Sylios Corp (OTCMKTS:UNGS) Announced The Greater Cannabis Company, LLC Spin Off
Sylios Corp (OTCMKTS:UNGS) recently announced spinning off The Greater Cannabis Company, LLC, its fully owned subsidiary. It was on 28 December 2016 that the company announced spinning off its subsidiary, by as much as 80.01% through pro rata stock distribution of its common stock for the stockholders.
Before spinning off the subsidiary, the company also announced filing its Notice of Conversion with Florida State. This was done so as to make a proper transition of The Greater Cannabis Company, LLC from a limited liability company to a profit corporation in Florida. The subsidiary shall now onward be known as The Greater Cannabis Company, Inc.
The newly incorporated subsidiary shall be designated as many as 500 million shares of common stock along with 10 million shares of Preferred Stock.
The stock dividend dates
Meanwhile, the company also announced the dates for stock dividend. It was given away on 3 February 2017, along with Ex-Dividend, which was given prior to the dividend, on 1 February 2017 only.
Also, the stock dividend shall be paid to the shareholders today, i.e., on 13 February 2017. The shareholders who intend to receive this stock dividend should have been having Sylios Corp shares before 1 February 2017, i.e., the ex-dividend date.
The Greater Cannabis Company stock arrangement
The company announced that the shareholders who are entitled to receive Sylios Corp dividend shall also receive a share of Greater Cannabis Company Inc’s common stock, in exchange of 500 Sylios Corp common stock shares.
Meanwhile, it also announced that in case of the fractional shares being issued, the shares will be rounded off to the next figure. Greater Cannabis Company Inc’s shares will be distributed to only the certified shareholders.
Sylios Corp also announced that Pacific Stock Transfer is its transfer agent, deemed responsibility for distribution of subsidiary’s shares. The shareholders need not submit their information to Pacific Stock Transfer to get newly issued GCC shares of common stock. Pacific Stock Transfer will act as company’s transfer agent and shall look into the matter completely.© Copyright 2016 OTC News Magazine. All rights reserved.