ESCONDIDO, Calif., July 03, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- PRESS RELEASE -- Marijuana Company of America, a hemp and cannabis corporation, has announced that the company’s Board of Directors and stockholders have approved a reverse stock split of its issued and outstanding common stock at a ratio of 1-for-60. The decision was made at a Special Meeting of Stockholders held on July 1, 2019.
The reverse stock split is intended to give Marijuana Company of America greater flexibility in considering and planning for future potential business needs, and to increase the per-share trading price of its common stock to enable the company to satisfy the minimum price requirement for continued listing on the OTCQB. Pursuant to the Amended Certificate to MCOA’s Certificate of Incorporation, the reverse stock split will be effective on July 31, 2019, at 12:01 a.m. ET. Subject to approval of the corporate action by FINRA, MCOA expects that upon the opening of trading on Aug. 1, 2019, its common stock will trade on a split-adjusted basis with a new CUSIP number under current trading symbol “MCOA.”
The reverse stock split affects all issued and outstanding shares of MCOA common stock. The par value of MCOA common stock will remain unchanged at $0.001 per share after the reverse stock split. The reverse stock split affects all stockholders uniformly and will not alter any stockholder’s percentage interest in MCOA’s equity. No fractional shares will be issued in connection with the reverse split. Stockholders, who would otherwise be entitled to receive a fractional share, will instead receive one additional share as determined in good faith by MCOA’s Board of Directors.
Pacific Stock Transfer Company is acting as the exchange agent and transfer agent for the reverse stock split. Stockholders holding their shares electronically in book-entry form are not required to take any action to receive post-split shares. Pacific Stock Transfer will provide instructions to stockholders with physical certificates regarding the process for exchanging their pre-split stock certificates for book entry of the appropriate number of post-split shares. Stockholders owning shares through a bank, broker or other nominee will have their positions adjusted to reflect the reverse stock split in accordance with their respective bank’s, broker’s or nominee’s particular processes. Additional information regarding the reverse stock split is provided in the Company’s information statement to be filed with the Securities and Exchange Commission.
