ALL STATE PROPERTIES HOLDINGS, INC. (OTCMKTS:ATPT) Files An 8-K Other EventsItem 8.01. Other Events.
The Company on December 12, 2017 announced that it is going through an 80-1 reverse split of its existing shares rounded off to 100 shares minimum round lots, and to reduce its authorized Common Stock from 7,000,000,000 to 500,000,000 Common Stock. Therefore, its 2,964,182,540 issued Common Stock will be reduced to approximately 37,060,000 before rounding off.
The Company is a small cap development stage company and therefore desires for its long-term plan to no longer be classified as a penny stock company. The SEC defines “penny stock” to a security issued by a very small company that trades at less than $5 per share. The SEC further states that Penny Stocks may trade infrequently, which means that it may be difficult to sell penny stock shares once you own them. Moreover, because it may be difficult to find quotations for certain penny stocks, they may be difficult, or even impossible, to accurately price. For those reasons as well as our intention to bring real value to our shareholders, the Company cannot reasonably defend having nearly 3 billion shares issued or having 7 billion shares authorized. The Company plans for the near future to file a Form S-1 registration and be a fully compliant public company.
About ALL STATE PROPERTIES HOLDINGS, INC. (OTCMKTS:ATPT)
All State Properties Holding, Inc. is a development-stage company. It conducts business formerly carried on by its predecessor partnership, All State Properties L.P. (the Partnership). During the fiscal year ended June 30, 2010 (fiscal 2010), the Company had no revenues. On September 20, 2010, EnergyOne Technologies, Inc. acquired all the assets of MB Consulting Services, LLC, of which the assets included majority ownership of All State Properties Holdings, Inc. with a purchase agreement entitled Limited Liability Company Ownership Purchase Agreement (the Purchase Agreement). EnergyOne Technologies, Inc is a green energy company focused on designing, manufacturing and marketing systems.