World News: 13:00 GMT Thursday 30th May 2019. [Global Unicorn Holdings, Inc. via Globe Newswire via SPi World News]
LINDON, Utah, May 30, 2019 (GLOBE NEWSWIRE) -- . (PINK: “GUHI”), formerly known as ZYTO Corporation, will become privately held, effective about May 31, 2019. The only stockholder of the Company following a 1 for 12,500,000 reverse stock split will be Vaughn R Cook, who currently owns about 25.8 million, or 40.5%, of the 63.8 million shares outstanding. The reverse stock split has been approved by a majority of the disinterested directors and stockholders of the Company.
In the reverse split, in lieu of issuing fractional shares, the Company will issue scrip to persons with less than 12,500,000 shares, with one scrip for each pre-reverse split share. Scrip can be submitted to the Company for redemption at $0.015 each or combined with other scrip to form one whole share. Scrip not redeemed or combined into one whole share will expire on March 31, 2020. Certificates for common stock will, after the effective date of the reverse-split, represent scrip without any further action by stockholders.
The Company is taking this action to provide fixed-price liquidity to stockholders that are effectively unable to sell their stock into the very limited trading market for the Company’s common stock. The Company’s common stock traded on a very limited basis in the over-the-counter market over the last two years. Since January of 2018 the quoted stock trading price has varied from a low of approximately $0.0055 to a high of approximately $0.05. During 2019, the quoted stock trading price varied less, between a low of $0.01 and a high of $0.025. On over three quarters of business days in 2018 there were no reported transactions in the Old Common Stock, with an aggregate of only 2,497,928 shares being reported as traded on the over-the-counter market. During 2019 there have been reported transactions on only 18 days, or less than one quarter of business days to date in 2019, with an aggregate of only 423,255 shares being reported as traded on the over-the-counter market. Most days on which transactions were reported appeared to be isolated, and on only four occasions in 2019 were there at least one trade on two consecutive days, and on no occasion were there more than three consecutive days with at least one reported trade. Total daily volume was greater than 10,000 shares on only 7 of the 18 days on which trades were reported to date in 2019. This thin volume means that the share price, even at the low levels at which the stock has been trading, is somewhat illusory—if any stockholder attempted to sell a significant number of shares, it would likely cause the share price to plummet significantly below even past trading minimums. Therefore, the supposed benefit of liquidity to being a public company has not been realized.
The Company will provide to all stockholders additional information respecting the reverse split, the reasons for taking this action, alternative considerations, and related matters. The Company will also distribute documents stockholders may use to transmit to the Company the scrip owned of record or beneficially in their name for timely redemption.
The Company provides bio-communication hardware and software applications that include obtaining and analyzing galvanic skin response data from the human body to assist in making better decisions.
For additional information, contact:Vaughn R CookTelephone number: 801-224-7199
Globe Newswire: 13:00 GMT Thursday 30th May 2019
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.