On September 29, 2020, the majority of shareholders approved the action and articles of amendment by written consent in lieu of a shareholder meeting.
“We have met with several fund managers, investment banking groups and home office investment companies. The first thing they indicated is that AmeraMex is one of the few companies trading under a $1 that has sales and, apart from a few instances, is profitable. Management was encouraged by each of these organizations to significantly reduce the number of shares issued and outstanding,” CEO Lee Hamre commented.
With ~754M shares outstanding, attracting new shareholders would be difficult and thus amid a strong Q3 ending today it is appropriate to affect the reverse split; Q4 is expected to be another excellent quarter.
This was corrected on 09/30/2020 at 11:42 AM. Added “reverse” in headline