Suntrust Banks (STI) has released an update to notify the public and investors about the unregistered sales of equity securities.
In a strategic move at the transaction’s close, the Combined Company bolstered its financial structure by issuing nearly 70 million shares to former Honeycomb stockholders and over 6 million shares to select convertible note holders of Nubia, effectively settling outstanding loans. This significant share distribution was conducted under Section 4(a)(2) of the Securities Act of 1933, indicating a private offering, rather than a public one.
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For a comprehensive understanding of the announcement, you can read the full document here.