Current Status of FINRA Corporate Action & Stock Split
CAMPBELL, CA, Aug. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Friendable, Inc. (OTC PINK: FDBL) is pleased to update its shareholders on the various activities and actions taken by the Company, as it relates to Friendable seeking final approval of its corporate action from FINRA and to continue its capital raising efforts for the release of the Fan Pass mobile application.
Following the Company’s original filing of the Corporate action, the SEC reviewed the action and provided a “no further comment” letter, allowing the process to continue on to FINRA for review. Additionally, Friendable was preparing to complete a fundraising of $1Million Dollars and filed the required “Form D” disclosure with the SEC in order to proceed with these efforts. Unfortunately, the Company’s effective date for the completion of its stock split was slated for May 23, 2019, which did not occur. Rather, additional information requests by FINRA were made, specifically regarding one of the Company’s note holders, resulting in FINRA refusing to process the stock split on June 26, 2019.
Fortunately, FINRA provided the Company with the specifics of its denial, which has led to a cooperative effort between Friendable, Inc. and the note holder to take certain actions, believed to address and resolve the issues identified in the FINRA denial, ultimately resulting in a resubmission of the Company’s corporate action and request for stock split. This resubmission has taken place and the Company awaits a response from FINRA, following its review that is currently in process.
“Although this has been a lengthy process, to have the cooperation needed to successfully resubmit to FINRA has been a true blessing and we thank Alpha Capital Anstalt for its swift action in this regard. I believe this will prove to be a very rewarding milestone for the Company and our shareholders, once achieved and I thank all of shareholders, note holders, family, friends and supporters for their unwavering support during this very delicate process,” said Robert A. Rositano, Jr. CEO, Friendable, Inc.
“Together we have many goals to accomplish, which is why it is paramount we remain focused and our entire team perform on these most important steps that are leading us to securing a solid foundation. We believe this foundation will provide what is needed for a successful fund raising and future value creation, as we prepare for the release of our Fan Pass application, as well as various new relationships that are all waiting on this final approval from FINRA. It’s time to look toward the future of Friendable, Inc. and the future starts by obtaining this approval, of which we believe is coming in short order,” concluded Rositano, Jr.
About Friendable, Inc.
Friendable, Inc. is a mobile focused technology and marketing company, connecting and engaging users through two distinctly branded applications:
The Friendable and Fan Pass Mobile Applications.
The Company initially released its flagship product Friendable, as a social application where users can create one-on-one or group-style meetups. In 2019 the Company released its new version of Friendable with a focus on dating and building subscription based revenue, starting with its existing and historical database of approximately 900,000 registered users.
Fan Pass is the Company’s newest app/brand, scheduled for release in 2019. Fan Pass believes in connecting Fans of their favorite celebrity or artist, to an exclusive VIP or Backstage experience, right from their smart phone or other connected devices. Fan Pass allows an artist fan base to experience something they would otherwise never have the opportunity to afford or geographically attend. The Company aims to establish both Friendable and Fan Pass as premier brands and mobile platforms that are dedicated to connecting and engaging users from anywhere around the World.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected by Friendable, Inc. The iTunes rankings should not be construed as an indication in any way whatsoever of the future value of the Friendable's common stock or its present or future financial condition. The public filings of Friendable, Inc. made with the Securities and Exchange Commission may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Friendable, Inc. cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, Friendable, Inc. does not undertake, and Friendable, Inc. specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
Friendable, Inc.
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info@friendable.com