Cherubim Interests this morning announced it has filed a
Corporate Action with FINRA to issue a Convertible Preferred Stock Dividend to
its individual shareholders. Shareholders will be mailed physical certificates
of Convertible Preferred Stock bearing a restrictive legend that will have a
holding period. Once the Corporate Action is approved, shareholders will
receive details of the transaction.
“There has been significant dilution over the recent past in
Cherubim Interests, Inc., and the reason for that has been the issue of the
automatic conversion of aged non-affiliated debt on our companies books. We are
currently in the process of negotiating settlements with many of our debt
holders, as we acknowledge that responsibility; and at the same time, we also
want to protect the integrity of people’s investments in the open market,”
Patrick J. Johnson, CEO of Cherubim, stated in the news release.
“We acknowledge the fact that our market has not recently
performed to the satisfaction of our stockholders due to the automatic debt
conversions of aged debt,” he continued. “And by issuing anti-dilutive,
restricted convertible preferred securities to investors who securities are
‘underwater’ after purchasing our stock in the open market makes sense, because
the dilution has impacted them the most. The rights and privileges of the
restricted convertible preferred securities have already been noted in the
company’s amended articles of incorporation. The Record Date & Payment Date
will be known to our stockholders, once FINRA approves the filing.”
Cherubim specializes in alternative construction projects,
along with comprehensive real estate development, including due diligence,
acquisition, planning, construction, renovation and management; providing
complete beginning-to-end development programs for mixed use, single, and
multifamily projects and properties. The company’s BudCube Cultivation Systems
USA (“BCS”) has developed a proprietary, fully portable and scalable,
Controlled Environment Cultivation Technology that serves as a turnkey solution
for cultivators of legal medical and recreational cannabis, as well as any
other plant species. Coupled with a real estate development and property
management business model, BudCube Cultivation Systems can position itself
anywhere in the world where the cultivation of cannabis is legal.
For more information, visit www.cherubiminterests.com
About QualityStocks
QualityStocks
is committed to connecting subscribers with companies that have huge potential
to succeed in the short and long-term future. We offer several ways for
investors to find, evaluate, and learn more about investing in these companies.
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks Daily Videos http://videocharts.qualitystocks.net
The Quality Stocks “Ones to Watch” http://gotstocks.qualitystocks.net
Please see disclaimer on the QualityStocks website: http://disclaimer.qualitystocks.net
No comments:
Post a Comment