Wuhan General Group Inc Cancels 5,000,000 Common Shares

Rhea-AI Summary

Wuhan General Group, Inc. (OTC PINK: WUHN) announced a significant reduction in its share capital by cancelling 5,000,000 common shares, reducing total issued shares from 55,999,662 to 50,999,662. This action represents a 9% decrease in share capital. CEO Jeff Robinson emphasized this move as a preliminary step towards improving the company's financial structure ahead of expected growth in 2022. WUHN focuses on alternative plant-based cannabinoids and psilocybin medical research under its M2Bio Sciences subsidiary, developing products aimed at various health conditions.

Positive

• Cancelled 5,000,000 common shares, reducing total shares by 9%.
• Improved capital structure as a strategic move for future growth.

Negative

• None.

CAPE TOWN, SA / ACCESSWIRE / November 22, 2021 / WUHAN GENERAL GROUP, INC. (OTC PINK:WUHN) ("WGG'' or the "Company"), a bioceutical company focused on alternative plant-based cannabinoids and psilocybin medical research is pleased to share the following update:

M2Bio Sciences is pleased to announce that 5,000,000 common shares held by the previous CEO have been cancelled. The company has reduced its share capital by 9%. The total number of issued common shares is now 50,999,662. (previously 55,999,662).

M2Bio Sciences CEO and Founder Jeff Robinson explains "In our continued efforts to clean up the capital structure of the company and in preparation for a nifty and rewarding 2022, this is merely baby step number one. We are looking forward to executing and delivering by leaps and bounds in the near future."

About Wuhan General Group, Inc./ M₂Bio Sciences, Inc

Wuhan General Group, Inc. (DBA M2bio Sciences), through its wholly-owned subsidiary MJ MedTech is a nutraceutical biotechnology company focused on alternative plant-based cannabinoids and psilocybin medical research that develops and commercializes a range of CBD and mushrooms-based products under Dr. AnnaRx™, Medspresso™, and Liviana™ brands. In addition, our research and clinical trials with psilocybin are aimed at new therapies that will help patients who suffer from alcohol addiction, mental illness, and cardiovascular diseases. Our mission is to advance botanical-based medicine to the forefront by deploying best-practice science and medicine, clinical research, and emerging technologies. The Company is traded on the Over-the-Counter Bulletin Board of NASDAQ under the trading symbol "WUHN".

For further information:

Publicly traded company (OTC PINK:WUHN)
Website: www.m2bio.co
E-mail: info@m2bio.co
Follow us on Twitter: https://twitter.com/m2bio
Follow us on Facebook: http://www.facebook.com/m2bio
Follow us on Instagram: https://www.instagram.com/m2bio.sciences

Forward-Looking Statements:

Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.

SOURCE: Wuhan General Group, Inc./ M₂Bio Sciences, Inc

View source version on accesswire.com:
https://www.accesswire.com/674049/Wuhan-General-Group-Inc-Cancels-5000000-Common-Shares

FAQ

What recent share cancellation did Wuhan General Group (WUHN) announce?

Wuhan General Group cancelled 5,000,000 common shares, reducing its share capital by 9%.

How many total common shares does WUHN have after the cancellation?

After the cancellation, WUHN has 50,999,662 common shares outstanding.

What is the significance of the share cancellation for WUHN?

The share cancellation is aimed at cleaning up the capital structure, which can positively influence the company's stock performance and future growth.

Who is the CEO of Wuhan General Group (WUHN)?

The CEO of Wuhan General Group is Jeff Robinson.

What does Wuhan General Group (WUHN) focus on?

Wuhan General Group focuses on alternative plant-based cannabinoids and psilocybin medical research.