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Tuesday, February 26, 2019 10:41:05 AM
SHMN ANNOUNCES SHARES BUYBACK PROGRAM
Chino Hills, 02/26/2019 / 16:31, CET/CEST - EQS Newswire - Sohm, Inc.
CHINO HILLS, CA / ACCESSWIRE / February 26, 2019 / SOHM, Inc. (OTC PINK: SHMN), a generic Pharmaceutical, Nutraceutical, and Cosmeceutical company that manufactures and markets generic drugs covering numerous treatment categories, announced today that its Board of Directors has formally approved the initiation of a common stock share buyback program.
SOHM remains focused on continuing efforts to revitalize its business operations, while simultaneously seeking to ensure that the current and potential shareholders remain apprised of ongoing initiatives - all of which will help to ensure our ongoing commitment to maximizing shareholder value.
Accordingly, Mr. Baron Night, President and CEO notes that "we acknowledge that SOHM's current cap structure is not optimal. Instead of a reverse split, we would rather begin taking concrete steps to reduce the company's current outstanding shares while ensuring that our investors do not see their holdings reduced. To that end, the Board of Directors has agreed to engage in a public market based common stock share buyback program."
The buyback program as currently planned will take place between March 1, 2019 and February 28, 2021, with an initial target of 10% of the current outstanding shares of SOHM, Inc. common stock (approximately 154,000,000 shares), with not less than 50% to be retired. Pursuant to the safe harbor provisions of Rule 10b-18, these shares will be acquired by SOHM on the public market, and will be subject to the manner of purchase, timing, price, and volume restrictions specified therein.
SOHM's plan to repurchase these shares is subject to change at any time upon adequate public notice, with the number of shares and definitive timeline to be decided by market conditions and the company's financial status. Any changes to this plan will be noticed via press release and/or filing with OTC Public Markets.
https://www.otcmarkets.com/stock/SHMN/news/EQS-News-SOHM-INC-ANNOUNCES-SHARES-BUYBACK-PROGRAM?id=219521
Chino Hills, 02/26/2019 / 16:31, CET/CEST - EQS Newswire - Sohm, Inc.
CHINO HILLS, CA / ACCESSWIRE / February 26, 2019 / SOHM, Inc. (OTC PINK: SHMN), a generic Pharmaceutical, Nutraceutical, and Cosmeceutical company that manufactures and markets generic drugs covering numerous treatment categories, announced today that its Board of Directors has formally approved the initiation of a common stock share buyback program.
SOHM remains focused on continuing efforts to revitalize its business operations, while simultaneously seeking to ensure that the current and potential shareholders remain apprised of ongoing initiatives - all of which will help to ensure our ongoing commitment to maximizing shareholder value.
Accordingly, Mr. Baron Night, President and CEO notes that "we acknowledge that SOHM's current cap structure is not optimal. Instead of a reverse split, we would rather begin taking concrete steps to reduce the company's current outstanding shares while ensuring that our investors do not see their holdings reduced. To that end, the Board of Directors has agreed to engage in a public market based common stock share buyback program."
The buyback program as currently planned will take place between March 1, 2019 and February 28, 2021, with an initial target of 10% of the current outstanding shares of SOHM, Inc. common stock (approximately 154,000,000 shares), with not less than 50% to be retired. Pursuant to the safe harbor provisions of Rule 10b-18, these shares will be acquired by SOHM on the public market, and will be subject to the manner of purchase, timing, price, and volume restrictions specified therein.
SOHM's plan to repurchase these shares is subject to change at any time upon adequate public notice, with the number of shares and definitive timeline to be decided by market conditions and the company's financial status. Any changes to this plan will be noticed via press release and/or filing with OTC Public Markets.
https://www.otcmarkets.com/stock/SHMN/news/EQS-News-SOHM-INC-ANNOUNCES-SHARES-BUYBACK-PROGRAM?id=219521
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