Enerkon
Solar International Inc. (ENKS)
Announced Second Phase - Stock
Buy Back today, which will
significantly reduce
the company's outstanding common stock, Raising
ENKS Book Value per
Share
New York, NY -- June 7, 2021 -- InvestorsHub
NewsWire -- Today, Enerkon Solar International Inc.
(OTC
Pink: ENKS) (the "Company") an international holding company –
consisting of 6 companies incorporated in the USA and UK -
investing in major top market segments (Renewable Energy, Solar –
Hydrogen Production, New Disruptive Technologies, Patents and
Trademarks, Biotech, Defense and other vibrant market segments)
issued the following statement through the Companies CEO MR.
Benjamin Ballout who stated:
"Today the company agreed
to embark the second phase of a robust share buyback campaign which
is in the form of a second buy back action – constructed as a
compulsory Restricted Non- Affiliate Conversion to Preferred Shares
with an Option exercise price of $7.00 and a dividend in cash or
kind in the amount of 8% payable quarterly – in
arrears"
"The company will publish
the restricted shareholdings (non-Affiliate) numbers effected as a
% of total outstanding shares through the Company PROFILE UPDATE ad
validation on the OTC Markets Website via OTCIQ – and this would be
reflected on conversion in stages as conversions come across and
are processed or as shares are canceled with compulsory conversion
automatically retiring the Restricted shares back to treasury with
simultaneous issuance of Preferred Restricted shares as structured
above"
Previous to this action
the Chairman retires to treasury of the company 25,250,000 shares
held by him over the past 3 years in exchange for 252,500 preferred
shares with $7.00 Exercise option and 8% dividend in cask or kind
payable quarterly in arrears – this being about 30% of outstanding
shares, whereas this second phase buy back will represent a
cumulative total of nearly 80% of total outstanding shares
cancelled and retired to treasury in exchange for preferred – this
being a 100:1 conversion ratio for which the second phase will also
be executed by the same ration value of 100:1 – At $7.00 the
holders can opt to convert back on their options to the original
shareholding positions against an exercise ratio formula back to
common should the price be maintained for 30 days average at
$7.00.
This action will benefit
the public shareholders in general, as the effects of the action
will be the contraction in outstanding common stock, which will
raise the Per Share 'book value' accordingly, without having to
resort to a reverse split, which is not popular with companies, or
shareholders.
These actions are taken as
a prelude to Up List Plans to the NASDAQ market which maintains a
minimum share entry price of $4.00 to qualify for listing on the
national exchange.
This action does not
guarantee the PPS will rise to $4.00 and the company may be
required to institute additional share repurchase actions, in the
coming week(s) and there is no guarantee that the exercise option
of $7.00 would be reached - therefore, the exercise price may be
adjusted down, if so needed, in the future.
The foregoing statements
are forward-looking statements, and as such, they may or may not
reflect the results which could transpire in the future which
should be negative or not transpire at all due to circumstances or
other reasons and investors, shareholders, or others should not
rely on these forward-looking statements to ascertain any value if
any of ENKS or to make any investment decisions and to take
note that this is not an offer to buy or sell securities or an
endorsement of ENKS for investment purposes as all investment
carry a risk of loss sometimes a total loss of your investment in
Micro cap shares markets or any market and therefore such
statements or plans should not be relied upon for any business
decisions of any kind - Approval and permissions required by
federal regulations may or may not be approved and if not approved
may result in the loss of all value and all investments in products
requiring such regulatory permissions to market and sell. These
statements are made as forward-looking statements for educational
purposes only in accordance with the rules and regulations which
pertain to the same.
Enerkon Solar
International Inc.
www.enerkoninternational.com
info@enerkoninternational.com
New HQ Address in New York
at:
Enerkon Solar International Inc
477 Madison Avenue
New York, NY 10022 USA
Tel. +1 (877) 573-7797
Tel. +1 (718) 709-7889