ESCONDIDO, Calif., July 31, 2019 (GLOBE NEWSWIRE) — via NetworkWire — PRESS RELEASE — Marijuana Company of America, a hemp and cannabis corporation, has provided an update to its previously disclosed reverse stock split. As stated in its press release dated July 3, 2019, and corresponding Form 8-K filed with the Commission, the company originally anticipated the effective date of the 1-for-60 reverse stock split to occur on July 31, 2019.
The reverse split will not be effective today as previously expected and disclosed. The company filed its notice of corporate action with the Financial Industry Regulatory Authority’s (FINRA), who is continuing its review of the action. The company will file its Form 14C today with the Commission disclosing the corporate action by consent of its majority stockholders.
Pending the Commission’s review of the Form 14C, FINRA’s completion of its review of the proposed reverse split, and the mailing of the information statement to the company’s shareholders, the reverse split will occur at a future date. Updates regarding the approval and a new effective date of the proposed reverse stock split will also be posted on the company’s website and will be filed on Form 8-K with the Commission.