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Agritek Holdings Inc. Announces Reverse Stock Split in Preparation for Proposed Uplisting To National Markets And OTCQB
Agritek Holdings Inc. Announces Reverse Stock Split in Preparation for Proposed Uplisting To National Markets And OTCQB.
About this update from Agritek Hldgs Inc
[{"type":"text","content":"\nLOS ANGELES, CA, March 25, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Agritek Holdings, Inc. (OTC PINK: AGTK) www.AgritekHoldings.com, a fully integrated, active cannabis real estate investor and brand licensor for the cannabis sector in the United States and Canada, today announced a reverse stock split of its shares of common stock at a ratio of 1-for-200. The reverse split will take effect at the open of business Tuesday, March 26, 2019. The common shares of Agritek Holdings Inc., which previously traded under the ticker symbol “AGTK,” will begin trading on a post-split basis under the symbol “AGTKD,” which will continue for a period of 20 business days after which time the “D” will be removed, and the symbol will revert back to “AGTK.” The Company’s common stock will also be identified under a new CUSIP number (00856J202). \n Each stockholder’s percentage ownership interest in Agritek Holdings Inc. remains unchanged with the reverse stock split. As a result of the reverse stock split, every 200 shares of issued and outstanding common stock are converted into one share of common stock, with all fractional shares being rounded up to the nearest whole share.  No fractional shares will be issued in connection with the reverse stock split. The reverse stock split will reduce the number of shares of issued and outstanding common stock from approximately1,267,544,913 pre-split shares to approximately 6,338,578 post-split shares. As previously disclosed, the reverse split was implemented by the Company in connection with the Company’s planned application to list its shares of common stock on the OTCQX Market. The reverse split is intended to fulfill the stock price requirements for listing on the higher exchange and future national markets. “This reverse stock split is an important step in restructuring Agritek Holdings’ corporate development, as we continue to execute on our operational strategy,” stated Neil Mundie, acting CEO of Agritek Holdings. “Our plans to move to a higher national exchange will help support the creation of long-term stockholder value by attracting a broader, more diverse stockholder base, more favorable bank financing for our Colorado and Puerto Rico based assets as well as providing an enhanced platf...