HUMBL Inc (OTCMKTS:HMBL) Stock On Radar After Extending Limitations for Series B Preferred Stock Conversions

Tech firm HUMBL Inc (OTCMKTS:HMBL) was one of the companies which had come on to the news cycle yesterday after it made a major new announcement. The company revealed that its board of directors and Series B stock holders had provided the approval for an amendment to the company’s certificate of incorporation.

Trading Data

On Wednesday, HMBL stock decreased 6.56% to $0.0030 with more than 76.80 million shares, compared to its average volume of 28.93 million shares. The stock moved within a range of $0.0029 – 0.0034 after opening trade at $0.0034.

HUMBL Extends Limitations for Series B Preferred Stock Conversions

By way of this amendment, HUMBL would seek to extend the limitations on its conversions of the Series B Preferred Stock. The limitations would bar any Series B preferred stock holders from converting the stock from June 2023 through to September 2023. Additionally, the conversions would be capped at no more than 500 Series B shares from October 2023 through to June 2024.

From July 2024 through to December 2024 the number of conversions would be capped at 1000 a month. The amendment would go into effect from June 1 2023. It should be noted that the Series B preferred shares had not been registered under the provisions of the Section 12 of the Exchange Act. It is only one of the measures that HUMBL had decided on as part of the wider restructuring that it had devised for recapitalizing the company and retire some debts and to control dilution.