Investview Announces the Private Repurchase of the Shares of Certain Company Co-Founders and Reduces Total Shares Issued and Outstanding by 20.24%
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HAVERFORD, PA, Feb. 07, 2024 (GLOBE NEWSWIRE) -- Investview, Inc. (the “Company” or “Investview”), (OTCQB: INVU), a diversified financial technology company that through its subsidiaries and global distribution network provides financial technology, education tools, content, research, and management of digital asset technologies with a focus on Bitcoin mining, announced today that it has closed on the purchase in a private transaction of shares of its common stock under the terms of a Stock Purchase and Release Agreement dated February 6, 2024 (the “Agreement”).
Under the Agreement, Investview, in a private transaction, repurchased for surrender and cancellation, a total of 472,374,710 of its outstanding common shares (the “Shares”). This had the effect of reducing Investview’s outstanding capitalization from 2,333,356,496 to 1,860,981,786 common shares, a 20.24% decrease. The Shares were repurchased from Chad Smith and Ryan Miller and certain of their affiliates and family members, for an aggregate purchase price of $3,571,146. Messrs. Smith and Miller were two of the original co-founders, officers and directors of the Company who resigned from all offices and affiliations with the Company effective April 29, 2020. The Shares subject to purchase were being held by them subject to a lock-up with the Company that was scheduled to expire in April 2025.
Under the Agreement, the Shares were purchased at a price per share of $.007559985. This represented a discount of approximately 57.6% to the average market price of $.01782 at the time of the closing (calculated using the average of the closing price per share of the Company’s common stock as published by Bloomberg as of the end of each of the trading sessions within the thirty (30) calendar day period prior to the Effective Date.) The purchase price is payable over a two-year period in a series of eight (8) equal consecutive quarterly payments. The purchase price is expected to be paid out of existing cash resources and from cash flow generated through operations.
According to Company CEO, Victor Oviedo, “We continue to remain bullish on the outlook for Investview as we move into 2024 and believe our current share price does not reflect the long-term intrinsic value of the Company. When the opportunity to purchase this large a block of shares became available, we pursued it intently as we believe it represents a good balanced approach to capital allocation, and a unique opportunity to rationalize the use of our capital to purchase over 20% of our outstanding shares of our common stock at what we believe is very attractive pricing; particularly, considering the strategic initiatives that the Company is working on. Accordingly, we viewed this repurchase as an opportunistic way to use our existing cash resources strategically and in an accretive manner to add shareholder value by significantly reducing our outstanding capitalization at a discounted price to the market. Furthermore, when combined with another strategic repurchase transaction we implemented and announced during our third quarter of 2023, we have cumulatively repurchased approximately 775,293,933 or 29.4% of our issued and outstanding common shares at a blended discount of 54.40% to the then contemporaneous trading market. This had the effect of reducing Investview’s outstanding capitalization from 2,636,275,719 to 1,860,981,761 common shares.”