PLEASANT HILL, Calif., May 11, 2017 /PRNewswire/ — Textmunication Holdings, Inc. (OTC-PINK: TXHD), a cloud-based mobile SMS marketing platform provider, filed an 8-K on May 10, 2017 detailing an Exchange Agreement with CEO and Chairman, Wais Asefi. The agreement exchanges Mr. Asefi’s 1,750,000,000 shares of common stock for 2,000,000 shares of newly created Series C Convertible Preferred Stock. Mr. Asefi now holds 250M shares of restricted common stock. The transaction was filed with the Nevada Secretary of State on May 9, 2017.
The agreement reduces Textmunication’s outstanding common stock by 1.75B shares moving the shares into Series C Preferred Stock. Textmunication continues seeking shareholder value initiatives while executing on its core SMS blueprint. The company will continue updating the investment community on sales and operational plans as they become material events.