Sonasoft Provides Overview of Corporate Share Structure and Public Float
June 13, 2018 --
San Jose, California, June 13, 2018 (GLOBE NEWSWIRE) -- Sonasoft Corp. (OTCPK: SSFT), a leader in innovative eDiscovery solutions and business continuity services, is pleased to provide shareholders and the investment community with an estimated overview of its corporate share structure, public float, and forward-looking outlook.
Sonasoft remains steadfast in its efforts to provide investors with enhanced transparency and insight into the Company’s operations, corporate structure, and earnings targets. As part of the Company’s growth strategy, the Company is set to execute an aggressive expansion to significantly increase shareholder value.
As of June 12, 2018, SSFT has an approximate total of 338.7 million shares of common stock outstanding. About 251.4 million shares are restricted shares under Rule 144, and around 87.3 million shares are non-restricted. Of the total non-restricted common shares, approximately 44.7 million shares are held in certificate form. The remaining 42.6 million shares are held by the public in brokerage accounts, commonly known as the “float”.
The Company conservatively estimates that nearly two-thirds of the shares in the float are also held by insiders, employees, friends/family, and/or long-term stakeholders. Therefore, the majority of the outstanding share count AND the public float is locked up by insider restrictions, restricted shares, or being held firmly by long-term shareholders. The Company further estimates that the remaining public float remains tight at approximately 13 million shares.
The corporate share structure will remain stable as the Company continues to execute strategies to increase shareholder value in the near and long-term future. This includes raising capital exclusively from friendly sources, a method designed and proven to protect the Company and its shareholders from dilutive financing.
“We have been fortunate to have large long-term shareholders finance much of our recent endeavors on favorable terms. This will allow the Company to expand rapidly, and most important, in a sustainable way,” stated Mike Khanna of Sonasoft.
Additionally, the Company previously announced its intent to complete a “share rollup”, which will convert common shares into preferred stock. This initiative will reduce the outstanding share count by up to 25 percent, and it is expected to occur shortly after the Company audit and subsequent uplist to OTCQB is completed.
The Company continues to make significant strides in terms of executing on its expansion strategies. A number of updates can be expected over the coming weeks.
The Company will be releasing more regular and general updates via Twitter. Please follow us @Sonasoft or by visiting here:
For further information on Sonasoft and its products and services, please visit:
Sonasoft Corporation is a publicly traded corporation and is listed on the OTC Markets under the trading symbol SSFT. Sonasoft’s core business model includes enterprise-class email archiving, eDiscovery, and business continuity software solutions for Microsoft Business Applications on Microsoft Windows platforms. Sonasoft’s signature products for eDiscovery tools, which include SonaVault 5.0 Email Archiving and eDiscovery Software, as well as SonaVault Email Archiving Appliances, deliver affordable enterprise-level functionality that exceeds compliance and ease-of-use requirements of small and medium-sized businesses, governments, school districts, organizations, and enterprises. The Company also launched SonaSecure, which protects systems from ransomware and other email-based threats as well as provides email continuity services. In addition, Sonasoft offers data export and migration services for competing email archiving solutions. Sonasoft email archiving and eDiscovery solutions have hundreds of deployments with an exceptionally high degree of customer satisfaction. Founded in 2003, the Company is headquartered in San Jose, California.
For more information about Sonasoft’s email archiving solutions and business continuity software, contact:
Mike Khanna, President
Phone: (408) 708-4000
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company’s financing plans; (ii) trends affecting the Company’s financial condition or results of operations; (iii) the Company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.