mCig CEO converts common stock to preferred

mCig (OTCQB:MCIG -3.9%) Chief Paul Rosenburg converts 230M shares of common stock that he owns into 23M shares of Series A Preferred stock. Under the terms of the lock up agreement, he cannot convert the preferred shares until after April 30, 2015. As sole director, Mr. Rosenburg made the decision in order to free up shares to use for potential acquisitions. According the regulatory filing, he regards the move as in the best interests of shareholders.

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Comments (4)
  • Majestic Max
    , contributor
    Comment (1) | Send Message
    Good initiative ....
    18 Jul 2014, 04:18 PM Reply Like
  • Green&Golden
    , contributor
    Comments (39) | Send Message
    This is really going to move up continuously.
    18 Jul 2014, 07:39 PM Reply Like
  • Texasag14!
    , contributor
    Comments (4) | Send Message
    Please explain what this means to investors.
    19 Jul 2014, 09:12 AM Reply Like
  • Green&Golden
    , contributor
    Comments (39) | Send Message
    The CEO did this last FY also. It means that until after April '15, Rosenberg can not sell 230,000,000 of his 250,000,000 shares. Less dilution of stock price which is good for investors. He is trying to build equity in the company, not using it as a paycheck. I read Alan's interview from last year with the CEO. CEO is doing what he said were his plans like getting celebrity ambassadors So far there are 3, with do dilution of shareholder stock, or cost to us. Doesn't sound like he will sell any shares in the next few years. Good solid company!
    22 Jul 2014, 01:31 PM Reply Like
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