SinglePoint Inc. Announces Transition to OTC Markets After Historic Milestone as the First Company Listed on the Chicago Board Options Exchange
Rhea-AI Summary
SinglePoint Inc. (OTC Pink: SING), formerly listed on the Chicago Board Options Exchange (CBOE: SING), has announced its transition to OTC Markets. This move comes after being the first company listed on CBOE, highlighting broader challenges faced by the new exchange rather than issues with SinglePoint's performance. The company experienced unexpected delays in filing annual financials, impacting subsequent quarterly filings. Despite this setback, SinglePoint remains focused on growth and improving financials.
CEO Wil Ralston emphasized that the transition doesn't reflect the company's business strength. SinglePoint is evaluating options to appeal the decision or pursue other strategic actions beneficial to shareholders. The company maintains its optimism about opportunities on the OTC Markets platform and continues to focus on renewable energy initiatives, acquisitions, and sustainability projects.
Positive
- First company to be listed on the Chicago Board Options Exchange, demonstrating market leadership
- Improving financials in quarterly filings
- Continued focus on renewable energy and sustainable solutions
- Evaluating options to appeal the delisting decision or pursue other strategic actions
Negative
- Transition from CBOE to OTC Markets
- Unexpected delays in filing annual financials
- Subsequent delays in filing two quarterly reports
- Potential loss of visibility and trading options associated with CBOE listing
News Market Reaction 1 Alert
On the day this news was published, SING declined 61.19%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Phoenix, Arizona--(Newsfile Corp. - September 11, 2024) - SinglePoint Inc. (OTC Pink: SING) (CBOE: SING), a diversified holding company with a focus on renewable energy and sustainable solutions, today announced its transition from the Chicago Board Options Exchange (CBOE) to OTC Markets.
"This development highlights the broader challenges faced by the newly launched exchange rather than any fundamental issues with SinglePoint's performance or prospects. Since our listing, only one other company has joined the exchange, indicating potential strategic shifts within CBOE. While we had consecutively filed 13 quarterly and annual financial reports on time, we experienced unexpected delays this year in filing our annual financials that impacted our filing schedule of our next two quarterly filings. We understand the importance of timely communication with our investors and are actively addressing these delays. Although we recognize the need for improvement, we believe that if the decision had been made solely on CBOE's operational viability, the outcome might have been different. As the first company to be listed, we are proud to have demonstrated our commitment to innovation and market leadership. We remain focused on advancing our efforts, and this situation does not reflect the strength of our business, as evidenced by our improving financials in quarterly filings. We will take this challenge in stride and continue to pursue growth," said Wil Ralston, CEO of SinglePoint Inc.
We are currently evaluating the possibility of appealing the decision or pursuing other strategic actions that will benefit our shareholders and position the company for continued success.
Despite this transition, SinglePoint remains optimistic about the opportunities presented by the OTC Markets platform. We are excited to continue our growth trajectory and maintain our focus on providing value through our renewable energy initiatives, acquisitions, and sustainability projects.
About SinglePoint Inc.
SinglePoint Inc. is a diversified holding company with a focus on renewable energy solutions, including solar energy and energy storage, as well as other sustainable initiatives. Since its founding, SinglePoint has continued to grow its footprint through strategic acquisitions and innovative business development efforts in emerging industries.
Investor Relations Contact:
SinglePoint Inc
investor@singlepoint.com
888-682-7464
Forward-Looking Statements
This news release includes "forward-looking statements". These statements are based upon the current beliefs and expectations of SinglePoint's management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential plans and objectives of the Company, the use of proceeds, anticipated growth and future expansion, are forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222965
FAQ
Why is SinglePoint Inc. (SING) transitioning from CBOE to OTC Markets?
How does the transition to OTC Markets affect SinglePoint Inc. (SING)?
What actions is SinglePoint Inc. (SING) considering after the CBOE delisting?
How has SinglePoint Inc. (SING) performed financially despite the CBOE delisting?
