NextMart To Further Lower Authorized Common Stock To 250 Mln Shares Of Common Stock
(RTTNews) - NextMart, Inc. (NXMR) announced Friday that the Company plans on lowering its authorized Common Stock down to 250,000,000 shares of Common Stock in a two-step corporate action process.
The Company currently has 500,000,000 shares of Common Stock authorized (Par Value $0.01). The Company will immediately lower its authorized Common Stock to 300,000,000 shares.
The Company is currently in the process of cancelling approximately 68,000,000 shares of Common Stock. Upon these shares of Common Stock being officially cancelled, the Company will lower its authorized Common Stock to 250,000,000.
The company said these corporate actions are part of its ongoing efforts to restructure the capitalization of the Company to mainly benefit current shareholders and to become attractive to future company acquisitions.
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