MC Endeavors, Inc. Provides Stockholder Update and Announces Completion of Reverse Takeover
2:00 PM ET 9/20/17 | BusinessWire
Publicly held MC Endeavors, Inc. (OTC Pink: MSMY) announced today that it has closed its reverse takeover (RTO) with privately held Room 21 Media, Inc., as of September 20, 2017. The RTO transaction was initially announced by the company on August 31, 2017. The completion of the RTO signals MC Endeavors' paradigm business model shift to the technology field with innovative social commerce platforms.
Pursuant to the share exchange agreement, John Stippick has been issued 400,000,000 common shares and 1 share of Series A Preferred Share, representing controlling interest in MC Endeavors, Inc. Through the agreement, Room 21 Media, Inc. has become a wholly owned subsidiary and MC Endeavors has acquired all outstanding shares in the company.
Kelani Long has resigned from all officer and director positions, and Mr. Stippick has been appointed as new CEO of MC Endeavors, Inc. Mr. Stippick will be electing company officers and a board of directors in the coming weeks.
"The successful completion of this transaction represents a significant milestone for MC Endeavors stockholders," stated John Stippick, Chief Executive Officer. "We are thankful to our stockholders for their continued patience and we look forward to building this new business in the exciting, fast moving online technology field."
MC Endeavors, Inc will be releasing followup news as to the strategy and company direction going forward in the coming days.