PHOENIX, AZ, Aug. 21, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- SinglePoint Inc. (OTCQB:SING), (“the Company”), a provider of renewable energy, energy supply and air purification, provides an update on the Company returning to ticker symbol “SING”. On July 20th, 2023 the Company effected a reverse split in an effort to comply with the minimum bid price requirements for an uplisting. During the period of 20 days following the July 20, 2023 reversal or until an effective uplist, the common stock of the Company traded under the symbol “SINGD”. The 20 days have now concluded.
Wil Ralston, CEO SinglePoint Inc., said, “Current shareholders have notified the company that the reverse split has created some trading abnormalities and inefficiencies in at least (3) major trading platforms commonly utilized by our shareholders. Post the effective date of the reverse, shareholders have been communicating to the Company that they have only been able to place certain types of trades during this period and that some orders have been below the bid. These three trading platforms represent a majority of the platforms our investors actively invest and trade their holdings.”
Ralston emphasized, “Additionally, critical shareholder information such as bid/asks, executed trades, market capitalizations 52-week trading range have been inaccurate and are just recently belatedly updated across platforms. Yesterday, August 16, there were still investment sites with inaccuracies and inconsistent market data and has understandably generated shareholder and investor confusion. We have contacted several of the major retail trading platforms and market data feeds in an effort to resolve these issues. We remain committed to our goal of uplisting to a listed exchange. This treatment of our shareholders and the Company reinforces the need to be on a listed exchange.”
SinglePoint has a large shareholder base of approximately 29,000 NOBO and 8,000 OBO shareholders. The Company is also providing clarification in connection to the reverse split and the round-up provision. Shareholders who prior to the reverse split owned at least 100 shares of Common Stock and as a result of the reversal would have fallen below 100 shares were beneficially rounded up to 100 shares.
The Company recently announced record financial results for the Second Quarter 2023, which detailed the following;
- Record Second Quarter Revenue: $8,149,480 as compared to $4,534,681 in the same period of 2022, a 79% increase
- $29.568 Million Trailing 12 Month Revenue
- Positive GAAP Gross Profit: a 103% increase vs. same period last year
- Net Loss decreased ~59% vs. same period last year
- Commercial solar business is increasing and building momentum
- Improved gross margin through targeted initiatives
- Boston Solar benefiting from strong business reputation, an experienced management team and diversification across residential and commercial
- Boston Solar recognized as Top Solar Contractor 8th year in a row by Solar Power World
To view the full release visit www.singlepoint.com
About SinglePoint Inc. (SING)
SinglePoint Inc. is a renewable energy and sustainable lifestyle company focused on providing environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is initially focused on building the largest network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also actively exploring future growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and a healthier life. For more information, visit the Company’s website (www.singlepoint.com) and connect on social media for the latest updates.
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential plans and objectives of the Company, the use of proceeds, anticipated growth and future expansion, are forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
Investor Contact:
TraDigital IR
Investors@SinglePoint.com
(212) 389-9782 ext. 107
