This is with reference to Company Report Nos. CR01599-2022 and CR01600-2022 both dated April 1, 2022 with regard to the Public Ownership Report for the months ended January 31, 2022 and February 28, 2022 (collectively, the “2022 PORs”) filed by Globalport 900, Inc. (“PORT” or the “Corporation”). Based on PORT’s 2022 PORs, the Corporation’s public ownership percentage is 8.46%.
In Company Report No. CR01599-2022 dated April 1, 2022, the Corporation stated that:
“On 04 January 2022, the Company issued 600 shares to the incoming directors. From 01 January 2022 and up to the date of the Special Stockholders' Meeting on 12 January 2022, the public float of the Company is 9.99%.
The reduction in public float was due to the election on 12 January 2022 of Mr. Sherwin L. Mendiola as a director who owns 1.53% of the issued and outstanding shares of the Company, which are now treated as non-public shares.”
Further, the Corporation filed its PSE Disclosure Form 4-11 - Change in Number of Issued and Outstanding Shares, under Company Announcement No. C02172-2022 dated April 1, 2022, which reported, in part, that the change in the issued and outstanding common shares is to reflect the issuance of the following shares (collectively, the “Subject Shares”):
1) 168,749,100 common shares, which is part of the original subscription of Sultan 900 Capital, Inc. when the Corporation increased its authorized capital stock in 2012;
2) 10,000,000 common shares subscribed to by Sultan 900 Capital, Inc. in 2019; and
3) 600 common shares in January 2022 to the newly-elected directors.
The Company further stated, in part, that “the change in the public float are due to: 1) the recognition of the Subject Shares, and 2) the election as director of a stockholder owning 1.53% of the issued and outstanding shares, which are now treated as non-public shares.”
In view of the above-mentioned issuances, the Corporation’s public ownership level fell below the 10% prescribed minimum percentage.
Pursuant to the Amended Rule on Minimum Public Ownership of the Exchange (the “Amended MPO Rule”), listed companies which become non-compliant with the prescribed minimum public ownership “shall be suspended from trading for a period of not more than six (6) months and shall be automatically delisted if it remains non-compliant with the MPO after the lapse of the suspension period.”
Given the foregoing and pursuant to the Amended MPO Rule, the trading of PORT shares will remain suspended until further notice. Further, should the Corporation remain non-compliant with the minimum public ownership requirement after the lapse of the six (6)-month period from January 4, 2022, the date on when its public ownership level fell below 10%, PORT shall be automatically delisted from the Official Registry of the Exchange.
The Exchange will inform the Trading Participants and the investing public of further developments on the matter.
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