BRAVADA International Announces That It Will Not Consider a Reverse Split Until 2022
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LOS ANGELES--(BUSINESS WIRE)-- BRAVADA International Ltd (https://www.Bravada.com) (Pink Sheets: BRAV) announced today that the Company will not consider a reverse split until 2022, unless a material circumstance that is currently unknown to the board, changes this decision. The Company announced on March 12 that it would undergo a reverse split of 50 for 1. However, an issue arose that dates back to 2001, when the Company was Teltran and under previous management. Teltran management failed to complete required filings for years 2001 – 2007 which was not an issue at that time. Danny Alex, the Founder and CEO of BRAVADA International, took control of Teltran in late 2008 and hence, changed the Company to BRAVADA International Ltd.
In 2008, completing these filings were not an issue as Teltran delisted itself from NASDAQ to list on the OTC markets and under the rules at the time, would not affect any corporate action going forward. However, on March 10, 2015 FINRA, with the support of the SEC, expanded its impact on the small-cap marketplace by conducting in-depth reviews of issuers in conjunction with the processing of corporate actions. There was no “grandfather” provision to this directive and hence, many companies that may have been delinquent in previous years, may have to remedy this before a corporate action is processed, even in situations dating back almost 2 decades.
BRAVADA has an aggressive business plan for expanding and growing its operations for 2021, with CEO Danny Alex working at an uncompromised pace to complete the projects that are scheduled for this fiscal year. It was decided to maintain focus on the Company’s business plan and revisit any corporate action in 2022 and invest the time required to correct this issue at a later date.
BRAVADA International is an internet and media company that owns and curates’ online properties through a proprietary methodology of creating, developing and operating retail and wholesale websites that provide an exciting blend of consumer level and B2B products and services.
Certain matters discussed in this announcement contain statements, estimates and projections about the growth of BRAVADA International’s business, corporate growth, and related business strategy. Such statements may constitute forward-looking statements within the meaning of the federal securities laws. Factors or events that could cause actual results to differ may emerge from time-to-time. BRAVADA International undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements.
CEO and President
Source: BRAVADA International Ltd
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