The Board of Fourth Wave Energy, Inc. announced the spin-off of GeoSolar Technologies.
February 31, 2021
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The Board of Fourth Wave Energy, Inc. (OTCPK:FWAV) announced the spin-off of GeoSolar Technologies on February 1, 2021. As part of the spin-off agreement with Fourth Wave, GeoSolar Technologies ("GST") will receive all commercial rights to the GeoSolar Plus technology and patents in exchange for the issuance of approximately four shares of GST common stock for each outstanding common share of Fourth Wave. The shares of GST common stock will be issued to current Fourth Wave shareholders, subject to a successful transaction close and other considerations. Fourth Wave shareholders will continue to retain their shares in the Company. Following transaction, GST plans to move its headquarters to Arvada, Colorado. Stone Douglass has been appointed Chief Executive Officer of GST and Kevin Garvin, a former regional Marketing Director for Tesla/SolarCity will also join GST. The spin-off of GST is subject to the effectiveness of a registration statement that GST will file with the Securities and Exchange Commission. Board of Directors of Fourth Wave has approved the transaction. The date for determining which shareholders of FWAV will receive shares of GST in the spin-off will be determined shortly before the effective date of GST's registration statement. As of November 3, 2021, GeoSolar Technologies, IncSpin-Off from Fourth Wave Energy, Inc. have been reset to record date: November 23, 2021. The spin off is expected to complete on November 29, 2021.
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