IJJ CORPORATION (OTCMKTS:IJJP) announced an agreement under which it will redeem almost 3.95 billion free trading shares. The step will reduce the total number of outstanding IJJP shares. They will be reacquired from members in the ‘Section 3(a) (10)’ proceeding submitted to the Circuit Court.
It is filed for the Nineteenth Judicial Circuit Lake County, whereby IJJ Corporation was able to buy the right to more than $2.1 million in annual income from legal cannabis cultivating operations. Due to initiated measure, the company will retain the right to this annual income. However, the right will come with far fewer company’s shares to be issued and outstanding.
The securities counselors will submit a court amendment to execute these changes. Moreover, the amendment will also comprise the Cannaworx project. IJJ previously announced that its commitment of stock for the legal, medical pot expansion plan was almost 20.94 billion shares.
It has said that the figure would not go beyond 10.20 billion shares. The announcement of redemption of 3.95 billion free trading shares further minimizes the figure to 6.25 billion IJJ shares. Almost3.95 billion free trading shares will be retired to the treasury. Thus, the redemption will reduce the outstanding shares of the company by a like amount.
The management view
Clifford Pope, the CEO and President of IJJ CORPORATION (OTCMKTS:IJJP), said that the company’s targeted capitalization plan is prepared to expand its partnership business directive. It will be done in a strategic way so as to create value for the company and its shareholders. It has to be done at the least possible cost, inclusive of share issuances.
The reduction in outstanding shares reflects the company’s commitment towards its fiduciary responsibilities to enhance shareholder value. IJJ CORPORATION (OTCMKTS:IJJP) is a full-fledged management and business consulting firm promoting the union of firms to achieve their individual objectives. Its mission is focused on both private and public business professionals.