EESTech Board of Directors, pursuant to Section 228(e) of the Delaware General Corporation Law has, upon receiving approval from the holders of greater than a majority of issued and outstanding shares of voting capital stock of the Company, increased the number of authorized shares from 100,000,000 to 300,000,000.

The increase in authorized shares comprises 150,000,000 shares of common stock and 50,000,000 shares of preferred stock, for which the Board may set the terms.

The increase in authorized shares was deemed essential to give EESTech the ability to issue additional outstanding shares in support of obligations, project funding requirements and the Company’s anticipated capital growth.

The Board believes that the preferred shares can be used to:

  • support/enable acquisitions, technologies, waste dumps and other commercial opportunities with lesser impact of outstanding stock dilution, by enabling the company to issue non-voting Preferred shares as security with rights to dividends/working interest income off specific project sites and technologies.
  • provide flexibility to attract institutional investment or select project investors.
  • raise project funding when debt options are not available or are required to be securitized; Preferred shares issued under such basis can be “callable” by the Company at par value based on a certain date or milestone and do not need to carry voting rights.

The Board looks forward to providing further updates in due course.