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Posted On: 10/06/2022 12:15:44 PM
Post# of 99243
$HENC Hero Technologies to Amend S-1 Registration Statement to Remove Offering of 80 Million Shares Priced at $0.05
https://www.accesswire.com/719258/hero-techno...ed-at-0-05
Amendment aims to reduce short selling, allow stock to trade more fairly and freely
DOVER, DE / ACCESSWIRE / October 6, 2022 / Hero Technologies (OTCQB:HENC) (Twitter: @heroicmindtech), a cannabis company focused on a "seed-to-sale" vertical integration strategy, today announced that it is drafting a 424(b)(3) prospectus supplement to amend its current S-1 registration statement (CIK 0001324736, file number: 333-261062). The purpose of the planned amendment is to remove the 80 million share offering priced at $0.05 per share. The amendment will exclude any shares already issued.
The company has raised funds under the S-1, but decided not to proceed with the fixed priced registered direct offering. The amendment may help reduce resistance that appeared, before the S-1 was ever effective, after an insolent influencer highlighted the offering back in December of 2021. Proceeds from the sale of shares are expected to fund the company's acquisition of property in Vassar Township, Michigan, and other corporate needs.
Hero Technologies' Michigan subsidiary, BlackBox Systems and Technologies LLC, expects the Vassar property to be its base of operations in the state, with operations encompassing cannabis cultivation, processing, wholesale trade, and retail dispensary. BlackBox has already won pre-qualification approval in Michigan for Adult (recreational) and Medicinal Use cannabis licenses.
Hero Technologies' CEO, Gina Serkasevich, said, "Our original S-1 registration served its purpose of allowing the company to raise funds quickly and efficiently for strategic purposes. Now, it is in the best interest of the company and our shareholders to remove the fixed price offering. We expect that removing the fixed price offering will enable our common stock to trade more fairly and freely, with far less unwarranted short selling."
https://www.accesswire.com/719258/hero-techno...ed-at-0-05
Amendment aims to reduce short selling, allow stock to trade more fairly and freely
DOVER, DE / ACCESSWIRE / October 6, 2022 / Hero Technologies (OTCQB:HENC) (Twitter: @heroicmindtech), a cannabis company focused on a "seed-to-sale" vertical integration strategy, today announced that it is drafting a 424(b)(3) prospectus supplement to amend its current S-1 registration statement (CIK 0001324736, file number: 333-261062). The purpose of the planned amendment is to remove the 80 million share offering priced at $0.05 per share. The amendment will exclude any shares already issued.
The company has raised funds under the S-1, but decided not to proceed with the fixed priced registered direct offering. The amendment may help reduce resistance that appeared, before the S-1 was ever effective, after an insolent influencer highlighted the offering back in December of 2021. Proceeds from the sale of shares are expected to fund the company's acquisition of property in Vassar Township, Michigan, and other corporate needs.
Hero Technologies' Michigan subsidiary, BlackBox Systems and Technologies LLC, expects the Vassar property to be its base of operations in the state, with operations encompassing cannabis cultivation, processing, wholesale trade, and retail dispensary. BlackBox has already won pre-qualification approval in Michigan for Adult (recreational) and Medicinal Use cannabis licenses.
Hero Technologies' CEO, Gina Serkasevich, said, "Our original S-1 registration served its purpose of allowing the company to raise funds quickly and efficiently for strategic purposes. Now, it is in the best interest of the company and our shareholders to remove the fixed price offering. We expect that removing the fixed price offering will enable our common stock to trade more fairly and freely, with far less unwarranted short selling."
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