Leading provider of high-end luxury goods, SFLMaven Corp. (OTCMKTS:SFLM) has announced that its CEO, Joseph Ladin, is voluntarily returning 300 million shares of common stock to the company’s treasury. It is a step towards the newly initiated shareholder value protection campaign, and designed to minimize outstanding shares to protect SFLMaven shareholders from dilution risk.
Trading Data
On Friday, SFLM stock surged 25% at $0.0010 with 188.89 million shares, compared to its average volume of 42.63 million shares. The stock moved within a range of $0.0009 – 0.0011 after opening trade at $0.0010.
Key Details
The company is well-known for its Thursday Night Auction events on its top-rated eBay store, SFLMaven. They have generated over $140 million in sales since inception, earning more than 100k positive reviews along the way.
Management has stated that it is dedicated to establishing a shareholder-friendly relationship with its common stockholders. Cash flows generated directly from operations so far in 2022 have allowed the company to tighten up its capital structure.
Ladin comments that financial reality has undergone a drastic change in recent months, so they have utilized this opportunity to drive value for shareholders in several ways. These include proactive measures designed to eradicate dilution risk. Returning 300 million of common shares reduces total outstanding shares by 15%, which directly helps other shareholders access value as the supply of shares drops and the potential for those shares to come into the market as share sales is eliminated.
Key Quote
“As our financial reality has shifted over recent months, we have an opportunity to drive value for our shareholders in many ways, including proactive measures designed to eradicate dilution risk,” stated Ladin. “As an initial step, I will voluntarily return 300 million shares of common stock to our treasury, thereby reducing total outstanding shares by 15%, which directly helps our other shareholders access value as the supply of shares drops and the potential for those shares to come into the market as share sales is eliminated.”
Technical Data
SFLM stock is below the 20–Day and 50-Day Moving averages of $0.0010 and $0.0011 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0028.
