Solar Integrated Roofing Corp.’s (OTC: SIRC) Board Seeks Amendment To Expand Authorized Common Shares To 1,500,000,000 From 900,000,000 In SEC 14C Information Filing To Fund Future Acquisitions, To Investors Who Provide Funding Required For Future Operations And For Other Future Transactions
Solar Integrated Roofing Corp.’s (OTC: SIRC) Board seeks an amendment to expand its Authorized Common Shares to 1,500,000,000 from 900,000,000 in a SEC 14C Information Filing to fund future acquisitions, to investors who provide funding required for future operations and for other future transactions. SIRC said in the 14C that it will offer more information about the common stock expansion in a future SEC 8K filing. The move will have a dilutive effect on existing shareholders when the additional shares are issued, the 14C said.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), ChargePoint (NYSE: CHPT), EVgo (NASDAQ: EVGO), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).
Solar Integrated Roofing Corp.’s (OTC: SIRC) David Massey, CEO and Chairman, confirmed to the financial community on a live ‘Webcast Update’ last week regarding the share expansion. “We raised our authorized shares,” Massey told listeners to the Update Webcast. “Yes, we did, for financing our growth.” Hear the complete Webcast at live: https://www.youtube.com/@sircnews/featured
In the SEC 14C, SIRC said, “The board of Directors believes the authorized share increase is necessary and advisable in order to maintain the Company’s financing and capital-raising ability. The Company’s authorized common stock would need to be increased to increase the number of shares of Company common stock available for issuance to investors who provide the Company with funding required to continue operations, and/or to persons in connection with potential acquisition transactions, warrant or option exercises and other transactions which our Board of Directors may determine are in the best interests of the Company.”
It added that it does not anticipate that it would seek additional authorized shares from the stockholders for issuance of any additional shares unless required by applicable law or regulations. SIRC disclosed that more information on the share authorization expansion will be included in its current SEC 8-K Report.
As part of the 14C Report, SIRC disclosed that David Massey, CEO, CFO and Director of the Company, beneficially owns 31,091,014 shares of common stock — or 3.88% of the class. He also owns 100% or 2,500,000 of SIRC’s Series A Preferred Stock. Pablo Diaz, past president, owns 44,000,000 of common stock shares — or 5.48% of the class.
As of February 2, 2003, SIRC had 802,138,659 shares of common stock issued and outstanding.
Massey on the SIRC webcast praised the Company’s announced new $25 million and $10 million financing.
Massey said the focus of SIRC now is to focus on being cash flow positive, running a profitable and more efficient Company and eliminating excessive costs. The new financing — $25 million in a new drawdown term note and $10 million in a new revolving credit facility — should help reignite SIRC’s ability to restart several key solar projects. SIRC recently announced both the new $10 million revolving credit agreement facility and securing of the $25 million drawdown term note.
Source: Stock Market Press
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