SinglePoint Inc. (OTCMKTS: SING) is up 30.56%. Recently the company reported its operational and financial results for Q1 2021 ended March 31, 2021, and offered a corporate update.
SinglePoint effected reverse stock split
During the quarter, the company effected a 1 for 75 reverse stock split. In addition, it spun off its non-core asset, 1606 Corp. In addition, the company completed the acquisition of Box PureAIr to sell AIRFBOX, which is a high-proficiency efficient energy air purification tech. The company is looking to transform its traditional solar energy model and is determined to expand its national footprint. With Box PureAIr and Energy Wyze’s acquisition over the quarter, the company is boosted its goal of creating a national renewable energy products and services network to promote a sustainable lifestyle and minimize impact in the environment.
SinglePoint secured $2 million in proceed from financing to use in the marketing and sales initiatives of its recent acquisitions. Most importantly, the company settled the rest of its Convertible Secured Note Agreements with UAHC Vetires ad Iliad Trading Company eliminating its external debt conversions. Most importantly, the elimination of the balance removed possible conversion in the future under the Note and removed all derivative debt from Singelpoint’s balance sheet.
SinglePoint positioned to leverage opportunities
Wil Ralston, President of SinglePoint, said, “Our team has worked diligently to establish a strong foundation, financially, operationally and commercially and I am pleased with the progress we continue to make. These deliberate steps are critical in propelling SinglePoint to its next phase of growth and well-position the Company to become an industry leader for renewable energy solutions. Moving forward, we believe 2021 will be a further transformational year, especially having begun taking steps towards qualifying for a national exchange, which we believe has the potential to increase the profile of SinglePoint and maximize shareholder value.”