JACKSONVILLE, Fla., Dec. 02, 2022 (GLOBE NEWSWIRE) — Coastal Capital Acquisition Corporation (OTCMKTS: CCAJ) (“the Company”), is currently listed on the OTC Markets (OTCMKTS) with its symbol CCAJ. The Company, as of December 1, 2022, has submitted to FINRA a Reverse Stock Split with every ten (10) shares of outstanding common shares held by each shareholder will automatically be converted into one (1) common stock. No fractional shares will be issued in connection with the reverse stock split and the par value remains unchanged. All fractional shares will be rounded up. Shareholders holding stock certificates may contact the Company’s transfer agent, Pacific Stock Transfer Company for details on how to exchange for new stock certificates.
Coastal Capital Acquisition Corporation believes it is placed precisely, in terms of long-term growth and stability, and looks toward the future endeavors of the company. By effecting the Reverse Stock Split, it will make available more equity for Strategic Partnerships in addition with financing options and acquisitions which we believe will be in the best interest of the shareholders and the company.
As a result of the reverse stock split, every 10 shares of outstanding common stock will be exchanged for 1 share of common stock, with any fractional shares being rounded up to the next higher whole share. Immediately after the reverse stock split becomes effective based on the ex-dividend date set by FINRA which the date is not guaranteed, for example if the ex-dividend date was December 2, 2022, the Company will have approximately 104,973,905 shares of outstanding common stock.
About Coastal Capital Acquisition Corporation
Is a builder primarily engaged in the construction of single-family houses (SIC 6552) and other buildings for sale on our own account rather than as contractors including renovations. Our secondary business engagement is an Office of Holding (SIC 6719) companies primarily engaging in holding the equity interest in (or securities) companies and enterprises for the purpose of owning a controlling interest or influencing the management decisions of these firms. Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region while accessing the needs of a new acquisition and take an active role in the hiring and management processes.
This news release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of words “could”, “believe”, “anticipate”, “intend”, “estimate”, “expect”, “may”, “continue”, “predict”, “potential”, and similar expressions that are intended to identify forward-looking statements. Such statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of Coastal Capital Acquisition Corporation (“CCAJ” or “the Company”) to differ materially from the results expressed or implied by such statements, including changes to anticipated sources of revenues, future economic and competitive conditions, difficulties in developing the Company’s technology platforms, retaining and expanding the Company’s customer base, fluctuations in consumer spending on the Company’s products or services and other factors. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company disclaims any obligations to publicly update or release any revisions to the forward-looking information contained in this presentation, whether as a result of new information, future events, or otherwise, after the date of this presentation or to reflect the occurrence of unanticipated events except as required by law.