SecureTech Extends Certain Warrant Expiration Dates

Rhea-AI Summary

SecureTech Innovations (SCTH) announced an extension for two series of Stock Purchase Warrants. The first series, with 439,300 Warrants at an exercise price of $0.20/share, now expires on December 31, 2021. The second series, 439,300 Warrants at $0.30/share, will expire on March 31, 2022. This extension is crucial as a pending Registration Statement with the SEC could delay the Warrants' exercise. CEO Kao Lee emphasized their commitment to shareholders, stating this extension ensures shareholders' rights to exercise Warrants into common stock.

Positive

• Extended expiration dates for Warrants provides more time for investors to exercise them.
• Demonstrates company commitment to shareholder rights and transparency.

Negative

• Warrants set to expire before SEC approval could limit shareholder options.

ROSEVILLE, Minn., June 16, 2021 (GLOBE NEWSWIRE) -- SecureTech Innovations, Inc. (OTC: SCTH), an emerging growth company focused on developing and marketing personal and automobile security and safety devices and technologies, announces that its Board of Directors has extended the expiration dates on certain Stock Purchase Warrants (“Warrants”).

This change affects two series of Warrants. The first set of Warrants include 439,300 Warrants carrying an exercise price of $0.20/share with an expiration date of June 30, 2021, now expiring on December 31, 2021. The second set of Warrants include 439,300 Warrants carrying an exercise price of $0.30/share with an expiration date of December 31, 2021, now expiring on March 31, 2022.

The purpose of extending the expiration dates is because SecureTech presently has a pending Registration Statement on Form S-1 with the SEC. A portion of this pending Registration Statement registers the shares of common stock underlying these Warrants. Essentially, the Warrants might expire before the SEC declares the Registration Statement “effective.” Until this occurs, the Warrants cannot get properly exercised.

Kao Lee, SecureTech’s President and CEO, stated, “We are very appreciative of our wonderful family of shareholders. It is our responsibility and obligation to look out for our shareholders where we can. This is just one such instance. Everyone who has purchased these Warrants should have the ability and legal right to exercise them into unrestricted shares of common stock as we originally intended. This extension will allow the SEC sufficient time two complete their review process so these Warrants can properly be exercised into shares of common stock, should each Warrant wish to do so.”

Mr. Lee continued, “Additionally, we will be filing an amendment to the pending Registration Statement in July to include our newest shareholders who have privately purchased shares through our ongoing Series C Private Placement. We are selling shares of our common stock at a fixed price of $0.25/share through this offering.”

About SecureTech Innovations

SecureTech is an emerging growth company focused on developing and marketing personal and automobile security and safety devices and technologies – our products preserve life, protect property, and prevent crime. SecureTech is the maker of Top Kontrol®, the only anti-theft and anti-carjacking system known that can safely stop a carjacking without any action by the driver. For more information, visit www.securetechinnovations.com and www.topkontrol.com.

Certain statements in this release, other than statements of historical fact, may include forward-looking information that involves various risks and uncertainties. There can be no assurance that such forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of Management on the dates they are made and expressly qualified in their entirety by this notice. SecureTech Innovations, Inc. (“SecureTech”) assumes no obligation to update forward-looking statements should circumstances or Management’s estimates or opinions change, other than as required pursuant to applicable securities laws. For a description of additional risks and uncertainties, please refer to SecureTech’s filings with the Securities and Exchange Commission, including “Risk Factors” in its Annual Report filed on Form 10-K.

Investor Relations

651.317.8990
ir@securetechinnovations.com

FAQ

What is the new expiration date for the SCTH Stock Purchase Warrants?

The expiration date for the Warrants at $0.20/share is now December 31, 2021, and for the Warrants at $0.30/share, it is March 31, 2022.

Why did SecureTech Innovations extend the expiration dates of Warrants?

The extension allows time for the SEC to review the pending Registration Statement before the Warrants can be exercised.

How many Stock Purchase Warrants were affected by the extension?

A total of 878,600 Warrants were affected: 439,300 at $0.20/share and 439,300 at $0.30/share.

What does the pending Registration Statement with the SEC involve?

It involves registering shares of common stock underlying the Warrants, which is necessary for them to be exercised.

What is the fixed price for shares in the ongoing Series C Private Placement?

The fixed price for shares in the ongoing Series C Private Placement is $0.25/share.