Powertap Announces Share Consolidation (Reverse Stock Split)

VANCOUVER, British Columbia and ALISO VIEJO, Calif. and DANBURY, Conn., June 05, 2023 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (OTC: MOTNF) (“PowerTap” or the “Company” or “MOVE”) announces that it will be consolidating all of the issued and outstanding common shares (“Common Shares”) of the Company on the basis of one (1) post-consolidation Common Share for each twenty (20) pre-consolidation Common Shares (the "Consolidation”).

The effective date and trading of the Common Shares on a post-Consolidation basis on NEO Exchange (the “NEO”) is expected to be on or about June 15, 2023. The Company's name and trading symbol will remain unchanged. The new CUSIP number will be 73939X209 and the ISIN number will be CA73939X2095.

The Consolidation is expected to result in the number of issued and outstanding Common Shares being reduced from 472,216,116 pre-consolidation Common Shares to approximately 26,610,806 post-Consolidation Common Shares. The exercise or conversion price of warrants and stock options, and the number of Common Shares issuable thereunder will also be proportionately adjusted upon the completion of the Consolidation. Current shareholders will continue to own the same percentage of PowerTap Hydrogen Capital Corp. as they do currently.

No fractional shares will be issued as a result of the Consolidation. All fractions of Common Shares will be rounded down to the next lowest whole number. No cash consideration will be paid in respect of fractional shares. The Consolidation is subject to the receipt of all required regulatory approvals, including the approval of the NEO.

ABOUT POWERTAP HYDROGEN CAPITAL CORP.

PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (“PowerTap”), is focused on installing hydrogen production and dispensing fueling infrastructure in the United States. PowerTap’s patented solution has been developed over 20 years. PowerTap is now commercializing its third-generation blue hydrogen product that will focus on the refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure.
www.PowerTapcapital.com
www.PowerTapfuels.com

PowerTap Hydrogen common shares are listed on the NEO Exchange. Please visit the company's profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market-depth

PowerTap Contact:
Raghu Kilambi [e-mail]
[phone]