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LIG Assets, Inc. Identifies Plan for Shareholder Lockup Agreements and to Further Reduce Share Count
LIG Assets, Inc. Identifies Plan for Shareholder Lockup Agreements and to Further Reduce Share Count.
About this update from Lig Assets, Inc.
[{"type":"text","content":"\n \n \n LIG Assets, Inc. Identifies Plan for Shareholder Lockup Agreements and to Further Reduce Share Count\n \n \nLIG Assets, Inc. Identifies Plan for Shareholder Lockup Agreements and to Further Reduce Share Count\n \n DALLAS, TX--(Marketwired - Mar 14, 2017) - LIG Assets, Inc. (OTC PINK: LIGA) (also known as the \"Leader in Green Assets\" or \"LIGA\") announces plans to further reduce its share count and restrict some of its current common and restricted shareholders.\n On January 4, 2017, the Board of Directors resolved to reduce the conversion rate of its entire 50 million shares of Preferred Stock. The conversion rate of preferred stock to common was reduced from 50 to 1 to a rate of just 1 to 1; which effectively cancelled the potential issuance of 2.45 billion common shares. At the same time, the Board resolved to keep the total authorized common share count at 2.4 billion shares, not conduct any reverse split below .05 per share, and not issue any additional classes of stock for at least three years.\n In an effort to further demonstrate its support of LIGA's long term plans and its loyal shareholders, new management and advisors along with several large shareholders have notified the Company they would be willing to sign lock up agreements on their common and restricted stock holdings. Management is also considering a variety of options to reduce the share count through private transactions, a buyback program, or stock swap. In addition, Chairman and Corporate Counsel Aric Simons will conduct a comprehensive review concerning stock sales by all company management and advisors to confirm that stock sales, if any, were executed according to the law. Current rules prohibit sales of restricted stock in a company like LIGA for at least one year from the date of issuance.\n Mr. Simons stated, \"Our primary goals have been clear; to build a high growth, profitable company and ensure the integrity of our actions.\" He added, \"In our effect to attain success, we want to make certain we have our shareholders' best interest in mind and be certain everyone is playing by the rules. If a restricted shareholder has acted improperly, we will take action to demand return of the shares to treasury or place a lien of those holdings until all questions are resolved.\"\n Mr. Simons concluded, \"The turnarou...