iQSTEL Inc. (OTCMKTS: IQST) has announced an SEC qualification to increase the price per share of the 20.2 million remaining shares currently available under Reg-A, offering at least $0.5 and a maximum of $2.
The Qualification allows iQSTEL to raise $40 million
This Qualification allows iQSTEL to raise up to $40 million while remaining debt-free. iQSTEL intends to use the funds to support its current merger and acquisition) efforts, which aim to accelerate expansion in line with its business strategy to expand its five business divisions – Fintech,EV, IoT, Blockchain, and Telecom. Equally, the proceeds will contribute to iQSTEL’s planned Nasdaq uplisting by increasing shareholder equity value.
In a letter to shareholders, CEO Leandro Jose Iglesias reviewed the company’s progress in the first half of 2021 and revealed 2H 2021. Regarding the Reg A offering price increase Iglesias said that the company has been using the Reg-A offering as the foundation of its funding strategy for the past 18 months since December 10, 2019.
iQSTEL has 20.2 million shares remaining to sell
He said that the last SEC Qualification was on January 14, 2021, where the company approved to offer up to 80 million of its common stock shares. Already iQSTEL has sold around 59.8 million common shares, with the last sale on March 25, 2021. Currently, the company is remaining with 20.2 million common shares of the original 80 million shares.
Iglesias said, “Accordingly, we want to take advantage of this time to have the Reg-A qualified by the SEC with price range that we believe better reflects the current value of our company. This price increase would allow us to raise between $10 Million to $40 Million to invest in the ongoing growth of our business operations and the overall value of the company, in addition to reinforcing our stockholder equity position in preparation for a Nasdaq up-listing.”