the company, consolidate and retire existing debt and reduce dilution. This restructuring is designed to drive shareholder value and strengthen the balance sheet of the company.
“Reducing dilution is essential to drive value for our shareholders and prepare the company for an uplisting to a major exchange,” said Brian Foote, CEO of HUMBL.
About HUMBL
HUMBL is a Web 3 platform with product lines including the HUMBL Wallet™, HUMBL Search Engine™, HUMBL Social™, HUMBL Tickets™, HUMBL Marketplace™ and HUMBL Authentics™. For more information, please visit www.HUMBL.com.
The company also has a commercial blockchain services unit called HUMBL Blockchain Services™ (HBS) for corporate and government clients.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control. Except as may be required by law, HUMBL undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.
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HUMBL, Inc.
PR@HUMBL.com
