Bayport International Holdings Inc (OTCMKTS:BAYP) To Cancel 10% Of All Outstanding Shares
Bayport International Holdings Inc (OTCMKTS:BAYP) reported through its CEO, Mr. Clay Franks, its plan to retire approximately 10% of its outstanding common shares. The CEO added that they are under new management now and aggressively venturing into the legal cannabis market. They could not be more excited with the myriad of opportunities this offers for company.
Franks said that Bayport intend to create credibility up front with their shareholders and make them understand the firm have best interests for them in mind. As of today, the company is retiring almost 10% of common shares outstanding. These shares were present in reserve and they have no requirement for them to be in their books in the intermediate or near term, so they felt it is in the best interest of the company as well as its shareholders to eliminate them altogether.
Bayport CEO added that as a result of the retirement of board members and former officers in recent period from the firm, the preferred shares owned with voting rights have also retired. They intended to clean the share framework completely before closing the cannabis related acquisition. This plan should help company position better nicely for the coming period.
As a closing statement, Franks added that they have many more thrilling updates coming in the imminent period related to current cannabis related acquisition plans and other acquisitions as well. They will share the updates through press release at the suitable time. The procedure of retiring stock can take numerous days to update via their transfer agent and other sources.
Bayport International is a holding firm active in oil & gas, precious minerals, energy production and strategic metals. The firm now intends to make use of the attractive opportunities offered in the legal cannabis industry.
In the last trading session, the stock price of Bayport traded in a narrow range and closed absolutely flat at $0.00030. The traded share volume was 177.67 million compared to average share volume of 114.27 million.© Copyright 2016 OTC News Magazine. All rights reserved.