Torque Lifestyle Brands Announces Three-for-One Forward Stock Split

Rhea-AI Summary

Torque Lifestyle Brands Inc. (OTC PINK:TQLB) announced a three-for-one forward stock split effective July 16, 2021, aimed at increasing accessibility for investors and employees. Stockholders will receive two additional shares for each share held. The company's President, Leonard K. Armenta Jr., expressed confidence in the business's momentum in 2021, attributing strong sales growth to the American Metabolix acquisition. This move aims to enhance market appeal and facilitate plans to uplist to a national exchange.

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Positive

• Three-for-one stock split to improve stock accessibility for investors and employees.
• Strong sales momentum from the American Metabolix acquisition.
• Plans to uplist to a national exchange, enhancing investor appeal.

Negative

• None.

News Market Reaction – TQLB

+19.00%

1 alert

+19.00% News Effect

On the day this news was published, TQLB gained 19.00%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Stock Split to Become Effective July 16, 2021

WHEAT RIDGE, CO / ACCESSWIRE / July 8, 2021 / Torque Lifestyle Brands Inc. (OTC PINK:TQLB) ('Torque' or the 'Company'), an emerging leader in the $150B+ sports nutrition and supplements market, today announced that the Board of Directors has approved and declared a three-for-one forward split of the Company's common stock in the form of a stock dividend to make stock ownership more accessible to employees and investors.

Each Torque stockholder will receive a dividend of two additional shares of common stock for each then-held share, to be distributed after close of trading on July 16, 2021. Torque common shares will begin trading on a stock split-adjusted basis thereafter.

"We have achieved strong momentum in the first half of 2021, and this stock split is another indication of our confidence in our business," said Leonard K. Armenta Jr., President of Torque Lifestyle Brands. "We continue to see strong sales from our American Metabolix acquisition, and this strategic move will help to improve our capital markets appeal to investors and to pursue our longer-term objective to file a Form 10 and uplist to a national exchange. We are confident in our future growth prospects, and the immediate goal to make Torque shares more accessible to a broader market."

About Torque Lifestyle Brands Inc.

Torque Lifestyle Brands Inc. (OTC:TQLB) is an emerging leader in the $150B+ sports nutrition and supplements market. Leveraging a growth-by-acquisition model and a growing suite of influencers as brand ambassadors, the Company offers a wide array of active lifestyle products through its e-commerce presence and tier-1 U.S. retailer relationships. Torque's growing family of in-house brands include American Metabolix, Storm Lifestyles and Core Natural Sciences. For more information, please visit the Company's website at www.torquelb.com.

Cautionary Statement Regarding Forward-Looking Statements

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding departure of the company's CEO. When used herein, the words 'anticipate,' 'believe,' 'estimate,' 'upcoming,' 'plan,' 'target,' 'intend' and 'expect' and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

Investor Relations Contact:
Lucas Zimmerman
MZ Group - MZ North America
949-259-4987
TQLB@mzgroup.us
www.mzgroup.us

SOURCE: Torque Lifestyle Brands, Inc.

View source version on accesswire.com:
https://www.accesswire.com/654367/Torque-Lifestyle-Brands-Announces-Three-for-One-Forward-Stock-Split

FAQ

What does the stock split mean for Torque Lifestyle Brands Inc. (TQLB)?

The three-for-one stock split means that existing shareholders will receive two additional shares for each share held, making the stock more accessible.

When will the stock split for TQLB take effect?

The stock split will become effective after the close of trading on July 16, 2021.

What was the reason behind the stock split of Torque Lifestyle Brands Inc.?

The stock split aims to improve capital market appeal and increase stock accessibility for investors and employees.

How is Torque Lifestyle Brands Inc. performing in 2021?

Torque has reported strong momentum in sales, particularly due to its acquisition of American Metabolix.

What are Torque's future plans regarding its stock?

The company plans to file a Form 10 and uplist to a national exchange.