Integrated Ventures Announces Reverse Split With Plan To Be Readmitted To OTCQB Within 30 Days Or Less
PR Newswire
PHILADELPHIA, Aug. 30, 2017
PHILADELPHIA, Aug. 30, 2017 /PRNewswire/ -- Integrated Ventures, Inc. (OTC: INTV), announced today that the Company has filed a Certificate of Change with the Nevada Secretary Of State to implement a one-for-fifty (1:50) Reverse Split of its common stock which will take effect on approval by FINRA for trading purposes and will not affect any stockholder's ownership percentage of Integrated Venture's shares. Integrated Venture's transfer agent, Worldwide Stock Transfer, LLC will act as exchange agent for the Reverse Split.
The Reverse Split, which was approved by the Company's Board on August 21, 2017 will reduce the number of shares of the Company's Common Stock outstanding from 369,753,151 million pre-reverse split shares to approximately 7,395,063 million post-reverse split shares and the number of free trading pre-reverse split shares from 333,105,469 million to approximately 6,662,109 million post-reverse split shares. In addition, the number of the Company's Authorized Shares of common stock will be reduced from from 2 billion to 40,000,000 million. There will be no changes to a number of Authorized and Outstanding Shares of Company's Series A and Series B Preferred stock and to the Nominal Par Value per share of $0.001.
Steve Rubakh, CEO of Integrated Ventures, comments: "We sincerely believe this is an opportune time to effectuate a Reverse Stock Split to be readmitted within 30 days or less to the OTCQB without any further action, by satisfying the $0.01 minimum bid price requirement and to regain a full compliance, according to OTCQB Standards, Paragraph 4.1, Section 3A (www.otcmarkets.com/content/doc/otcqb/standards.pdf). In addition, the Reverse Split will facilitate a more efficient clearing and trading of our stock in light of the new rules and regulations being imposed by a number of major clearing firms. Finally, the Reverse Stock Split will allow Company to raise capital, by using a non-dilutive funding structures, to complete planned M&A transactions, to solidify capital structure and to create a more appealing stock price, thereby, giving Company access to a larger investor audience."
A/S got reduced ALREADY to 40M already per NVSOS Filing:
New Stock Value: Par Value Shares: 40,000,000 Value: $ 0.001 Par Value Shares: 20,000,000 Value: $ 0.001 No Par Value Shares: 0 Total Authorized Capital: $ 60,000.00
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