Business
mCig Obtains SEC Approval for VitaCig Inc. Spinoff, 1:1 Dividend, and IPO
mCig Obtains SEC Approval for VitaCig Inc. Spinoff, 1:1 Dividend, and IPO.
About this update from Bots Inc.
[{"type":"text","content":"\nBELLEVUE, Wash., Nov. 6, 2014 (GLOBE NEWSWIRE) -- mCig®, Inc. (OTCQB:MCIG) (\"mCig\"), a technology company that owns, manufactures, and distributes the mCig®, VitaCig®, and Vapolution products, is pleased to announce that on November 5, 2014 at 4:00 PM Eastern Standard Time the Securities and Exchange Commission's (\"SEC\") declared effective the VitaCig Inc. amended registration statement (S-1) filed on October 16, 2014 and originally filed on April 21, 2014. The effective notice allows the company to complete its strategic spinoff and pro-rata dividend of VitaCig Inc. to all mCig Inc. shareholders creating two companies pursuing two separate market opportunities.\n\n\tFollowing the spinoff, mCig Inc. will continue to pursue the development and growth of its wholly owned brands: mCig® and Vapolution. The company will also turn its focus towards additional M&A opportunities within the global legalized cannabis industry. The company will continue to retain 246,000,000 shares of VitaCig Inc. representing nearly 49% of the company's shares outstanding at the time of the spinoff.\n\n\tVitaCig Inc. will focus exclusively on the nicotine-free mobile vaporization industry while continuing to innovate its core line of products. In anticipation of this spinoff, the mCig Inc. board initiated a CEO search and has identified several promising candidates. The board plans to formally announce the new position prior to the initiation of trading in VitaCig Inc. shares.\n\n\tSpinoff, Pro-Rata Dividend Details\n\n\tWith the registration statement effective, mCig Inc. can now declare a 1:1 dividend of VitaCig Inc. shares as disclosed in the registration statement. This will result in one (1) VitaCig Inc. share automatically credited to each shareholder owning one (1) mCig Inc. share (eg: If you own 10,000 mCig Inc. shares you will receive 10,000 VitaCig Inc. shares). The company will be completing the necessary paperwork to declare this dividend over the next few days and will update shareholders once the dividend has been declared.\n\n\tThe company will also be filing a Form 211 with FINRA and OTC Markets, LLC clearing VitaCig Inc. for trading on the OTCQB. This process is anticipated taking 30-60 days from the time of filing. The company plans to complete the paperwork by the end of this week. The company will be submi...