NEW YORK, NY, June 20, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Global Arena Holding, Inc. (the “Company”) (OTC Markets: GAHC), a growth and acquisition-driven company focused on markets of specific niches offering exponential growth, announces that at a special meeting of the board of directors held on June 10, 2022, the directors addressed shareholder approval for the reverse 1:12, while discussing the 2021 annual meeting of shareholders. In discussing the need to move forward with the reverse 1:12 split, directors considered the potential lack of ability to attract new employees, retain and motivate current employees and raise potential capital for ongoing acquisitions, mergers or investments.
Prior to its 2021 annual meeting of shareholders, the company had filed the required Schedule 14A which included the proxy statement and power of attorney with the Securities Exchange Commission, and hearing no comment, created a record date of 8 July 2021. The company then mailed and electronically posted its proxy statement and proxy through third-party companies Broadridge, Mediant and Clear Trust, notifying all shareholders of the proposals and location of the annual meeting of the Company, which was held at the Kimberly Hotel, 145 E. 50th Street, New York, New York 10022 at 9:00 a.m. local time on September 7, 2021. In the proxy statement, the directors have clearly discussed the proposal to shareholders to authorize the Company to proceed with a 1 for 12 reverse stock split of all outstanding common shares. . Clear Trust LLC, which acted as the company’s independent third-party transfer agent and election administrator, announced after the company reached quorum the following result;
PROPOSAL TO AUTHORIZE THE DISTRIBUTION OF SHARES:
YES: 76.577% 752,850,022 ordinary shares
NO: 23.322% 229,283,640 ordinary shares
WITHHOLD: 0.101% 992,370.0 ordinary shares
At this special meeting of the board of directors held on June 10, 2022, in order to facilitate potential capital for acquisitions, mergers or investments in progress, and with the approval of the shareholders, the directors have hereby authorized GAHC to carry out the 1 for 12 reverse stock split of all outstanding common shares. This action will also reset the conversion prices of existing convertible debt, increasing them in accordance with the inverse of 1 for 12.
GAHC filed the required FINRA Issuer Securities Action Notification on June 17, 2022 and is awaiting its review and comment.
Global Arena Holding, Inc. trades on OTC markets, under the ticker symbol GAHC. The company has been publicly traded since 2011 and holds a number of interests, including Global Elections Services, Inc., Tidewater Energy Group Inc. and GAHI Acquisition Corp. Please find company filings on SEC.gov.
ABOUT Global Election Services, Inc. (GES)
Owned by Global Arena Holding Inc., GES provides comprehensive technology-enabled election services to organizations such as craft and business organizations, labor unions, political parties, cooperative and housing organizations, professional associations and societies. , universities, pension funds and credit unions. , and entertainment organizations. GES senior management has overseen elections since 1981, having managed over eight thousand six hundred (8,600) election projects involving over forty million (40,000,000) voters, certifying each union election with the US Department of Labor. The primary method of voting for GES elections is paper-based voting. No election overseen by the GES or its senior leadership has ever been overturned by the US Department of Labor. The management has an extremely solid reputation in the market and a very long and long-standing client list. Our mission is to help our clients run efficient, accurate, secure and less costly elections with greater participation. As a viable independent third party managing every election, we strive to increase turnout methods and rates while maintaining the One Voter = One Vote integrity that our leadership team has been committed to for nearly 4 decades.
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information in this press release contains forward-looking statements, such as statements relating to the anticipated future direction of the industry, plans for future expansion, various business development activities, planned or required capital expenditures, future funding sources, anticipated sales growth and potential contracts. Such forward-looking information involves significant risks and uncertainties that could materially affect anticipated results in the future and, accordingly, such results may differ from those expressed in forward-looking statements made by or on behalf of the company. These risks and uncertainties include, but are not limited to, those related to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and other risks and uncertainties described in the Company’s periodic filings with the Securities and Exchange Commission.
GlobalArena Holding, Inc.
208 East 51st Street.
New York, NY 10022