Sylios Corp (OTCMKTS:UNGS) Updates On The Greater Cannabis Company, LLC Spin-Off
Sylios Corp (OTCMKTS:UNGS) a holding firm with operations engaged in the development and exploration of natural gas and oil properties, site related real estate development updated investors of important dates related to the spin-off of the firm’s wholly owned subsidiary firm, The Greater Cannabis Company, LLC.
Earlier in December, Sylios reported that it intends to spin-off over 80% of its subsidiary firm, The Greater Cannabis Company, LLC via pro rata stock payment to holders of its common stock. Preceding this spin-off, the firm will submit a Notice of Conversion with Florida to effectively moving the subsidiary from a limited liability firm for profit corporation and amend the firm’s name to “The Greater Cannabis Company, Inc.” In the newly submitted Articles of Incorporation for the firm, it will designate 10 million shares for its preferred stock and 500 million shares for its common stock.
The record date for dividend payout is February 3 with the Ex-Dividend date fixed at February 1. This reported stock dividend will be paid on February 13 to shareholders. In attempt for investors to get the stock payout, they must own Sylios shares before the Ex-Dividend date. UNGS common stock will commence trading ex-dividend on February 1, 2017.
Sylios Corp investors entitled to get the dividend will receive one share of GCC stock for every 500 UNGS shares of common stock owned. In exchange of releasing fractional shares in association with the stock dividend, the firm will round fractional stocks up to next count of one whole share.
Pacific Stock Transfer, the firm’s transfer agent, will allocate shares of GCC on the imbursement date to certificated investors. Shareholders are not needed to provide any information to the firm’s transfer agent to get the newly released GCC shares of common stock.
In the last trading session, the stock price of closed flat at $0.00010.© Copyright 2016 OTC News Magazine. All rights reserved.