Cherubim Interests, Inc. (CHIT) Files to Issue Con
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Posted On: 10/16/2015 3:24:58 PM
Cherubim Interests, Inc. (CHIT) Files to Issue Convertible Preferred Stock Dividend
Cherubim Interests this morning announced it has filed a Corporate Action with FINRA to issue a Convertible Preferred Stock Dividend to its individual shareholders. Shareholders will be mailed physical certificates of Convertible Preferred Stock bearing a restrictive legend that will have a holding period. Once the Corporate Action is approved, shareholders will receive details of the transaction.
“There has been significant dilution over the recent past in Cherubim Interests, Inc., and the reason for that has been the issue of the automatic conversion of aged non-affiliated debt on our companies books. We are currently in the process of negotiating settlements with many of our debt holders, as we acknowledge that responsibility; and at the same time, we also want to protect the integrity of people’s investments in the open market,” Patrick J. Johnson, CEO of Cherubim, stated in the news release.
“We acknowledge the fact that our market has not recently performed to the satisfaction of our stockholders due to the automatic debt conversions of aged debt,” he continued. “And by issuing anti-dilutive, restricted convertible preferred securities to investors who securities are ‘underwater’ after purchasing our stock in the open market makes sense, because the dilution has impacted them the most. The rights and privileges of the restricted convertible preferred securities have already been noted in the company’s amended articles of incorporation. The Record Date & Payment Date will be known to our stockholders, once FINRA approves the filing.”
Cherubim specializes in alternative construction projects, along with comprehensive real estate development, including due diligence, acquisition, planning, construction, renovation and management; providing complete beginning-to-end development programs for mixed use, single, and multifamily projects and properties. The company’s BudCube Cultivation Systems USA (“BCS”) has developed a proprietary, fully portable and scalable, Controlled Environment Cultivation Technology that serves as a turnkey solution for cultivators of legal medical and recreational cannabis, as well as any other plant species. Coupled with a real estate development and property management business model, BudCube Cultivation Systems can position itself anywhere in the world where the cultivation of cannabis is legal.
For more information, visit www.cherubiminterests.com
Please see disclaimer on the QualityStocks website: http://Disclaimer.QualityStocks.com
Cherubim Interests this morning announced it has filed a Corporate Action with FINRA to issue a Convertible Preferred Stock Dividend to its individual shareholders. Shareholders will be mailed physical certificates of Convertible Preferred Stock bearing a restrictive legend that will have a holding period. Once the Corporate Action is approved, shareholders will receive details of the transaction.
“There has been significant dilution over the recent past in Cherubim Interests, Inc., and the reason for that has been the issue of the automatic conversion of aged non-affiliated debt on our companies books. We are currently in the process of negotiating settlements with many of our debt holders, as we acknowledge that responsibility; and at the same time, we also want to protect the integrity of people’s investments in the open market,” Patrick J. Johnson, CEO of Cherubim, stated in the news release.
“We acknowledge the fact that our market has not recently performed to the satisfaction of our stockholders due to the automatic debt conversions of aged debt,” he continued. “And by issuing anti-dilutive, restricted convertible preferred securities to investors who securities are ‘underwater’ after purchasing our stock in the open market makes sense, because the dilution has impacted them the most. The rights and privileges of the restricted convertible preferred securities have already been noted in the company’s amended articles of incorporation. The Record Date & Payment Date will be known to our stockholders, once FINRA approves the filing.”
Cherubim specializes in alternative construction projects, along with comprehensive real estate development, including due diligence, acquisition, planning, construction, renovation and management; providing complete beginning-to-end development programs for mixed use, single, and multifamily projects and properties. The company’s BudCube Cultivation Systems USA (“BCS”) has developed a proprietary, fully portable and scalable, Controlled Environment Cultivation Technology that serves as a turnkey solution for cultivators of legal medical and recreational cannabis, as well as any other plant species. Coupled with a real estate development and property management business model, BudCube Cultivation Systems can position itself anywhere in the world where the cultivation of cannabis is legal.
For more information, visit www.cherubiminterests.com
Please see disclaimer on the QualityStocks website: http://Disclaimer.QualityStocks.com
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