MCOA to move ahead with Reverse Stock Split of Common Stock
The innovative Marijuana Company of America who create unique products for the cannabis sector have announced that the Companies board of directors and shareholders have approved the plans for a reverse stock split of its currently issued and outstanding common stock, at a ratio of 1-60. The decision for this move was made at a meeting between the board and shareholders which was held on the 1st of July 2019. The announced move to perform a reverse stock split is to enable the company to have greater flexibility in their ability to consider and plan for future potential business needs, while also increasing the trading price of its common stock, to ensure the company can continue to list on the OTCQB.
In accordance with the recently amended Certificate to the company’s Certificate of Incorporation, the aforementioned reverse stock split is set to be put into effect on the 31st of July 2019, this subject to the approval of the corporate action by FINRA. Marijuana Company Of America are expecting a smooth transition, and shares to begin trading in a split adjusted basis on the 1st of August, with a new CUSIP number and remain under the existing trading symbol of MCOA. The split, will affect all existing shares issued and outstanding, with the par value of MCOA common stock remaining unchanged at $0.001 per share. No fractional shares will be issued as a result of the split, and as a sign of good faith for those who would be entitled to receive a fractional share, the company’s board of directors have said that those investors will receive one additional share.
The acting exchange agent and transfer agent for the split will be Pacific Stock Transfer Company. Shareholders who have opted to hold their shares electronically in book entry form need not take any action to receive their post-split shares. As for shareholders, who have physical certificates Pacific Stock Transfer have announced that they will be providing those investors with instructions regarding the process they will need to undergo to exchange their existing certificates for post-split ones. Shareholders who have purchased shares through a bank, broker, or alternate nominee will have their positions automatically adjusted in accordance with their chosen methods process. For any additional information regarding the reverse stock split, MCOA will be providing an information statement, which will be filed with the Securities and Exchange Commission.
Brian Gold – IEC International