Artificial Intelligence Technology Solutions, Inc. (AITX) announced on September 23, 2024, an extension of its commitment to not execute a reverse stock split before January 1, 2026. This commitment includes two exceptions: if the company uplists to NASDAQ or the NYSE, or if authorized shares are reversed at the same rate as outstanding shares.
CEO Steve Reinharz stated that this extension aims to maintain the company's relationship with its investing community, addressing concerns about potential reverse splits. The previous amendment was set to expire on January 1, 2025, making this a one-year extension.
Concurrently, AITX filed to increase its authorized common stock shares by 20%, from 12.5 billion to 15 billion. This increase is intended to be released incrementally over time, with funds allocated to support continued growth, research and development, and general business operations.
The strategic increase in shares is designed to provide AITX with the necessary resources to accelerate key projects and innovations, including RADCam, ROAMEO, and RADDOG. This financial flexibility is deemed critical for investing heavily in innovation, expanding marketing efforts, and capturing market share in the AI security and robotics industries.
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