$RITE Q: What is the status of the previously announced reclamation and cancellation of approximately 296 million shares?
https://mineral-rite.com/investor-relations/
A: The Company previously announced that it had reclaimed the rights to approximately 296 million shares of common stock, including previously issued shares and shares that had been reserved for future issuance.
The underlying transaction has been completed. However, the formal cancellation of the shares on the Company’s stock records requires the transfer agent to be satisfied that all legal documentation supporting the cancellation is sufficient and that any potential liability associated with processing the cancellation has been appropriately addressed. Given the size of the cancellation and its effect on the Company’s capitalization, the transfer agent is appropriately exercising a heightened level of diligence before effecting the cancellation.
Because portions of the transaction involve shares formerly associated with an entity that no longer exists, the transfer agent has requested additional legal documentation and customary indemnification before effecting the cancellation. The Company has engaged securities counsel, who is coordinating with the transfer agent to satisfy those requirements.
Management does not believe that the remaining administrative and legal steps affect the validity of the underlying transaction or the parties’ intent. Rather, they reflect the transfer agent’s obligation to ensure that the cancellation is completed in accordance with applicable legal requirements and established transfer-agent procedures.
https://mineral-rite.com/investor-relations/
A: The Company previously announced that it had reclaimed the rights to approximately 296 million shares of common stock, including previously issued shares and shares that had been reserved for future issuance.
The underlying transaction has been completed. However, the formal cancellation of the shares on the Company’s stock records requires the transfer agent to be satisfied that all legal documentation supporting the cancellation is sufficient and that any potential liability associated with processing the cancellation has been appropriately addressed. Given the size of the cancellation and its effect on the Company’s capitalization, the transfer agent is appropriately exercising a heightened level of diligence before effecting the cancellation.
Because portions of the transaction involve shares formerly associated with an entity that no longer exists, the transfer agent has requested additional legal documentation and customary indemnification before effecting the cancellation. The Company has engaged securities counsel, who is coordinating with the transfer agent to satisfy those requirements.
Management does not believe that the remaining administrative and legal steps affect the validity of the underlying transaction or the parties’ intent. Rather, they reflect the transfer agent’s obligation to ensure that the cancellation is completed in accordance with applicable legal requirements and established transfer-agent procedures.
