GenTech announces share buyback program, reduces authorized share capital

GenTech Holdings Inc (GTEH), an emerging leader in the functional foods and nutritional supplement marketplaces, said last week that it had reduced its authorized share capital by a further 8%, effective as of December 31st 2021.

GenTech has an effective Reg A and has set a capital raise limit of 40 billion shares. However, the company’s management team believes that they can achieve their capital needs with a significant reduction in the authorized share capital and, as a result, the amount of shares available for further dilution of shareholders has been reduced.

The authorized share capital is now listed as 30.5 billion shares, GenTech said.

David Lovatt, Chief Executive Officer of GenTech Holdings, said in a statement that “even right to the end of 2021 we are working diligently by getting the Fizzique production under way, by reducing yet further, and as promised, the authorized share capital and by finding alternative ways to fund business operations other than the issuance of equity.”