Business
Next Group Holdings Announces Special Dividend and New Class D Redeemable Preferred Stock
Next Group Holdings Announces Special Dividend and New Class D Redeemable Preferred Stock.
About this update from Cuentas Inc.
[{"type":"text","content":"\n\n\n\nNext Group Holdings Announces Special Dividend and New Class D Redeemable Preferred Stock\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nNext Group Holdings Announces Special Dividend and New Class D Redeemable Preferred Stock\nCanada NewsWire\nMIAMI, FL, May 27, 2016\n\n\n\nMIAMI, FL, May 27, 2016 /CNW/ - Next Group Holdings, Inc. (OTCQB: NXGH) (the \"Company\") today announces a special dividend for shareholders. The Company has completed and filed requisite paperwork to issue a special dividend of one share of the new Class D Redeemable Preferred Stock for each share of NXGH common stock held. To receive the special dividend, NXGH shareholder need only to take the appropriate steps with their brokerage house to verify their position in the Company.\n\nNext Group Holdings will redeem the Class D Redeemable Preferred shares from each shareholder subsequent to a court ruling in the litigation with Viber Media, Inc. (\"Viber\").  On May 12, 2016, our Board of Directors created a new class of Preferred Stock. The Board also declared a special stock dividend consisting of our newly designated Class D Redeemable Preferred Stock. Pursuant to the dividend, the special stock dividend will be distributed to owners of the Company's common stock as of the record date in a ratio of one share of Class D Redeemable Preferred Stock for every 1 share of common stock owned as of the record date. The Company has set the record date as June 10, 2016. The Class D Preferred Stock must be redeemed within six (6) months (or as soon thereafter as permitted by law) following final resolution of the Corporation's affiliates lawsuit against ViberMedia, Inc. (Next Communications, Inc. and NxtGn, Inc. v. Viber Media, Inc.) which is, as of the date of this resolution, pending in U.S. District Court for the Southern District of New York or any successor or other lawsuit relating to the subject matter thereof in which the Corporation (or any successor-in-interest) is named as a plaintiff (the \"Lawsuit\").\n\nThe Designation fixes the redemption price of each share of class D Prefer...