Here To Serve Holding Corp. Cancels 75 Million Shares of Common Stock
Updated: May 3, 2020
Here To Serve Holding Corp. (OTC:HTSC) (the "Company") announced today that its board of directors processed a cancellation resolution authorizing the outright cancellation without reissuance of 75 million shares of common stock.
In 2018, the Company purchased 75 million shares from the Companys former Chief Executive Officer (the Former CEO) by issuing $2.5 million in convertible securities to an entity controlled by the Former CEO. On September 30, 2019, the Company purchased the $2.5 million in convertible securities from the Former CEOs entity for a purchase price of 4.99 percent of the Companys outstanding common stock, or 2,503,500 shares of the Companys common stock.
We cleaned up our balance sheet and eliminated all convertible debt on September 30, 2019, said Paul Riss, the Chief Executive Officer of the Company. However, we treated the 75 million shares surrendered by our Former CEO as treasury stock on our balance sheet. Consequently, our shares issued were 75 million shares greater than our shares outstanding, and it was confusing to some investors who focused on the number of shares issued, because that is the number that OTC Markets publishes. We cancelled the 75 million shares and as of today OTC Markets is listing our common stock as having 50,732,649 shares issued and outstanding.
To see the transfer agent verification of the 50,732,649 shares outstanding on the OTC Markets website, visit the HTSC profile at https://www.otcmarkets.com/stock/HTSC/security.https://www.otcmarkets.com/stock/HTSC/news/Here-To-Serve-Holding-Corp-Cancels-75-Million-Shares-of-Common-Stock?id=260004