CARMEL BY THE SEA, Calif., Aug. 29, 2023 (GLOBE NEWSWIRE) — Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“IPSI” or the “Company”), a leading FinTech provider of digital payment platforms, today announced that it has effectuated a reverse stock split of its common stock at a ratio of 1 post-split share for every 30 pre-split shares that will become effective on the OTC Marketplace at 8:00 a.m. Eastern time on Wednesday, August 30, 2023.
Under FINRA rules, the Company’s common stock will be traded on the OTC Marketplace under the symbol “IPSID” on a split-adjusted basis for the first 20 trading days, after which the Company’s stock symbol will revert back to “IPSI”.
The new CUSIP number for the common stock following the reverse stock split is 45783M208.
At the Company’s 2022 Annual Meeting of Shareholders held on November 2, 2022, the Company’s shareholders approved a reverse split of the Company’s common stock in a range of between 1-for-2 and 1-for-30, with the final reverse split ratio to be determined in the sole discretion of the Company’s Board of Directors. The Company’s Board of Directors recently approved a final reverse split ratio of 1-for-30.
About Innovative Payment Solutions, Inc.:
Innovative Payment Solutions, Inc. (OTCQB: IPSI) is a cutting-edge provider of digital payment and other solutions for both business owners and consumers, with a particular focus on the unbanked and underserved. Through its IPSIPay® App, IPSI facilitates instantaneous cross-border remittances by companies and individuals, using its robust technology platform to enable digital transactions that are convenient, cost-effective, fast, and secure. IPSIPay® App users can acquire VISA debit cards and obtain a bank account at a major U.S. institution, enabling them to execute financial transactions through IPSI’s large, worldwide merchant network. Additionally, IPSI is a joint venture partner in IPSIPay Express, a new business aiming to provide a proprietary Instant-Settlement in RealTime™ merchant processing solution and traditional credit card processing to markets including online gaming and entertainment.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 made by Company management and the Company’s commercial collaborators. 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 negative of these terms or other comparable terminology. These forward-looking statements are based on expectations and assumptions as of the date of the press release and are subject to significant risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially and adversely 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: (i) whether the IPSIPay Express joint venture partners can develop and commercially launch IPSIPay Express on the timeframes anticipated, if at all; (ii) challenges with the gaming, entertainment and other markets in IPSIPay Express expects to operate; (iii) merchant and customer acceptance of IPSIPay Express as an alternative payment method, (iv) the ability of IPSIPay Express to generate revenue and distribute cash to the Company; (v) the Company’s ability to continue its commercialization efforts for the IPSIPay® App and related capabilities; (vi) the Company’s ability to increase its number of active users and generate revenue from such users on a continuing basis; (vii) the Company’s ability to operate its platform without errors; (viii) the Company’s ability to operate its technology for use in all U.S. states and foreign countries; (ix) the Company’s ability to generate revenue, positive cash flow or profitability; and (vi) the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, 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. 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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