HUMBL Cancels Reverse Stock Split
San Diego, California, Feb. 22, 2023 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTCQB: HMBL) announced today that the Company has decided to cancel its application for a 1:10 reverse split of its common stock with FINRA. The Company withdrew the FINRA application in light of reassessing its strategic plans for a future uplist to a major stock exchange and may reapply later this year should it be necessary to do so.
“We are starting off 2023 with a detailed review of our business and making strong moves accordingly. On February 10th, HUMBL launched the first mobile wallet with digital assets, a search engine and verified social media profiles in one application. Further, HUMBL is in the process of aggressively settling legacy debt and recapitalizing the Company with the goal of less dilutive financing,” said Brian Foote, CEO of HUMBL. “We also revisited the purpose of the reverse split and believe it is neither aligned with our current objectives, nor particularly beneficial for our retail shareholders at this juncture.”
About HUMBL
HUMBL is a Web 3 platform with product lines including HUMBL Wallet™, HUMBL Search Engine™, HUMBL Tickets™, HUMBL Social™ and HUMBL Marketplace™. The company also has a commercial blockchain services unit called HUMBL Blockchain Services™ (HBS).
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control. Except as may be required by law, HUMBL undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.
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