The company is shifting toward an acquisition-focused strategy following a leadership change and reverse stock split.
Key Investor Takeaways – Worldwide NFT, Inc. (USOTC:WNFT) announced that Jay Wright acquired majority voting control of the company from George Sharp. – Management said the company plans to pursue acquisition opportunities across sectors including AI, software, robotics, UAVs and manufacturing. – The company completed a 1-for-10 reverse stock split as part of a recapitalization initiative. – Following the reverse split, WNFT reported approximately 94.35 million common shares outstanding and no debt. – Shares are expected to temporarily trade under ticker WNFTD before reverting back to WNFT
Why WNFT Stock Is In Focus Worldwide NFT, Inc. (USOTC:WNFT) announced a change of control after Jay Wright acquired majority voting control of the company from George Sharp in a privately negotiated transaction. Wright most recently served as co-founder and Chief Strategy Officer of Castellum, Inc., a NYSE-American listed defense and technology company. According to the company, Wright previously worked as a mergers and acquisitions attorney at Foley & Lardner and Skadden, Arps before later serving as an investment banker at Merrill Lynch.
He has also held executive roles at several public companies and advised dozens of businesses on acquisition strategy and execution. Management said the company intends to pursue an acquisition-driven growth strategy targeting sectors including software, managed services, artificial intelligence, robotics, unmanned aerial vehicles and U.S.-based manufacturing initiatives. “We plan to look for interesting, accretive acquisition opportunities,” said Mr. Wright. “As baby boomers continue to retire, we believe that the ability to execute an acquisition-driven growth strategy will continue to grow.