PR says:

'on a record date to be determined in accordance with Notice requirements of CUSIP, DTC, and FINRA. Said KMG shares shall be held, in trust, by the Escrow Agent (transfer agent) pending effectiveness of a registration statement under the Securities Act of 1933. "

Which means they are required to give reasonable notice to shareholders prior to the record date-you can read in other pennies PRs how they do this

so on a certain date-the date of record- which will be anounced ahead of time presumably via another PR- to give nervous nellies plenty of time to get out-our shares will be automaticaly exchanged by our brokers for the new shares w a new ticker symbol -ticker chosen by finra or whatever- wont be KMG if thats taken as jcm pointed out