SOLLENSYS CORP. (OTCMKTS:SOLS) Files An 8-K Other Events

The previously disclosed 1-for-120 reverse stock split (the “Reverse Split”) of the issued and outstanding common stock, par value $0.001 per share, of Sollensys Corp. (the “Company”) became effective on November 2, 2020. Accordingly, effective November 2, 2020, every 120 shares of the Company’s issued and outstanding common stock will be converted into one share of common stock, without any change in the par value per share. No fractional shares of common stock will be issued in connection with the Reverse Split. If, as a result of the Reverse Split, a shareholder would otherwise hold a fractional share, the shareholder will receive, in lieu of the issuance of such fractional share, one whole share of common stock.

In connection with the Reverse Split, immediately after the Reverse Split became effective on November 2, 2020, the Company also effected a decrease in the number of authorized shares of Company common stock from 12,000,000,000 shares to 300,000,000 shares following the Reverse Split, with no change in the par value thereof.

After giving effect to the Reverse Split, Eagle Lake Laboratories, Inc., the Company’s majority shareholder, continues to hold 95.8% of the Company’s issued and outstanding shares of common stock.

About SOLLENSYS CORP. (OTCMKTS:SOLS)

Sollensys Corp. is a development stage company. The Company operates through its South Korean subsidiary designs and manufactures touch screen panels (TSP). TSP is used in mobile devices and computer touch products among others. The Company has not generated any revenues.