CARSON CITY, NV, Jan. 12, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – LeapCharger Corporation (OTC: LCCN) ("LeapCharger” or the "Company"), an electric vehicle (EV) charging company with disruptive and innovative technology providing eco-friendly and sustainable solutions, today announced that Praveenkumar Vijayakumar, our CEO and largest shareholder (the “Shareholder”), has agreed to return to authorized but unissued status a total of 32,000,000 shares of Company common stock. Once completed, the cancellation of the 32,000,000 shares of common stock will result in the decrease of issued and outstanding shares of the Company’s common stock from 53,275,906 to 21,275,906, or a 60% reduction in the Company’s issued and outstanding shares of common stock.
In exchange for the return of the 32,000,000 shares of the Company’s common stock, the Company shall issue to the Shareholder 1,000,000 shares of its already designated Series A Preferred Stock (the “Series A Preferred Stock”).
“The cancellation of the 32,000,000 shares of the Company’s common stock in exchange for 1,000,000 shares of Series A Preferred Stock affords the Company flexibility and the means by which to achieve our long-term goals. By cancelling these shares, our capitalization becomes quite attractive as we move into the next phase of the Company’s operations. We have entered 2024 with a tremendous amount of optimism for the future of our Company,” declared Praveenkumar Vijayakumar, CEO of LeapCharger. “The next phase of our business plan calls for an infusion of capital to fund our operations and the build-out of our infrastructure, and we are presently evaluating several options to accomplish this while continuing to build and maintain value for all our shareholders.”
Documentation to effect this cancellation of common stock will be submitted to the transfer agent on today’s date, January 12, 2024, and is expected to be completed in short order.
Additional information and updates regarding the cancellation of the shares and any potential capital infusion will be released as they become available. Please review our filings on www.otcmarkets.com for the complete terms and conditions of our Series A Preferred Stock.
For the most current information and updates, please visit our social media pages, all of which are listed at the bottom of this release.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended. Any offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
ABOUT LEAPCHARGER CORPORATION
LeapCharger Corporation is an emerging growth company that aims to provide high-quality electric vehicle (EV) charging solutions to consumers and businesses. Our operations are based in the UAE and we aim to expand operations into other regions such as North America, EU and South Asia in the near future. Our charging stations will be strategically placed in high-traffic areas, ensuring that EV owners have easy access to our services. We offer a user-friendly mobile app that allows customers to easily locate our charging stations, reserve charging spots, and pay for their charging sessions. We have also integrated advertising solutions in our charging stations to generate additional income. In addition to our commercial offerings, we will also partner with residential communities and property owners to install charging stations in their buildings. Additionally, we understand that our customers prioritize efficiency and convenience, so we are installing 150kW+ charging stations at highway exits and petrol pumps. These stations offer a higher charging speed, allowing drivers to get back on the road quickly. One of the ways we achieve this is by offering lower charging rates than our competitors, thanks to our innovative use of advertising revenue. Our charging stations are equipped with 55-inch screens, which serve to provide our clients with a valuable marketing channel and also serve as marketing channels for our LeapCharger brand.
This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning the Company, expected listing and trading, the Company’s technology and future anticipated growth. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “believe,” “intend,” “look forward,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on 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: risks related to LeapCharger’s operations, such as additional financing requirements and access to capital; competition; the ability of LeapCharger to protect its intellectual property rights; and other risks set forth in the Company’s filings with OTC Markets (“OTCM”) and/or the Securities and Exchange Commission (the “SEC”). Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in LeapCharger’s periodic reports filed with the SEC or OTCM, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Periodically, and as legally required, the Company may make new and material information available on its website, www.leapcharger.com, or through Company sponsored social media, which may be accessed by clicking on the below links: