8 Nov 2022capital raising announcement● NeutralMajor
On October 31, 2022 the board cut the shares issued to founders in the merger, reducing total shares outstanding from 129,176,724 at closing to 79,151,187. The filing says the reduction was 49,925,537 shares in one place and 50,925,537 in another, so the figures are inconsistent. The shares go back to unissued but authorized. The table lists the biggest holders after the cut, including Kent Hush at 16.12%, Russell Klawunn at 15.64% and David Riggs at 13.94%. It does not state a reason for the cut.