Hemp and cannabis corporation Marijuana Company of America has issued an update to the reverse stock split it had formerly disclosed. As a press release on July 3, 2019, and a corresponding form filled with the commission states, the company initially anticipated the 1-for-60 reverse stock split to happen on July 31, 2019.
However, the reverse split did not happen yesterday as formerly disclosed and expected. The company filed its corporate action notice with the Financial Industry Regulatory Authority (FINRA), who is reviewing its action. The Marijuana Company of America filed form 14C on July 31 with the commission to disclose the corporate action by majority stockholders’ consent.
Pending form 14C review by the commission, FINRA‘s completion of its proposed reverse split review and the information statement mailing to shareholders, the company’s split will happen at a future date. Updates on the approval and a new effective date of the split will be posted on the company’s website and filed with the commission’s Form 8-K.