STRI
STR Holdings, Inc. (STRI or the “Firm”) information Certificate of Dissolution with DE Secretary of State.
STR Holdings, Inc. (OTCMKTS:STRI)
TOLLAND, CT, UNITED STATES, October 6, 2023 /EINPresswire.com/ — As beforehand disclosed, the Firm’s Plan of Full Liquidation and Dissolution (the “Plan”) was adopted on September 8, 2023 by the holders of the requisite quantity of the excellent shares of the Firm’s Widespread Inventory by written consent in lieu of a particular assembly.
As contemplated by the Plan, the Firm filed a Certificate of Dissolution on October 5, 2023 with the Delaware Secretary of State dissolving the Firm with an efficient time of 5:00 p.m. Jap Time on October 16, 2023 (the “Efficient Time”). Below Plan and relevant legislation, as of the Efficient Time, the inventory switch books and data of the Firm will probably be closed, such that the Firm’s shares of Widespread Inventory will not be assignable or transferable on the books of the Firm (besides by will, intestate succession or operation of legislation or upon dissolution of any stockholder or its successors). At the moment, the Firm’s widespread inventory also needs to have ceased buying and selling on the OTC markets or every other buying and selling platform, as no such trades will probably be acknowledged by the Firm or its switch agent.
Following the submitting of the Certificate of Dissolution, the Firm will be capable of start the formal dissolution course of, which the Firm plans to conduct underneath the supervision of the Delaware Chancery Courtroom. The Firm intends to distribute, professional rata in a number of distributions, its remaining money to its stockholders, to the extent that such money has been decided legally obtainable for such distribution, and such distribution is permitted by the Delaware Chancery Courtroom. Money is mostly thought-about legally obtainable for distribution as soon as all potential liabilities have been paid, or in any other case supplied for, in full. Such distributions will probably be made to the stockholders of report as of the Efficient Time. Stockholders of report is not going to be required to take any motion to take part in a distribution.
The quantity and timing of distributions, if any, will rely upon and could possibly be affected, delayed or eradicated by, amongst different issues, (i) the timeline for vital litigation towards us, the timing of which is past the Firm’s capacity to manage, (ii) the quantity and timing of declare settlements and reserves put aside to deal with collectors and contingent liabilities, (iii) the bills incurred by the Firm, and (iv) the timing and web proceeds acquired on the disposition of its remaining non-cash belongings. As beforehand reported the Firm continues to be concerned with ongoing litigation in India and Spain. A creditor might additionally search an injunction towards, or in any other case search to intrude with the making of distributions to the Firm’s stockholders, on the grounds that the quantities to be distributed have been wanted to offer for the fee of the Firm’s liabilities and bills. Any such actions might delay, cut back or remove the quantity obtainable for distribution to the Firm’s stockholders. The Firm can not be certain that any funds will change into obtainable for distribution or be distributed to its stockholders.
The Firm reaffirms that its estimate of funds that will probably be legally obtainable for distribution stays within the vary of $0 to $5 million. As of the date of this press launch, the Firm has 20,152,029 shares of widespread inventory issued and excellent.
Ahead-Trying Assertion Disclaimer: This press launch comprises forward-looking statements inside the which means of the Non-public Securities Litigation Reform Act of 1995. Such statements are topic to inherent dangers and uncertainties, together with statements concerning the Firm’s proposed winding down of its operations and the quantity and timing of distributions, if any, to its stockholders. The Firm is presently unable to foretell the quantity or timing of such distributions, if any. The quantity and timing of such distributions will rely upon and could possibly be affected, delayed or eradicated by any quantity of dangers and uncertainties, many of which aren’t within the management of the Firm, together with with out limitation these mentioned on this press launch. The Firm undertakes no obligation to publicly replace any forward-looking assertion contained on this press launch, whether or not consequently of new info, future developments or in any other case, besides as could also be required by legislation.
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STR Holdings, Inc.
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