Cryptyde Inc. Announces Name Change to Eightco Holdings Inc.
April 04 2023 - 7:30AM
Eightco Holdings Inc. announced today that it has changed its name
from Cryptyde, Inc. effective immediately. The company has made the
decision to concentrate its efforts on its most valuable asset,
Forever 8, for which the company previously announced guidance of
projected $60 million in revenue for fiscal year 2023. In addition,
the company anticipates synergistic business opportunities to
complement its already growing fintech business.
"Eightco Holdings Inc. signifies our commitment
to the fintech industry's expansion coupled with the market
opportunities that our subsidiary, Forever 8, presents," said
Eightco Holdings CEO Brian McFadden. "After internal discussions
and analysis, our leadership reached the consensus that the crypto
industry's regulatory risks are likely to continue escalating, and
the company and our clients would be better served by focusing our
full attention on supporting entrepreneurs through our existing
subsidiaries Forever 8 and Ferguson Container. We believe that this
strategic decision is in the best interest of our shareholders and
the sustainable growth of our company."
This name change marks a milestone in the
company's growth plan and reflects its commitment to delivering
value to its customers, investors, and other stakeholders. The
company's core business will remain the same, providing fintech
solutions to entrepreneurs in the e-commerce space.
In addition to the name change to Eightco
Holdings Inc., the symbol under which its common stock trades on
the Nasdaq Capital Market changed from “TYDE” to “OCTO.” The common
stock will begin trading under the new stock symbol at market open
on Tuesday, April 4th.
"We are excited to move forward under our new
name and continue to focus on the growth of the fundamental
business, providing inventory solutions to entrepreneurs and
businesses around the world," said McFadden.
About Eightco
Holdings Inc.
Eightco Holdings Inc. (NASDAQ: OCTO) is
committed to growth focused around its existing subsidiaries,
Forever 8, an inventory management platform for e-commerce sellers,
and Ferguson Containers, a provider of complete manufacturing and
logistical solutions for product and packaging needs, through
strategic management and investment. In addition, the company is
actively seeking new opportunities to add to its portfolio of
technology solutions focused on the ecommerce ecosystem through
strategic acquisitions. Through a combination of innovative
strategies and focused execution, Eightco Holdings Inc. aims to
create significant value and growth for its portfolio companies and
shareholders.
For additional information, please
visit www.8co.holdings
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 effect that the reverse stock
split may have on the price of Eightco Holdings Inc.’s common stock
and the company’s ability to achieve and maintain compliance with
the listing requirements of the Nasdaq Stock Market; the potential
that the expected benefits of Eightco Holdings Inc.’s acquisition
of Forever 8 are not achieved; Forever 8’s inability to continue
the results from the fourth quarter of 2022; Eightco Holdings
Inc.’s inability to raise additional capital of at least $3
million; achievement of the expected benefits of Eightco Holdings
Inc.’s spin-off from Vinco Ventures, Inc.; tax treatment of the
spin-off; market and other conditions; the risks that the ongoing
COVID-19 pandemic may disrupt Eightco Holdings Inc.’s business more
severely than it has to date or more severely than anticipated;
unexpected costs, charges or expenses that reduce Eightco Holdings
Inc.’s capital resources; Eightco Holdings Inc.’s inability to
raise adequate capital to fund its business; Eightco Holdings
Inc.’s inability to innovate and attract users for Eightco Holdings
Inc.’s products; future legislation and rulemaking negatively
impacting digital assets; and shifting public and governmental
positions on digital asset mining activity. 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 Eightco Holdings Inc.’s actual results to differ from those
contained in forward-looking statements, see Eightco Holdings
Inc.’s filings with the Securities and Exchange Commission (SEC),
including the section titled “Risk Factors” in Eightco Holdings
Inc.’s Registration Statement on Form 10, as amended, filed with
the SEC on May 13, 2022, and Eightco Holdings Inc.’s Registration
Statement on Form S-1, as amended, filed with the SEC on January
24, 2023. All information in this press release is as of the date
of the release, and Eightco Holdings Inc. 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 RelationsRichard
Brown617-819-1289investors@8co.holdings
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