HUMBL CEO Retires Over $100 Million of Shares
San Diego, California, July 07, 2021 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTC Markets: HMBL) announced today that CEO Brian Foote has agreed to retire 9,350 shares of Series B Preferred Stock that he owns, which is the equivalent of 93,500,000 shares of common stock.
The market value of these shares based on the prior trading day’s closing price at the time the request was submitted was over $100,000,000 (USD). Mr. Foote previously retired 551,669,335 pre-split common shares from the float in November 2020, also at his own personal cost.
The purpose of this share retirement is to reduce the overall HUMBL share count and protect HUMBL investors from dilution as the company pursues its brand partnerships, top line revenue and market share acquisition strategies.
The retired shares are sufficient to cover the shares that have been or will be issued in connection with the completed Tickeri and Monster LA acquisitions, HUMBL Brand Ambassadors, HUMBL Strategic Advisors and HUMBL Strategic Collaborations such as Athletes First, Glushon Sports Management and Pilgrimage Festival. In addition, the share retirement includes an overage allocation to cover shares that may be issued in connection with potential future acquisitions.
“Whatever we can do to deliver great products and protect shareholder value at HUMBL will always be the focus,” said CEO, Brian Foote. “We are actively seeking other HUMBL rollup acquisitions, particularly in mobile payments and ticketing, which we will package into one seamless experience for customers.”
The share cancellation request was submitted on Tuesday, July 6, 2021 to the company’s transfer agent, Pacific Stock Transfer.
HUMBL is a blockchain firm focused on mobile payments, ticketing and financial services.
Forward Looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimates,” “projects,” “intends,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company’s ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company’s control.