On Friday, June 30, 2023, Houston Natural Resources Corp (OTC: HNRC) made a key announcement. The company announced that it had filed a registration statement with regard to the registration of the shares of Worldwide Diversified Holdings Inc which were involved in the spin-off.
The company also noted that the trading in Worldwide Diversified Holdings shares would be dependent on the approval of the registration statement by the United States Securities and Exchange Commission. The stock had ended flat last Friday but it could be in focus this week. The company went on to note that it would continue to provide updates to the shareholders with regard to the process. It was also announced that Worldwide Diversified Holdings is expected to be listed on the NASDAQ for the target price of $3.50 a share.
It had previously announced that as part of the spinout, the board of directors of Houston Natural Resources Corp had given their approval for the transfer of $53,307,324 in lieu of common shares in Worldwide Diversified Holdings. That had gone into effect on May 26, 2023. In this regard, it ought to be noted that the spin-off was a non-taxable one and had been made with the sole purpose of separating the non-energy assets of the company.
Equinti Shareowner Services, the transfer agent of Houston Natural Resources Corp, had been appointed as the transfer agent as well as the dividend agent for Worldwide Diversified.
Worldwide Diversified is going to hold all the legacy businesses of the company, which would include software, telecom, and technology. However, it would continue to work on identifying opportunities in the food technology and artificial intelligence spaces. Houston Natural Resources Corp also noted that it intended to continue its dividend policy this year and expected that additional dividends could be paid out to shareholders this year due to liquidity-related events.