Global Arena Holding Initiates 1 for 12 Reverse in Support of Potential Capital and Growth Endeavors
News provided byGlobal Arena Holding Inc.
Jun 20, 2022, 11:13 PM ET
NEW YORK, NY, June 20, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Global Arena Holding, Inc. (the “Company”) (OTC Markets: GAHC), a growth oriented, acquisition minded company focused on specific niche markets offering exponential growth, is announcing that at a Special Meeting of the Board of Directors was held on June 10, 2022, and the Directors addressed the shareholder approval for the 1 for 12 reverse, while discussing the 2021 annual Shareholders meeting. In discussing the need to move forward with the 1 for 12 reverse split, the Directors considered the potential lack of an ability to attract new employees, retain and motivate current employees, and raise potential capital for current acquisitions, mergers, or investments.
Prior to its annual 2021 Shareholder Meeting, the Company had filed the required Schedule 14A which included the proxy statement and proxy with the Securities Exchange Commission, and hearing no comments, created a record date of July 8th, 2021. The Company then mailed, and electronically posted its proxy statement and proxy through third party companies Broadridge, Mediant and Clear Trust, notifying all shareholders of the proposals, and the location of the annual meeting of the Company, which was held at the Kimberly Hotel, 145 E. 50th Street, New York, New York 10022 at 9:00 a.m. local time, on September 7, 2021. In the proxy statement, the Directors clearly discussed the proposal for shareholders to authorize the Company to effectuate a 1 for 12 reverse split of all outstanding common shares. Clear Trust LLC, which acted as the Company’s independent 3rd party transfer agent and election administrator reported after the Company reached quorum the following result;
PROPOSAL TO AUTHORIZE REVERSE STOCK SPLIT:
YES: 76.577% 752,850,022 Common shares
NO: 23.322% 229,283,640 Common Shares
ABSTAIN: 0.101% 992,370.0 Common Shares
At that Special Meeting of the Board of Directors held on June 10, 2022, in order to facilitate potential capital for current acquisitions, mergers, or investments, and with Shareholder Approval, the Directors hereby authorized GAHC to effectuate the 1 for 12 reverse split of all outstanding common shares. This action will also reset conversion prices of existing convertible debt, raising them in accordance with the 1 for 12 reverse.
GAHC filed the required FINRA Issuer Corporate Action Notification on June 17, 2022, and is awaiting its review and comments.
Global Arena Holding, Inc. trades on the OTC Markets, under the ticker symbol GAHC. The Company has been publicly traded since 2011 and holds a number of interests, including Global Elections Services, Inc., Tidewater Energy Group Inc., and GAHI Acquisition Corp. Please find the Company’s filings at SEC.gov.
Owned by Global Arena Holding Inc., GES provides comprehensive technology-enabled election services to organizations such as craft and trade organizations, labor unions, political parties, co-operatives and housing organizations, associations and professional societies, universities, pension funds and credit unions, and entertainment organizations. GES senior management has been supervising elections since 1981, having managed more than Eight Thousand Six Hundred (8,600) election projects involving over Forty Million (40,000,000) voters, certifying each labor election with the U.S. Department of Labor. The primary method of voting for GES elections is Paper Mail Ballots. No election supervised by GES or its senior management has ever been overturned by the U.S. Department of Labor. Management has an extremely strong reputation in the market and a very extensive, longtime customer list. Our mission is to help our clients conduct efficient, accurate, secure and less costly elections with greater participation. As a viable independent third party managing each election, we work to increase methods and rates of participation while maintaining the One Voter = One Vote Integrity that our management team has been committed to for nearly 4 decades.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned or required capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, the company. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.