The Board of Directors of the Company approved a stock dividend of nine (9) shares of common stock of the Company for each share of common stock issued and outstanding, subject to necessary regulatory processing and approval by the Financial Industry Regulatory Authority (“FINRA”). Effective October 11, 2016, FINRA approved the stock dividend.
In accordance with the stock dividend, the Company will issue a dividend of nine (9) shares of common stock of the Company for each share of common stock issued and outstanding to each shareholder of record as of the record date of October 6, 2016. The payment date for the stock dividend is October 12, 2016. The stock dividend will increase the number of the Company’s issued and outstanding common stock to 51,680,000 from the current 5,168,000. The stock dividend will not affect the number of the Company’s authorized common stock or its par value, which remains at 1,000,000,000 and $0.0001 par value per share, respectively.