ROWLETT, TEXAS, Dec. 27, 2022 (GLOBE NEWSWIRE) -- Right on Brands Inc (OTC Pink: RTON), a leader and innovator of HEMP DERIVED, and WELLNESS products announced today that its Board of Directors has approved a 1-for-250 reverse stock split of its ordinary common shares. After the split the total authorized shares will be reduced to one-hundred million (100,000,000) common shares with no par value.
"We are pleased to announce this reverse stock split as we believe it is in the best interest of our shareholders and will help position RTON to attract fundamental institutional investors as we continue on our growth trajectory. The perceived overhang of trading price thresholds has been a hindrance in our ability to attract larger investors, and we are happy to move forward clear of this hurdle," stated Jerry Grisaffi, President, and CEO of RTON.
"The reverse stock split changes the price per share and number of shares outstanding but has no effect on the operations of our company nor our overall size and growth potential. It is however key in maintaining our ability to meet certain funds' investment criteria. We are excited to move forward stronger in conjunction with our significant recent progress reflected in more stores opening the past year and three more stores to open in the first quarter of this coming year.
At the commencement of trading when issued, every two-hundred fifty shares of the Company's issued and outstanding ordinary shares will be automatically converted into one issued and outstanding ordinary share.
Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-250 reverse stock split and do not need to take any action in connection with the reverse stock split. It is not necessary for stockholders holding shares in certificated form to exchange their existing stock certificates for new stock certificates of the Company in connection with the reverse stock split, although stockholders may do so if they wish.
The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in RTON's equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. No fractional shares will be issued in connection with the reverse stock split. Any fractional share of a stockholder resulting from the reverse stock split will be rounded up to the nearest whole ordinary share. The reverse stock split will reduce the number of RTON's outstanding shares from 5,861,294,524 shares to approximately 23,445,178 shares. Proportional adjustments will be made to the number of ordinary shares issuable upon exercise or conversion of RTON's outstanding equity awards, warrants or other convertible securities, as well as the applicable exercise or conversion price. Stockholders whose shares are held in brokerage accounts should direct any questions concerning the reverse stock split to their broker. All stockholders of record, holding their shares in certificated form, may direct questions to the Company's transfer agent.
Forward Looking Statements If you know anyone that would like to know more about becoming an Endo Dispensary store, please contact us at info@endodispensaryrowlett.com or jerry@rightonbrands.com
About Right on Brands: Right on Brands, Inc., (OTC Pink: RTON) is a Dallas based, consumer goods company specializing in the brand development and distribution of hemp-based foods, beverages, smokables, oils and topical products. Right on Brands, Inc. is a developer of a broad line of hemp-based smokables, beverages, tinctures, and topical products including products infused with CBD, Delta-8, Delta-10, THCV, CBDV, THCO and Delta-9 (below the federal limit) and the all new HHC vapes, gummies and tinctures. About ENDO Brands: ENDO Brands™, Humbly Hemp®, and ENDO Dispensary & Wellness™ Endo Franchise Group Inc, all share the same goal of providing our customers with the best products in the health and wellness space. As the field of health and wellness products expand, Right on Brands will be there with industry leading Food and Beverage and wellness Products.
To learn more, please visit: https://rightonbrands.com/ www.endobrands.com www.ENDOdispensaryrowlett.com
email: info@ENDObrands.com Corporate Sales: Mike Brown (214) 299-9528
ENDO Brands Corporate Store: ENDO Brands at Lakeview Plaza 6501 Dalrock Road Suite 100 Rowlett, Texas 75089 214-299-9528
AUSTIN LOCATION 12412 Limerick Avenue, Austin, Texas 78758 www.endoofaustin.com 512-621-0649
LAREDO LOCATION ENDO Laredo 2413 Jacaman Rd Laredo, Texas www.endolaredo.com 956-568-2300
HOUSTON LOCATION 3301 Louetta Rd Ste 109 Spring, Texas 77388 832-583-5383
MIAMI FLORIDA LOCATION 10850 SW 104th St, Miami Florida 33156 www.endo-miami.com
PLANO LOCATION 601 W. Parker Road Plano, Texas 75023 469-366-9694
DALLAS LOCATION (coming soon) 9585 Scyene Road Dallas, Texas
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