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Alliance Creative Group (ACGX) Releases Shareholder Letter and Announces Reverse Stock Split
Alliance Creative Group (ACGX) Releases Shareholder Letter and Announces Reverse Stock Split.
About this update from Alliance Creative Group, Inc.
[{"type":"text","content":"\n CHICAGO, Aug. 22, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE --  Alliance Creative Group, Inc., a Nevada corporation (the “Company”) (http://www.AllianceCreativeGroup.com) (OTC: ACXG) announced the effectiveness of its reverse stock split (the “Reverse Split”). Under the terms of the Reverse Split, for each four thousand (4,000) shares of the Company’s existing Common Stock (the “Old Shares”) will be exchanged for one (1) (new) share of the Company’s Common Stock (the “New Share”). Fractional shares will be rounded up to the nearest whole number of shares. The Reverse Split becomes effective as of the market open on August 23, 2019 and as a result the Company will have less than 600,000 common outstanding shares after the Reverse Split. The Company also issued a detailed shareholder letter to help clarify any confusion related to any of the recent Company actions or disclosures. The full letter is on the OTC Market Company website at www.OTCmarkets.com under the stock symbol ACGX in the section for filings and disclosure and on www.ACGX.us in the investor relations section under filings. Paul Sorkin, COO and General Counsel of the Alliance Creative Group, Inc., said “The Company has gone through multiple changes these last few years. Some of those changes have been positive and some negative but we have learned from everything and we believe the difficult choices we have made will provide for a better potential future for all shareholders. The last time the Company reversed the stock was almost 9 years ago and this the Reverse Split was only undertaken after significant discussions and multiple evaluations over a period of several months wherein many alternatives were explored and evaluated with a full review of the potential pros and cons for the Company and shareholders. However, due to multiple factors, including but not limited to, up-listing requirements, clearing house parameters, market maker potential involvement, shareholder visibility, potential liquidity, potential future investors, potential future acquisitions, and general market conditions the Company believes the Reverse Split was the best available option for the Company and shareholders. Given these considerations, we are hopeful that the Reverse Split may, if circumstances and market condit...