LAS VEGAS, Dec. 28, 2023 (GLOBE NEWSWIRE) -- Healthy Extracts Inc. (OTCQB: HYEX, HYEXD), a platform for acquiring, developing, patenting, marketing, and distributing plant-based nutraceuticals that target select high-growth categories within the multibillion-dollar nutraceuticals market, will effect a 1-for-120 reverse split of its common stock, effective at the opening of the market tomorrow, Friday, December 29, 2023.
The reverse stock split will be implemented in connection with the company's intention to uplist the company's common stock to the NYSE American. The reverse split is intended to fulfill the stock price requirements for a listing on the NYSE American stock exchange, which requires that the company's common stock be priced at $3.00 or higher at the time of listing. The company is taking steps to satisfy other requirements, but there can be no assurance that the company will meet all the requirements for uplist.
Post-split, the company's common stock will begin trading under the symbol "HYEXD" to indicate its post-split status. After 20 business days, the stock will return to trading under the symbol "HYEX."
"This reverse split represents another major step toward our common stock being traded on a listed U.S. exchange," commented Healthy Extracts president, Duke Pitts. "We believe a NYSE American listing will elevate our visibility and broaden awareness of our success in the financial community, particularly with institutional and retail investors, and provide our shareholders with greater liquidity and enhance shareholder value.
"These benefits will be timely, as we prepare to announce a number of new products that will leverage our multiple sales and distribution channels and our broadening customer base, and as we continue to pursue growth both organically and through strategic acquisitions that can also leverage our broad distribution platform."
Over the last year, Healthy Extracts has seen an acceleration in its operational and financial performance. The company recently reported its net revenue on a trailing twelve-month basis increased 25% to $2.6 million, primarily due to product line and distribution channel expansion.
As a result of the split, every 120 shares of issued and outstanding common stock will be exchanged for one share of common stock. Each stockholder's percentage ownership interest in Healthy Extracts and proportional voting power will remain unchanged, and the rights and privileges as the holders of the common stock will be unaffected.
The reverse stock split will reduce the number of shares of issued and outstanding common stock from 354,492,442 pre-split to approximately 2,954,172 post-split. Proportional adjustments will be made to any outstanding warrants or options.
About NYSE American
Drawing on its heritage as the American Stock Exchange, NYSE American is an exchange designed for growing companies, and offers investors greater choice in how they trade. NYSE American is a competitively priced venue that blends unique features derived from the NYSE, such as electronic Designated Market Makers (e-DMMs) with quoting obligations for each NYSE American-listed company, with NYSE Arca's fully electronic price/time priority execution model. To learn more about the advantages of the NYSE America, go to www.nyse.com/markets/nyse-american.
About Healthy Extracts "Live Life Young Again"
Healthy Extracts Inc. is a platform for acquiring, developing, researching, patenting, marketing, and distributing plant-based nutraceuticals.
The company's subsidiaries, BergametNA and Ultimate Brain Nutrients (UBN), offer nutraceutical natural heart and brain health supplements. This includes the only heart health supplement distributed in North America containing Citrus Bergamot SuperFruit. This superfruit has the highest known concentration of polyphenols and flavonoids.
UBN's KETONOMICS® proprietary formulations, which have been designed to enhance brain activity, focus, headache and cognitive behavior, provide many sales and intellectual property licensing opportunities.
For more information visit: healthyextractsinc.com, bergametna.com or tryubn.com.
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate." The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should read the risk factors set forth in the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2023, and future periodic reports filed with the SEC. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The Company cautions that statements and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release.
Food & Drug Administration Disclosure
The product and formulation featured in this release is not for use by or sale to persons under the age of 12. This product should be used only as directed on the label. Consult with a physician before use if you have a serious medical condition or use prescription medications. A doctor's advice should be sought before using this and any supplemental dietary product. These statements have not been evaluated by the FDA. This product is not intended to diagnose, treat, cure or prevent any disease.
BergametNA, Ultimate Brain Nutrients, UBN, Citrus Bergamot SuperFruit and F4T® are registered trademarks of Healthy Extracts Inc.
Company Contact
Duke Pitts, President
Healthy Extracts Inc.
Tel (720) 463-1004
Email contact
Investor Contact
Ronald Both
CMA Investor Relations
Tel (949) 432-7566
Email contact
Media Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
Email Contact
