LOS ANGELES, Dec. 24, 2018 /PRNewswire/ -- Cannabis firm BANGI Inc. publicly traded as (OTC: COBI), announced today that it recently increased its authorized share limit with the intention of leveraging its stock to help finance and secure additional properties in the near future.
As defined in Investopedia.com, Authorized stock is the maximum number of shares that a corporation is legally permitted to issue, as specified in its articles of incorporation. It is also usually listed in the capital accounts section of the balance sheet. Authorized shares should not be confused with outstanding shares, which are the number of shares the corporation has actually issued that are held by the public. Authorized stock is also known as authorized shares or authorized capital stock. According to BANGI, Inc. Interim CEO Rick Shykora, "The company believes that by utilizing its stock to secure assets and raise additional capital, this will allow us to aggressively purchase additional hard assets and undervalued real estate properties.
"While some traders see an increase in authorized shares as a negative outcome, BANGI's Board of Directors and management team's decision to disclose shortly after acquiring Compass Biotechnologies goes a long way in promulgating our corporate philosophy to be transparent with our shareholders," Shykora added.
He further explains, "By increasing authorized capital, BANGI's strategy is to use different classes of stock to secure additional assets, thus increasing the viability of the company. The increase will allow larger investments from hedge funds and investment firms who are interested in the cannabis firm's long-term strategy."
Following the transition, BANGI is continuing to bring current its financials and is preparing accurate reports for OTC Markets.
BANGI, INC [OTC: COBI]
BANGI (pronounced bon-ghee), which means "marijuana" or "hemp" in the African dialect Swahili is a diversified investment vehicle that acquires and leases specialized real estate assets, such as cannabis farms. Corporation combines hard asset security and long-term appreciation potential.
BANGI INC FORWARD-LOOKING STATEMENTS
This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than historical facts, including, without limitation, statements regarding the investment offerings and the terms thereof, are forward-looking statements. When used in this press release, words such as we "expect", "intend", "plan", "estimate", "anticipate", "believe", "should", or the negative thereof or similar terminology are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.