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Grapefruit USA, Inc. (OTCQB “GPFT”) Corporate Name and OTC Ticker Symbol Change Completed; GPFT Will Temporarily Be Quoted On the OTCPink Market
Grapefruit USA, Inc. (OTCQB “GPFT”) Corporate Name and OTC Ticker Symbol Change Completed; GPFT Will Temporarily Be Quoted On the OTCPink Market.
About this update from Grapefruit Usa Inc.
[{"type":"text","content":"\n Los Angeles/Desert Hot Springs, CA, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Grapefruit USA, Inc., a Delaware corporation, (OTCPink: “GPFT”) (“Grapefruit” or the “Company”) a California based fully compliant cannabis company is announcing today that both its Corporate name change from Imaging 3, Inc. to Grapefruit USA, Inc. and ticker symbol change from IGNG to GPFT have been completed and approved by FINRA. Furthermore the Company’s common shares will temporarily be quoted on the OTCPink Market as a result of a delay in the effectiveness date of its pending registration statement on Form S-1 caused by the autumn 2019 delays in connection with the audit of the Company’s wholly owned subsidiary, Grapefruit Boulevard Investments, Inc. (“GBI”). In order to fully inform our shareholders why this highly technical temporary regulatory step has been deemed necessary by OTC Markets Compliance Department a review of certain aspects of the history of GBI’s reverse acquisition of Imaging3, Inc. is in order. On March 13, 2019, Imaging3, Inc. (hereinafter “IGNG” or the “Company”) executed a non-binding letter of intent with GBI related to a proposed reverse acquisition of IGNG by GBI. On March 28, 2019, management of both GBI and IGNG met with IGNG’s independent public auditors Rose, Snyder and Jacobs, CPAs (hereinafter “RSJ”). The purpose of the meeting with RSJ was to ascertain if it had the requisite professional experience to successfully audit a cannabis company such as GBI. At the conclusion of the meeting and after RSJ reviewed GBI’s financials, RSJ represented to the Company that, although it lacked prior professional experience in auditing a cannabis company, RSJ felt comfortable with the project of auditing GBI’s financials for the filing of a Form 8K/A concerning the proposed reverse acquisition after its completion. RSJ requested that GBI hire a cannabis accounting expert of its choice to review GBI’s books and records, which GBI consented to. On April 30, 2019, RSJ conduct a successful warehouse inventory audit on GBI at GBI’s site in Desert Hot Springs, California. On May 31, 2019, IGNG and GBI executed a Share Exchange Agreement documenting the reverse acquisition of IGNG by GBI. In mid-June 2019, IGN...