ATLANTA, Feb. 26, 2025 /PRNewswire/ -- Vaycaychella, Inc. (OTC Pink: VAYK) ("VAYK") clarifies that its news release dated February 18, 2025, contains clerical errors that need correction.
The news release correctly stated that their newly issued preferred shares were issued with a conversion price of $0.005, which is significantly higher than the most recent closing trade price of $0.0008 for VAYK's common shares. Consequently, any shareholders who have purchased or will purchase VAYK stocks below the price of $0.005 will benefit from a premium.
However, due to a clerical error involving an incorrect formula, the news release erroneously claimed that $0.005 is "40 times higher than" $0.0008, when in fact it is only 6.25 times higher.
A similar clerical error occurred when the news release incorrectly stated that $0.0073 is "90 times higher" than $0.0008, while it is actually "9.1 times higher".
"These clerical errors are regrettable," said Stephanie Anderl, Interim CEO of VAYK. "However, they are very basic mathematical errors, and any reasonable person should be able to recognized them."
"More importantly, whether it was 40 times higher or 6.25 times higher should not have any material impact on any investors' profit or loss at this moment or in the foreseeable future, and therefore should not have any material impact on any investors' decisions," Anderl added.
A corrected full version of the February 18 news release is attached below.
====== Full text of Corrected News Release dated February 18 ========
VAYK Confirms No Dilution Following Recent Acquisition and 11 Million Insider Purchase
(Atlanta, Georgia, February 18, 2025) – Vaycaychella, Inc. (OTC Pink: VAYK) ("VAYK") confirmed today that the company's common shares will not experience any dilution upon the closing of its recent acquisition of a $1 million company.
1. No Dilution Until 24 Months Later & Above $0.005 PPS
"We completed this no-cash acquisition by issuing to the seller preferred shares with a total face value of $500,000," explained Stephanie Anderl, interim CEO of VAYK. "These preferred shares are non-tradable. They can only be converted after 24 months or when our stocks are stably traded above $0.005 per share."
Even when those shares become eligible for conversion, the conversion will be conducted at a fixed price of $0.005 per share. Therefore, any shareholder who has purchased or will purchase VAYK stocks below the price of $0.005 will experience no dilution, and will instead enjoy a premium.
"Our common stocks closed at $0.0008 per share yesterday, which is less than 1/6 of these preferred shares' conversion price. In other words, the conversion price is 6.25 times higher than our current share price," said Anderl.
2. No Free-tradable Shares issued for Almost 3 Years
In fact, VAYK has not issued any free-tradable shares since May 2022, which is almost 3 years ago. The company has only delivered two issuances of restricted shares since then. These include approximately 43 million restricted shares issued at a price of $0.0073, which is 9.1 times higher than the current share price. The other issuance is 20 million restricted shares issued at a price of $0.0008, but those shares are not eligible for trading until July 2026.
Anderl emphasized that the company is committed to not issuing any free-tradable shares until its share price rebounds to a "reasonable level".
"We understand that people will have different opinion on what a reasonable level should be," said Anderl. "Let me put it in this way: we believe that it is unreasonable for a company to issue low-cost shares to flood the market, when there are still substantial number of investors who have purchased our shares in the last 3 years are under water."
3. Insider Purchase of Over 11 Million Shares
Additionally, Anderl disclosed that a person who holds insider information has purchased more than 11 million shares on the open market since last November.
"The insider made those purchases because they believed there were no other channels to acquire our common shares at the current price level," elaborate Anderl. "As our disclosure has shown, the company has not issued any low-cost shares in the past three years and will definitely not issue any free-tradable shares at the current market level. Anyone who wants to own shares at the current market price level will have to buy from the open market."
Anderl shares that the insider has expressed their intention to purchase more share on the open market, but has given no indication about the timing and volume of future purchases. Also, since VAYK is not SEC reporting, insider trading will not be disclosed on Form 4 or Form 5 but will be disclosed alternatively.
Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies' contracts, the companies' liquidity position, the companies' ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
