Peer To Peer Network (OTC: PTOP) Announces Vote to Reduce Authorized Passed
Rhea-AI Summary
Peer To Peer Network (OTC: PTOP) announced that all proposals at its Oct 28, 2025 annual shareholders meeting passed overwhelmingly. Key outcomes include the re-election of Joshua Sodaitis as chairman and director, a bylaw and articles amendment giving the chairman a tie-breaking board vote, and management authorization to reduce authorized shares held in treasury as an anti-dilution measure. The company said exact reduction figures will be released in the coming weeks and that the change does not affect shares already issued to shareholders. Further updates are expected on the authorized shares count, MobiCard 2.0 progress, and potential strategic partners.
Positive
- Leadership confirmed: Joshua Sodaitis re-elected chairman and director
- Governance change: Chairman granted tie-breaking vote to speed decisions
- Anti-dilution step: Authorization granted to reduce authorized treasury shares
Negative
- Exact authorized shares reduction not disclosed, creating short-term uncertainty
- Reduction set at CEO discretion pending future announcement
News Market Reaction
On the day this news was published, PTOP declined 20.00%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
CAMBRIDGE, Mass., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Peer To Peer Network, Inc. (OTC: PTOP), the first and only publicly traded digital business card company, is thrilled to announce that all proposed actions presented at the 2025 Annual Shareholders Meeting have passed overwhelmingly.
The meeting, held on October 28, 2025, marks a historic milestone for PTOP as the company continues its transformation into a next-generation publicly traded communications company with continued development of its flagship product, the patented digital business card platform, MobiCard®, as well as with its new AI solutions division, PTOP Intelligence Labs.
Top 3 Takeaways from the Shareholders Vote
- Leadership Confirmed: Shareholders re-elected Joshua Sodaitis as Chairman and Director of the Board, reinforcing confidence in his leadership and long-term vision for PTOP.
- Governance Strengthened: The company approved a Bylaw and Articles Amendment allowing the Chairman to cast the tie-breaking vote, on the board of directors in such case there was ever a tie, ensuring decision-making efficiency at the board level.
- Shareholder Value Boosted: Management received authorization to reduce the number of Authorized Shares in the treasury at their discretion— a bold move signaling PTOP’s commitment to shareholder protection, transparency, and sustainable growth.
As it will be at the CEO’s discretion the exact numbers will be released in the coming weeks. (This does not affect shares already issued and in the hands of shareholders) This only affects shares authorized in the company’s treasury that they could potentially issue. This is an anti-dilutionary measure.
“These shareholder approvals, most notably the reduction in authorized shares to protect new investors, sets the stage for the next phase of PTOP’s evolution,” said Joshua Sodaitis, Chairman & CEO.
“We’re building more than apps; we’re scaling a digital ecosystem that’s patented, protected, and positioned to capture significant market share in the multibillion-dollar market. The confidence our shareholders place in us fuels momentum for what’s coming next. This is truly the most exciting time to be a part of the PTOP family since I have been CEO.”
The company will be releasing further updates in the coming weeks, including the exact number of the Authorized shares reduction, progress on MobiCard® 2.0, updates on potential new strategic partners, and more.
About Peer To Peer Network (OTC: PTOP)
Peer To Peer Network, Inc. is the inventor of the digital business card, backed by two granted U.S. utility patents covering over 19 key “Material Claims” of its MobiCard® platform. PTOP’s mission is to empower professionals, entrepreneurs, and enterprises to connect intelligently in a paperless, data-driven environment.
For more information, visit www.ptopnetwork.com or download MobiCard® free on the Apple App Store and Google Play Store.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those projected. Factors that could cause actual results to differ include, but are not limited to, the company’s ability to obtain shareholder approval for the authorized share reduction, fluctuations in capital markets, the timing and success of commercial contracts and partnerships, regulatory and compliance changes, and general economic conditions. The company assumes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
Contact:
Media Relations
Peer To Peer Network, Inc. (OTC: PTOP)
info@ptopnetwork.com
www.ptopnetwork.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f7d25750-f1a4-4138-bce8-0d38f0473bc2
FAQ
What did PTOP shareholders approve at the Oct 28, 2025 meeting?
How does PTOP's authorized shares reduction affect current shareholders (OTC: PTOP)?
When will PTOP disclose the number of authorized shares to be reduced?
Does the bylaw amendment change board voting for PTOP (OTC: PTOP)?
Will PTOP announce product or partnership updates after the vote?
Who will decide the final amount of authorized shares reduction at PTOP?
