SAN ANTONIO, Sept. 30, 2022 (GLOBE NEWSWIRE) — Ecoark Holdings, Inc. (“Ecoark” or the “Company”) (NASDAQ: ZEST) at the moment reiterated from its earlier announcement on September 12, 2022 (see press launch right here) that each one frequent and most well-liked stockholders of file as of the shut of business on Friday September 30, 2022, will obtain on a professional rata foundation, one share (plus a fractional share to be decided based mostly on the full shares excellent on the file date) for each one share of Ecoark share they personal (or on a transformed foundation for our most well-liked stockholder) by means of future distributions by way of spin-offs of Ecoark’s possession of capital inventory of two public firms it lately acquired.
On July 25, 2022, Ecoark exchanged its frequent inventory of White River Holdings Corp for $30,000,000 of convertible most well-liked inventory of White River Energy Corp which lately modified its title from Fortium Holdings Corp (OTC: FRTM) (”White River”). Upon conversion, which is topic to an efficient Registration Statement with the Securities and Exchange Commission (the “SEC”), Ecoark’s convertible most well-liked inventory converts into 42,253,521 shares of White River frequent inventory.
Only September 6, 2022, Ecoark exchanged its frequent inventory of Banner Midstream Corp (“Banner”) for 12,996,958 shares of Enviro Technologies US, Inc. (OTC: EVTN) (“Enviro”) frequent inventory. Ecoark plans to impact a 4:1 ahead inventory cut up of Enviro’s frequent inventory, topic to Financial Industry Regulatory Agency (“FINRA”) approval, which might enhance Ecoark’s present inventory place in Enviro to 51,987,832 shares.
Ecoark plans to maneuver ahead with White River and Enviro submitting Registration Statements to register the underlying shares of frequent inventory in order that, upon effectiveness of the respective Registration Statements, the shares will probably be free buying and selling.
Ecoark additionally plans to spin off its wholly-owned subsidiary, Zest Labs, Inc. (“Zest”). Ecoark plans to file a Form 10 with the SEC in October, which is step one in Zest turn out to be a separate publicly-traded firm. Assuming this timeline is met, Ecoark initiatives the file date for the Zest inventory dividend will probably be November 15, 2022, shut of business.
About Ecoark Holdings, Inc.
Founded in 2011, Ecoark is a diversified holding firm. Ecoark owns 4 principal subsidiaries both straight or not directly: roughly 70% of Enviro Technologies US, Inc. (OTC: EVTN) (“Enviro”) not directly, roughly 70% of White River Corp (OTC: FRTM) (“White River ”) not directly, 100% of Zest Labs, Inc. (“Zest Labs”) straight, and roughly 89% of Agora Digital Holdings Inc. (“Agora”) straight. Enviro supplies trucking and different companies for oil and gasoline companies firms by means of its Banner Midstream business. White River owns White River Holdings Corp., an oil and gasoline drilling, exploration, and manufacturing firm. Zest Labs, gives the Zest Fresh™ resolution, a breakthrough strategy to high quality administration of contemporary meals, is particularly designed to assist considerably scale 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 by means of 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 deliberate spin-offs and the Zest file 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 meant to establish forward-looking statements. These statements are based mostly on administration’s present expectations and beliefs, in addition to a variety of assumptions regarding future occasions. Such forward-looking statements are topic to identified and unknown dangers, uncertainties, assumptions, and different vital components, similar to market and different situations, lots of that are outdoors administration’s management. Additional components or occasions that would trigger our precise outcomes to vary could emerge every now and then, and it’s not 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 and different Registration Statements, SEC overview of the Registration Statements for the deliberate inventory dividends, unexpected regulatory points together with FINRA delays, and financial situations 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-Okay for the fiscal yr 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 could emerge every now and then, and it’s not doable for us to foretell all of them. We undertake no obligation to publicly replace any forward-looking assertion, whether or not because of new info, 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]
