Earth Search Sciences, Inc. (OTCMKTS:ESSE) Files An 8-K Other Events
Item 8.01 Other Events
On October 29, 2015, the Board of Directors (the Directors) of
Earth Search Sciences, Inc. (the Company) unanimously voted to
approve a Reverse Stock Split of the common stock of the Company
whereby each 41 shares of common stock outstanding as of the
effective date would be converted into 1 whole share of common
stock (the Transaction).
The primary purpose of the Transaction was to reduce the number
of record holders of the Companys common stock to fewer than 300,
thereby allowing the Company to terminate the registration of the
Common Stock under Section 12(g) of the Securities Exchange Act
of 1934, as amended (the Exchange Act), and suspend its reporting
obligations under Section 15(d) of the Exchange Act.
Under Nevada law, the Transaction was structured so that the
Company could consummate the Reverse Stock Split without the need
to obtain stockholder approval. Therefore, the Company was not
seeking stockholder approval for these actions, and no vote was
sought in connection with such actions.
Although the Board approved the Reverse Stock Split and
subsequent termination of registration of the Common Stock and
suspension of the Companys duty to file periodic reports and
other information with the SEC under the Exchange Act, the Board
reserved the right to abandon, postpone or modify the foregoing
for any reason, at any time before they were consummated.
The Transaction was a going private transaction under Section
13(e) of the Exchange Act and the Company filed a Schedule 13E-3
with the SEC that contained additional information about the
Transaction.The Schedule 13E-3 is available at www.sec.gov. The
Company also released a press release announcing the filing of
the Schedule 13E-3.A copy of the press release is included in the
Exhibits to this document.
to its reserved right to abandon the transaction, the Board,
after deeming it advisable to facilitate future financing of the
Company and its affiliates and generally in the best interest of
the Company and its shareholders to do so, unanimously voted and
resolved on May 25, 2017 to abandon the going private transaction
and all associated action approved in the October 29, 2015
Resolution of the Directors.
Exhibits
None
About Earth Search Sciences, Inc. (OTCMKTS:ESSE)
Earth Search Sciences, Inc. (ESSI) is working with investors to develop and employ technology in the extraction of oil and gas from oil shale. The Company is focused on two business ventures. General Synfuels International (GSI) is the subsidiary of the Company. GSI is engaged in developing additional patents related to the Company’s technology, and as part of that process, the Company is exploring a tar sands application. GSI is also involved in examining various private oil shale sites in Colorado and Wyoming for a test plant. Additionally, the Company has secured oil shale land in both Wyoming and Colorado. As of September 30, 2015, the Company did not generate any revenue and had no business operations. Earth Search Sciences, Inc. (OTCMKTS:ESSE) Recent Trading Information
Earth Search Sciences, Inc. (OTCMKTS:ESSE) closed its last trading session up +0.00027 at 0.00170 with 10,000 shares trading hands.
