Rafarma Approves Issuance of Majority of Voting Shares to Board Chairman Ilya Shpurov

Rhea-AI Summary

Rafarma Pharmaceuticals, OTC: RAFA, has announced the approval of Ilya Shpurov acquiring the majority of Preferred B shares, granting him voting control of the company. This move is part of Rafarma's acquisition by R. & D. BIOCOGENCY LABORATORIES Group. Significantly, the issuance of these restricted preferred shares does not dilute common shares. CEO Vladimir Dolgolenko expressed optimism about Shpurov's leadership and the increased value for Rafarma stemming from this transaction.

Positive

• Ilya Shpurov receives majority of Preferred B shares, ensuring voting control.
• Acquisition by R. & D. BIOCOGENCY LABORATORIES Group potentially enhances company value.
• No dilution of common shares from the issuance of preferred shares.

Negative

• None.

Ljubljana, Slovenia, Oct. 06, 2020 (GLOBE NEWSWIRE) -- Rafarma Pharmaceuticals, Inc. OTC:(RAFA) is pleased to announce approval of Ilya Shpurov receiving the majority of Preferred B shares, conferring voting control of the company, toward the combination of its acquisition by R. & D. BIOCOGENCY LABORATORIES Group of Companies. The issuance of restricted preferred shares does not create any dilution of common shares.

Vladimir Dolgolenko, CEO of Rafarma, commented: “we look forward to this new chapter in the history of the company, enhanced by the leadership of Mr. Shpurov and the enhanced value of Rafarma resulting from this transaction.”

Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “to”, “plan”, “expect”, “believe”, “anticipate”, “intend”, “could”, “would”, “estimate,” or “continue”, or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risk, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with OTC Markets. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

For more information contact:
RAFARMA
(307) 429-2029

 

FAQ

What is the recent development involving Rafarma Pharmaceuticals (RAFA)?

Rafarma Pharmaceuticals has approved Ilya Shpurov to acquire the majority of Preferred B shares, granting him voting control of the company.

Who has received voting control in Rafarma Pharmaceuticals?

Ilya Shpurov has received voting control after acquiring the majority of Preferred B shares.

Did the issuance of preferred shares affect common shares for Rafarma (RAFA)?

No, the issuance of restricted preferred shares does not create any dilution of common shares.

What is the context of Rafarma's acquisition?

The acquisition involves R. & D. BIOCOGENCY LABORATORIES Group, which is expected to enhance Rafarma's value.