Revised Proposed Reverse Stock Split Proposed to Ratio of One for a Range of 2 to 30 Shares
CARMEL, CA, Sept. 03, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“Innovative” or the “Company”), a California-based fintech company focused on building a 21st-century universal digital payment platform, IPSIPay, announces today an amendment to its previously filed Preliminary Proxy Statement Notice of Annual Meeting of Stockholders (Schedule 14A). The revised Preliminary Proxy Statement proposes that shareholders vote on a reverse stock split of issued and outstanding shares of common stock at a ratio of one share in exchange for a range to be determined at the discretion of the Board of Directors of between two to 30 shares. The new Preliminary Proxy has been filed with the Securities and Exchange Commission (SEC).
About Innovative Payment Solutions, Inc.
Innovative Payment Solutions, Inc. strives to offer cutting-edge digital payment solutions for consumers and service providers. Innovative Payment Solutions Inc.’s ecosystem will span multiple devices such as self-service kiosks, mobile applications, and POS terminals offering alternative payment methods to meet the needs of consumers and service providers. (investor.ipsipay.com)
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate, “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” or “will” or the or the negative of these terms or other comparable terminology and include statements regarding the annual meeting and information regarding the planned ecosystem. These forward-looking statements are based on expectations and assumptions as of the date of the press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to accelerate and expand the late-stage development of our digital platform, our ability to roll out later this summer of our all-in-one solution as planned, our ability to launch our kiosks rollout program in Southern California as previously planned before COVID-19, our ability to position the Company for future profitability, the duration and scope of the COVID-19 outbreak worldwide, including the impact to the economy in California and Mexico, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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