CARSON CITY, NV, Feb. 28, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire - LeapCharger Corporation (OTC: LCCN) ("LeapCharger" or the "Company"), an electric vehicle (EV) charging company with disruptive and innovative technology providing eco-friendly and sustainable solutions, today addresses recent developments regarding a trading restriction imposed on its stock.
At the close of trading on February 16, 2024, OTC Markets Group, Inc. ("OTC") placed a trading restriction on the Company's securities. Upon learning of this, the Company promptly reached out to OTC and was instructed to continue business as usual and ensure that its Audited Annual Financial Statements for the year ended November 30, 2023 were filed timely. In addition, the Company has engaged a firm that is a licensed member of the Financial Industry Regulatory Authority (FINRA) to assist with the filing of a Form 211 and aid in our quest to have the trading restriction removed.
Despite this temporary setback, LeapCharger reassures its shareholders that its operations remain unaffected. The Company is aware of the decline in its shares. However, the Company is steadfast in its belief in its operations and its future, and appreciates the patience of its loyal shareholders during these turbulent times as the Company works to have the trading restriction lifted.
"We are committed to resolving these issues swiftly and efficiently," stated Praveenkumar Vijayakumar, CEO of LeapCharger. "Our team is diligently working with regulatory bodies to navigate through this process and restore normalcy.
"It is our expectation to file the Form 211 within the week, and, thereafter, we would anticipate being able to resolve all matters related to the trading restriction within the next 30 to 60 days. Upon successful completion of the 211 process with FINRA, the Company's stock will be proprietary quote eligible, which we believe will significantly enhance investor confidence," added Vijayakumar.
"We also continue to work with our accounting team to finalize and timely file our Audited Annual Financial Statements, which will mark the first time in our history we have generated revenue," concluded Vijayakumar.
Additional information regarding the removal of the trading restriction by OTC and the progress of the Form 211 application will be provided by LeapCharger as such updates become available.
For the most current information and updates, please visit our website at www.leapcharger.com and our social media pages, all of which are listed at the bottom of this release.
ABOUT LEAPCHARGER CORPORATION
LeapCharger Corporation is an emerging growth company that aims to provide high-quality electric vehicle (EV) charging solutions to consumers and businesses. Our operations are based in the UAE and we aim to expand operations into other regions such as North America, EU and South Asia in the near future. Our charging stations will be strategically placed in high-traffic areas, ensuring that EV owners have easy access to our services. We offer a user-friendly mobile app that allows customers to easily locate our charging stations, reserve charging spots, and pay for their charging sessions. We have also integrated advertising solutions in our charging stations to generate additional income. In addition to our commercial offerings, we will also partner with residential communities and property owners to install charging stations in their buildings. Additionally, we understand that our customers prioritize efficiency and convenience, so we are installing 150kW+ charging stations at highway exits and petrol pumps. These stations offer a higher charging speed, allowing drivers to get back on the road quickly. One of the ways we achieve this is by offering lower charging rates than our competitors, thanks to our innovative use of advertising revenue. Our charging stations are equipped with 55-inch screens, which serve to provide our clients with a valuable marketing channel and also serve as marketing channels for our LeapCharger brand.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning the Company, expected listing and trading, the Company's technology and future anticipated growth. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "may," "will," "should," "would," "expect," "plan," "believe," "intend," "look forward," and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: risks related to LeapCharger's operations, such as additional financing requirements and access to capital; competition; the ability of LeapCharger to protect its intellectual property rights; and other risks set forth in the Company's filings with OTC Markets ("OTCM") and/or the Securities and Exchange Commission (the "SEC"). Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in LeapCharger's periodic reports filed with the SEC or OTCM, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Periodically, and as legally required, the Company may make new and material information available on its website, www.leapcharger.com, or through Company sponsored social media, which may be accessed by clicking on the below links:
Instagram: https://www.instagram.com/leapcharger/
Twitter: https://x.com/LeapCharger's=20
LinkedIn: https://www.linkedin.com/company/leapcharger/
Contact:
Praveenkumar Vijayakumar
+19173910061
praveen@leapcharger.com
