Cryptyde, Inc. Announces Distribution of Series A Preferred Stock to Holders of its Common Stock
January 17 2023 - 4:30PM
Cryptyde, Inc. (NASDAQ: TYDE), a technology company committed to
driving growth and innovation through strategic acquisitions and
management of technology, announces that its Board of Directors has
declared a dividend of one one-thousandth of a share of newly
designated Series A Preferred Stock, par value $0.001 per share,
for each outstanding share of the Company’s common stock held of
record as of 5:00 p.m. Eastern Time on January 27, 2023.
Shareholders will receive the shares of Series A Preferred Stock
immediately prior to 5:00 p.m. Eastern Time on January 30, 2023.
The Series A Preferred Stock will be entitled to
vote together with the outstanding shares of the Company’s common
stock, as a single class, exclusively on any proposal to increase
the number of authorized shares of common stock; any proposal to
give the Board of Directors the authority, as it determines
appropriate, to implement a reverse stock split within twelve
months following the approval of such proposal by the Company’s
stockholders; and any proposal to adjourn any meeting of
stockholders called for the purpose of voting on these proposals.
The Series A Preferred Stock will not be entitled to vote on any
other matter except as required by the Delaware General Corporation
Law. Each outstanding share of Series A Preferred Stock will have
1,000,000 votes per share (or 1,000 votes per one one-thousandth of
a share of Series A Preferred Stock) subject to certain
limitations.
All shares of Series A Preferred Stock that are
not present in person or by proxy at the meeting of stockholders
held to vote on (i) the increase in the number of authorized
shares of common stock and (ii) the reverse stock split as of
immediately prior to the opening of the polls at such meeting will
automatically be redeemed by the Company. Any outstanding shares of
Series A Preferred Stock that have not been so redeemed will be
redeemed if such redemption is ordered by the Company’s Board of
Directors or automatically upon the approval by the Company’s
stockholders of the above described proposals. The Series A
Preferred Stock will be uncertificated and cannot be transferred by
any holder except in connection with a transfer of any shares of
the Company’s common stock held by such holder. In that case, a
number of one one-thousandths of a share of Series A Preferred
Stock equal to the number of shares of the Company’s common stock
to be transferred by such holder would be transferred to the
transferee of such shares of common stock.
Further details regarding the Series A
Preferred Stock will be contained in a report on Form 8-K to
be filed by the Company with the Securities and Exchange
Commission.
About Cryptyde
Cryptyde, Inc. (NASDAQ: TYDE) is focused on
driving growth through the acquisition and management of
technology. With subsidiaries like Forever 8, a cash flow
management platform for e-commerce sellers, and Ferguson
Containers, a provider of complete manufacturing and logistical
solutions for product and packaging needs, Cryptyde is committed to
identifying and acquiring businesses with untapped potential and
developing strategies to scale them to new heights. Through focused
execution and a commitment to innovation, Cryptyde aims to drive
significant growth and value creation for its portfolio companies
and shareholders.
For additional information, please visit
http://www.cryptyde.com/.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements in this press release other than
statements of historical fact could be deemed forward looking.
Words such as “plans,” “expects,” “will,” “anticipates,”
“continue,” “expand,” “advance,” “develop” “believes,” “guidance,”
“target,” “may,” “remain,” “project,” “outlook,” “intend,”
“estimate,” “could,” “should,” and other words and terms of similar
meaning and expression are intended to identify forward-looking
statements, although not all forward-looking statements contain
such terms. Forward-looking statements are based on management’s
current beliefs and assumptions that are subject to risks and
uncertainties and are not guarantees of future performance. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors,
including, without limitation: the potential that the distribution
of shares of Cryptyde’s Series A Preferred Stock to holders of
common stock as a dividend does not occur as described in this
press release. Given this risks and uncertainty, you are cautioned
not to place undue reliance on such forward-looking statements. For
a discussion of other risks and uncertainties, and other important
factors, any of which could cause Cryptyde’s actual results to
differ from those contained in forward-looking statements, see
Cryptyde’s filings with the Securities and Exchange Commission
(SEC), including the section titled “Risk Factors” in Cryptyde’s
Registration Statement on Form 10, as amended, filed with the SEC
on May 13, 2022, and Cryptyde’s Registration Statement on Form S-1,
as amended, filed with the SEC on November 14, 2022. All
information in this press release is as of the date of the release,
and Cryptyde undertakes no duty to update this information or to
publicly announce the results of any revisions to any of such
statements to reflect future events or developments, except as
required by law.
For further information, please contact:
Investor Relations
Richard Brown617-819-1289investors@cryptyde.com
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