I'm LongbridgeAI, I can summarize articles.Fast Moving Consumer Goods, Inc. (GGII) announced a capital restructuring by retiring approximately 43.55% of its common stock held by four individuals. In exchange, these holders received Series D Preferred Stock, which preserves their voting block and grants anti-dilution approval rights. CEO Sandro Piancone stated this move facilitates future mergers or capital raises to support the company's core business in FMCG brand development and supply chain services.
FMCG slashes its common share count while issuing Series D preferred that preserves a 43.55% voting block with anti-dilution approval rights.
See more from StockTitan in Google Search and AI answers.Adds StockTitan as a preferred source · opens Google
Add on Google
Fast Moving Consumer Goods, Inc. (OTCID:GGII), ("Company" or "FMCG"), today announced that it recently retired 29,014,347,766 shares of common stock, representing 43.55% of all issued and outstanding common stock, that was previously held by four individuals. As a result of this transaction, the total outstanding common shares have been reduced to 37,609,403,132.
Company Chief Executive Officer, Sandro Piancone, commented, "This capital restructuring opens the path for the company to either effectuate future mergers or raise capital as we seek to build our core business of providing custom formulation, supply‑chain management, brand development, mentoring, mastermind programs, and related commercial support services to consumer‑product clients."
As consideration for retiring these common shares, the holders were issued an aggregate total of 1,000,000 shares of Series D Preferred Stock. The Series D Preferred Stock grants its holders, in aggregate, voting rights equal to 43.55% of all votes cast on shareholder matters, thus preserving the voting rights the shareholders had prior to surrendering their common shares. The Series D Preferred Stock further grants its holders the right to approve any future issuances of securities or corporate actions that could dilute their voting block.
About Fast Moving Consumer Goods, Inc.
Fast Moving Consumer Goods is a nationwide ecosystem created to educate and support new founders, celebrities, CEOs and doctors engaged in the formulation, manufacturing, launching and scaling of their fast moving consumer good's brand including beverages, beauty products, nutritional supplements, and spirits. FMCG provides beverage development and formulation, beverage manufacturing, nutritional supplement development and production, beauty products development, TikTok Live Selling, retail sales and wholesale distribution management. FMCG is the nation's first fast moving consumer goods incubator.
Media Contact
Sandro Piancone
CEO
Fast Moving Consumer Goods, Inc.
Sandro@FMCGstock.com
(619) 975-6556
www.FMCGstock.com
SOURCE: Fast Moving Consumer Goods, Inc.
View the original press release on ACCESS Newswire