SinglePoint Announces Effectiveness of Reverse Stock Split and Spin off of 1606 Corp.
Now Trading Under Ticker Symbol SINGD for The Next 20 Days.
– Creation of two independent companies with 1606 spin-off, including a 1-for-1 dividend share issuance for all shareholders
– Reverse split of 1-for-75 of current common stock
– Continuing to execute on strategy toward listing on a national exchange
PHOENIX, AZ – March 26, 2021 – SinglePoint Inc. (OTC:SING) (“SinglePoint” or the “Company”), a company focused on providing renewable energy solutions and energy-efficient applications to drive better health and living, announced today that the Company has effected a 1-for-75 reverse split of its issued and outstanding shares of common stock. Shares of SinglePoint’s common stock will begin trading on a split-adjusted basis under the ticker symbol “SINGD” on the OTC on March 26, 2021 for a period of 20 trading days, after which the ticker symbol will revert to “SING”.
“We are continuing to take deliberate and necessary actions to position the company to be able to attract accretive growth capital from institutional investors and family offices.” This is another fundamental step in achieving the joining of listed exchange. An increased price has the opportunity to entice larger pool of potential investors which could lead to increase shareholder value. “We are pleased to have successfully completed another segment of our comprehensive financial restructuring, and we would like to thank our investors for their dedication and support they have given us,” said SinglePoint President Wil Ralston.
SinglePoint’s management focuses on solar and renewable energy applications. The Company will continue to look for accretive acquisitions in an effort to create the first truly national network in the sector. The solar industry is estimated to quadruple by 2030 according to the U.S. Solar Market Insight 2020 Year-in-Review report, released on March 16, 2021 by the Solar Energy Industries Association (SEIA) and Wood Mackenzie. Currently only 4% of the addressable residential homes in the US domestic market have solar with a similar number for small commercial opportunities.
As previously stated in a recent SEIA publication, the forecast shows that by 2030, the equivalent of one in eight American homes will have solar, but we still have a long way to go if we want to reach our goals in the Solar+ Decade. This report makes it clear that smart policies work. The action we take now will determine the pace of our growth and whether we use solar to fuel our economy and meet this climate moment.
Compelling Strategic Rationale
As SinglePoint implemented its strategic growth and diversification plan, its Board of Directors explored opportunities to drive enhanced performance and stockholder value. Following a strategic review of SinglePoint’ s growth prospects, customers, financial market considerations and business operations in the current market, the Board concluded that separating SinglePoint’s noncore assets would create multiple industry-leading companies, with attributes that best position each company for long-term success, including the following:
- Focus: Each company will benefit from a distinct strategic and management focus on its specific growth priorities.
- Differentiated Investment Opportunities: Each company will offer differentiated and compelling investment opportunities based on its particular operating and financial model, allowing it to more closely align with its natural investor type.
- Optimized Balance Sheet and Capital Allocation Priorities: Each company will have its own capitalization and financing to grow its specific business.
- Incremental Stockholder Value: Each company will benefit from the investment community’s ability to value its businesses independently and drive incremental stockholder value.
- Division of Responsibilities: Each spinoff will have its own management team, which will provide distinct focus to grow the company.
The first spin off from SinglePoint will be 1606 Corp. The company has issued shares on a 1-for-1 issuance upon the spin-off of 1606 Corp., which will become its own entity. No action will be required of stockholders to receive shares of 1606 common stock, which means that shareholders will not be required to pay for the shares of 1606 common stock that you receive in the distribution; and shareholders do not need to surrender or exchange any shares of SinglePoint common stock in order to receive shares of 1606 common stock, or take any other action in connection with the spin-off.
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1606 is focusing on increasing its retail footprint concentrating on regional expansion in addition to continuing to grow its’ online presence.
The Company plans to strategically spin off additional assets, such as Shield Saver – a unique Automotive and Data (Blockchain) opportunity originally acquired in 2018, following the same procedural processes. Future intended spin offs will provide shareholders additional value while enabling the companies to continue to grow independently while SinglePoint continues to grow its renewable energy footprint. Upon successful completion of the spin-off, Greg Lambrecht will become CEO of 1606 Corp. Mr. Lambrecht is currently the CEO of SinglePoint and supports all of its businesses. It is planned that Wil Ralston (President) will move to CEO of SinglePoint and the current CFO, Corey Lambrecht, will move to President and the Company will bring in a new CFO.
About SinglePoint Inc.
SinglePoint Inc. is a renewable energy and sustainable lifestyle company focused on providing environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is initially focused on building the largest network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also actively exploring future growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and a healthier life. For more information, visit the Company’s website (www.singlepoint.com) and connect on LinkedIn and Twitter.
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, 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.
JTC Team, LLC