Music Licensing, Inc. (SONG) (SONGD) Announces Implementation of 1-for-500,000 Reverse Stock Split and Reduction of Outstanding Common Shares
Music Licensing, Inc. (OTC Pink: SONGD) announced a 1-for-500,000 reverse stock split, effective May 20, 2024, reducing its outstanding common shares to approximately 6,004. The stock is expected to open at $100 per share based on the May 17, 2024 closing price. The company will temporarily trade under the ticker SONGD for about 20 days. Fractional shareholders will receive cash payments. The company also plans a long-term buyback program and aims to reduce its number of authorized shares, pending board approval. The CUSIP has changed to 67075W207.
- 1-for-500,000 reverse stock split reduces outstanding shares to approximately 6,004.
- Stock price anticipated to open at $100 per share post-split.
- Implementation of a long-term buyback program pending board approval.
- Company's temporary ticker symbol change to SONGD reflects transition.
- Plans to reduce the number of authorized shares, pending board approval.
- Fractional shareholders will receive cash payments instead of shares.
- Reverse stock split might indicate underlying financial challenges.
Naples, Florida--(Newsfile Corp. - May 19, 2024) - Music Licensing, Inc. (OTC Pink: SONGD) today announces a significant milestone in its corporate restructuring, as the company prepares to execute a 1-for-500,000 reverse stock split effective May 20, 2024. This strategic move is aimed at optimizing shareholder value and enhancing the company's financial position.
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Following the reverse stock split, Music Licensing, Inc. will have approximately 6,004 Common Shares outstanding, a substantial reduction from its previous count. The temporary change in the company's stock symbol to (OTC Pink: SONGD) for approximately 20 days reflects this transition period.
As part of the reverse stock split, fractional shareholders will be provided with a cash payment in lieu of a round-up of fractional shares., in accordance with the company's disclosures in its SEC filings. This demonstrates Music Licensing, Inc.'s commitment to fairness and transparency in its corporate actions.
Based on the May 17th, 2024 Closing Price, Music Licensing, Inc. (OTC Pink: SONGD) anticipates its share price to open at
Furthermore, Music Licensing, Inc. intends to pursue a long-term buyback program, subject to board approval and regulatory compliance. The company will actively seek to retain a Broker-Dealer or Investment Bank to implement this program, demonstrating its dedication to maximizing shareholder returns.
In addition, Music Licensing, Inc. plans to significantly reduce its number of authorized shares pending board approval. Updates on this initiative will follow shortly, underscoring the company's commitment to prudent corporate governance and effective capital management.
As part of the reverse stock split, Music Licensing, Inc.'s CUSIP has changed to CUSIP: 67075W207. Shareholders are encouraged to update their records accordingly.
About Music Licensing, Inc. (OTC Pink: SONG) (OTC Pink: SONGD) (ProMusicRights.com)
Music Licensing, Inc. (OTC Pink: SONG) a diversified holding company, also known as Pro Music Rights, is the 5th public performance rights organization (PRO) to be formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of
Forward-Looking Statements:
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.
Non-Legal Advice Disclosure:
This press release does not constitute legal advice, and readers are advised to seek legal counsel for any legal matters or questions related to the content herein.
Non-Investment Advice Disclosure:
This communication is intended solely for informational purposes and does not in any way imply or constitute a recommendation or solicitation for the purchase or sale of any securities, commodities, bonds, options, derivatives, or any other investment products. Any decisions related to investments should be made after thorough research and consultation with a qualified financial advisor or professional. We assume no liability for any actions taken or not taken based on the information provided in this communication
Contact: investors@ProMusicRights.com
SOURCE: Music Licensing, Inc.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209826
FAQ
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