MARIJUANA COMPANY OF AMERICA INC. (“MCOA” or the “Company”) (OTCQB: MCOA), an innovative hemp and cannabis firm, announced today that its Board of Directors and Stockholders have approved a 1-for-60 reverse stock split of the Company‘s issued and outstanding common shares. On July 1, 2019, a Special Meeting of Stockholders was held to make the decision.
Marijuana Company of America Announces Reverse Stock Split
The reverse stock split is meant to give Marijuana Company of America more freedom to think about and plan for future business needs. It is also meant to raise the price of its common stock per share so that it meets the minimum price required to stay on the OTCQB.
That is, for every 65 shares of the company’s common stock issued and outstanding, 1 new share of common stock will be issued. It will cut the MCOA’s outstanding shares from 12.38 billion to 190.47 million.
The reverse stock split will take effect on July 31, 2019, at 12:01 a.m. ET, according to the Amended Certificate to MCOA’s Certificate of Incorporation. If FINRA approves the corporate action, MCOA expects that its common stock will trade on a split-adjusted basis with a new CUSIP number and the current trading symbol “MCOA” on August 1, 2019.
All issued and existing shares of MCOA common stock are affected by the reverse stock split. Following the reverse stock split, the par value of MCOA common stock will stay unchanged at $0.001 per share. The reverse stock split affects all stockholders equally and has no effect on any stockholder’s proportional participation in MCOA’s equity. There will be no fractional shares issued as a result of the reverse split. The MCOA Board of Directors has decided that stockholders who would normally be entitled to a fractional share will instead get one more share.
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Marijuana Corporation of America, Inc.
MCOA is a corporation that engages in product research and development of legal hemp-based consumer products under the brand name “hempSMARTTM” which targets general health and well-being. They offer an affiliate marketing program to promote and sell their legal hemp-based consumer products containing CBD. And also the leasing of real property to separate business entities engaged in the cultivation and sale of cannabis in states and jurisdictions where cannabis is legal.
Also read–Are Marijuana Stocks On Cash App?
About Our CBD-Infused HempSMART Products
For any indication, CBD has not been approved by the United States Food and Drug Administration (FDA). Our CBD-based industrial hemp products are not marketed or sold as safe and effective treatments for any medical condition, like pharmaceuticals or dietary supplements that are regulated by the FDA.
