SinglePoint Inc (OTCQB:SING) says its shares are trading once again under the ticker symbol ‘SING’ after they temporarily traded under the symbol ‘SINGD’ for 20 days after it effected a reverse stock split on July 20, 2023.
The renewable energy and sustainable lifestyle company, which recently released second-quarter results, said current shareholders have notified it that the reverse split has created some trading abnormalities and inefficiencies in at least three major trading platforms.
“Post the effective date of the reverse, shareholders have been communicating to the company that they have only been able to place certain types of trades during this period and that some orders have been below the bid,” CEO Wil Ralston commented.
“These three trading platforms represent a majority of the platforms our investors actively invest and trade their holdings.”
Ralston emphasized: “Additionally, critical shareholder information such as bid/asks, executed trades, market capitalizations 52-week trading range have been inaccurate and are just recently belatedly updated across platforms.”
SinglePoint said on August 16 there were still investment sites with inaccuracies and inconsistent market data.
“We have contacted several of the major retail trading platforms and market data feeds in an effort to resolve these issues,” Ralston added.
“We remain committed to our goal of uplisting to a listed exchange. This treatment of our shareholders and the company reinforces the need to be on a listed exchange.”
The company noted that it has a large shareholder base of approximately 29,000 NOBO (non-objecting beneficial owner) and 8,000 OBO (objecting beneficial owners) shareholders.
It also provided clarification in connection to the reverse split and the round-up provision. Shareholders who prior to the reverse split owned at least 100 shares of its common stock and as a result of the reversal would have fallen below 100 shares were beneficially rounded up to 100 shares.
Contact the author at stephen.gunnion@proactiveinvestors.com