SAN ANTONIO, Oct. 13, 2022 (GLOBE NEWSWIRE) — Ecoark Holdings, Inc. (“Ecoark” or the “Company”) (NASDAQ: ZEST) at present introduced that each one widespread and most well-liked stockholders of report as of the shut of business on Tuesday November 15, 2022, will obtain on a professional rata foundation, one share of Zest Labs Inc. (“Zest”) widespread inventory for each one share of Ecoark share they personal (or on a transformed foundation for our most well-liked stockholder) via a future distribution by way of spin-off of Ecoark’s possession of capital inventory in Zest Labs Inc.
Ecoark plans to file a Form 10 with the Securities and Exchange Commission (“SEC”) in October 2022 which, based mostly upon regulatory necessities, is predicted to obtain approval in roughly 60 calendar days. Upon effectiveness of the SEC Form 10, Zest is predicted to go public as a individually traded public firm in December 2022, and free buying and selling shares will likely be distributed to shareholders of report on November 15, 2022 earlier than the calendar year-end 2022.
Furthermore, on October 13, 2022, Zest formally amended its constitution to require it to distribute at least 95% of any internet proceeds obtained from any present mental property litigation to the Zest shareholders of report on November 15, 2022 who obtained the deliberate inventory dividend in December 2022. Zest additionally filed with the State of Nevada to subject a brand new sequence of super-majority voting most well-liked inventory which might be utilized by the Zest Board of Directors whereas it’s a stand-alone public firm to efficiently beat back any hostile takeover makes an attempt, whether or not by adversaries in litigation or in any other case, at a valuation deemed sub-optimal for shareholders by the Zest Board of Directors.
About Ecoark Holdings, Inc.
Founded in 2011, Ecoark is a diversified holding firm. Ecoark owns three principal subsidiaries both straight or not directly: roughly 70% of Enviro Technologies US, Inc. (OTC: EVTN) (“Enviro”) not directly, 100% of Zest Labs, Inc. (“Zest Labs”) straight, and roughly 89% of Agora Digital Holdings Inc. (“Agora”) straight. Ecoark additionally owns roughly 70% of White River Energy Corp (OTC: FRTM) (“White River ”). Enviro offers trucking and different companies for oil and fuel companies corporations via its Banner Midstream business. White River owns White River Holdings Corp., an oil and fuel drilling, exploration, and manufacturing firm. Zest Labs, provides the Zest Fresh™ resolution, a breakthrough strategy to high quality administration of recent meals, is particularly designed to assist considerably cut back the $161 billion quantity of meals loss the U.S. experiences annually. Agora engaged within the mining of Bitcoin previous to the trade sell-off via its subsidiary, Bitstream Mining LLC.
ZEST FRESH™ and Zest Labs™ are emblems of Zest Labs, Inc.
Cautionary Note on Forward-looking Statements
This press launch comprises forward-looking statements throughout the which means of the Private Securities Litigation Reform Act of 1995, together with statements associated to the timing of the Zest report date, regulatory clearance and the distribution date. The phrases “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and related expressions, as they relate to us, are supposed to establish forward-looking statements. These statements are based mostly on administration’s present expectations and beliefs, in addition to quite a lot of assumptions regarding future occasions. Such forward-looking statements are topic to recognized and unknown dangers, uncertainties, assumptions, and different necessary components, corresponding to market and different circumstances, a lot of that are exterior administration’s management. Additional components or occasions that would trigger our precise outcomes to vary might emerge occasionally, and it isn’t doable for us to foretell all of them. Among the dangers that will have an effect on these forward-looking statements are delays in submitting the Form 10, SEC overview of the Form 10, unexpected regulatory points together with FINRA delays, and financial circumstances together with a recession which can have an effect on the inventory market and make continuing with the spin-offs untimely. Additional dangers and uncertainties are recognized and mentioned in Ecoark’s filings with the SEC, together with the Annual Report on Form 10-Ok for the fiscal 12 months ended March 31, 2022. Any forward-looking assertion made by us herein speaks solely as of the date on which it’s made. Additional components or occasions that would trigger our precise outcomes to vary might emerge occasionally, and it isn’t doable for us to foretell all of them. We undertake no obligation to publicly replace any forward-looking assertion, whether or not on account of new data, future developments or in any other case, besides as could also be required by regulation.
Contact:
Investor Relations:
Marc Silverberg, ICR
Brian McBride, Ecoark
1-800-762-7293
[email protected]
