The fintech industry is expected to grow strongly in the coming years, and naturally, there is considerable interest in companies operating in the sector. One of the companies from the sector that could be worth tracking this morning is Dinewise Inc. (OTC:DWIS). The company is currently working on expanding its presence in the fintech industry. Yesterday, Dinewise announced that its Board of Directors had provided approval for raising the number of authorized shares of the common stock of the company, coupled with the introduction of a new class of shares.
The new class of shares introduced by Dinewise was Series A Preferred Shares. The new class of shares had been introduced for the purpose of strengthening the control of the company in the hands of its founders and some of its more vital stakeholders. Such a move would ensure that the strategic direction of the company, along with its long-term vision, remained in the hands of the founders and stakeholders. The move to raise the number of authorized shares was made with the aim of providing Dinewise with greater flexibility with regards to strategic and growth initiatives.
The company had alluded to those initiatives in its letter to shareholders dated April 30, 2024. Dinewise noted in its news release that the additional shares could be used for a number of purposes, including possible acquisitions, raising of capital, and issuance of stock-based compensation. A director of the company, Christina Moore, spoke about the latest move from the company yesterday. She stated that the dual decision from the board of directors was a demonstration of the company’s commitment to its 90-day plan. The decisions had also been anchored to the long-term visions of the company’s founders, she added. It remains to be seen if the Dinewise stock gets any action today or not.
