GenTech Holdings Inc. (OTCMKTS:GTEH) is in a range after announcing a reduction of its Authorized Share Capital by 18% effective October 27, 2021, and commenced a share repurchase initiative.
Market Action:
On Wednesday, GTEH stock remains unchanged at $0.0008 with more than 876.30 million shares, compared to its average volume of 303.20 million shares. The stock has moved within a range of $0.0008 – 0.0009 after opening the trade at $0.0009.
Major News
As a result, the company has an effective REG A, and its capital raise has been capped at 40 billion shares. Still, GenTech’s management indicated that they could reach capital raise targets by considerably reducing Authorized Share Capital. As a result, the company has reduced the number of available shares for additional dilution of shareholders.Starting today, the company’s Authorized Share capital is 33 billion shares, indicating an end to more dilution as the GenTech management offers a plan for further Authorized Capital Share reduction in December 2021.
CEO David Lovatt said the company had an exceptional growth year, and the Reg A that has been in effect from June 2021 bolstered the growth. Most importantly, the company didn’t rely on toxic funders and has managed to clear the debt by more than $2 million this year. Therefore, investors should keep an eye on GTEH in the coming weeks.
