Sunstock Inc. (OTC:SSOK) saw big things happen Monday to lead off New Year 2019, as the Sacramento-based asset backed crypto-currency company focused on acquisitions and tokens, announced the hiring The Workout Group LLC to begin the restructuring of all of its outstanding debt.
In Monday’s news release, Sunstock declared it “understands the value of reducing the outstanding and authorized share counts to increase shareholder value and to make the company more attractive for long-term viability.”
Sunstock has also brought in Mark Basile of The Workout Group LLC, to bolster an advisory company that has assisted 29 publicly traded companies in remediating over $43 million U.S. of debt and has assisted in reducing a combined 15 billion shares. The focus with Sunstock will be a capital restructuring and debt remediation. The Company wishes to be clear with shareholders that the restructuring will NOT include a reverse split.
Said Sunstock CEO Jason Chang,"We understand that in today's OTC market with the competitiveness of attracting hard earned shareholder dollars, we need to start with our own structure. Basile has worked with a handful of credible investment banking firms, traditional investor relations firms, and several securities attorneys, PCAOB Audit firms, and transfer agents that will be required to get our company back on track."
Approaching the close on Monday, SSOK shares climbed 19-100ths of a cent, or 11.1%, to 1.9 cents, on volume of 93,000