06 Sep MBO Holdings (BEMG) Announces Stock Exchange to Reduce the Outstanding Common Shares by 815,000,000 (an Over 76% Reduction)
SUNRISE, Fla., Sept. 06, 2018 (GLOBE NEWSWIRE) — Beta Music Group Inc. (OTC PINK: BEMG) through its operating subsidiary Get Credit Healthy, Inc. (www.getcredithealthy.com) today announced certain common shareholders have agreed to exchange shares of common stock for preferred stock resulting in a reduction of common shares outstanding from 1,063,547,329 to 248,547,329, an over 76% reduction to the outstanding common shares.
The 815,000,000 shares will be converted into Series A Convertible Preferred Stock and may only be eligible to convert back to restricted common shares under the following conditions; (1) after any period of five consecutive trading days during which the volume weighted average price (“VWAP”) of Common Stock on the OTC Markets or other stock exchange or trading medium where Common Stock is traded exceeds $.20 per share or (2) after any period trailing 12 month Revenues are in excess of $ 3,000,000 or (3) Corporation becomes a Reporting company subject to Section 13 or 15(d) of the Exchange Act or (4) Common Stock is listed or quoted on the OTCQB, Nasdaq Capital Market, Nasdaq Global Market, New York Stock Exchange, NYSE Mkt, or any successor to the OTCQB, Nasdaq Capital Market, Nasdaq Global Market, New York Stock Exchange, or the NYSE Mkt. or (5) August 21st , 2020.
Elizabeth Karwowski, CEO, stated, “We are extremely pleased in the confidence certain shareholders are demonstrating by further restricting their shares to align their interest with the goals of this Company of growth, increased market share, profitability, quality service, positive results for our clients and enhanced shareholder value for all BEMG shareholders. The exchange benefits our common shareholders as the market capitalization will be greatly reduced and upon profitability, per share earnings will increase making our Company more attractive as an investment opportunity.”