Cann American Corp. (OTC:CNNA) canceled approximately 3.3 million shares of common stock, which had been previously issued to a third-party investor, returned to the treasury and will immediately reflect a reduction of outstanding shares.
As previously announced, the company canceled a $30,000 convertible note that was purchased from a third party by CEO Jason Black in a private transaction. The company has also hired a PCAOB registered auditor to audit two years of financial statements so that the company can complete and file a Form 10 with the SEC to become a fully reporting company.
Announced share reduction is in line with the company's broader strategy of improving its liabilities and capital structure for the sake of increasing shareholder value. Cann American is also working on an additional common stock cancelation and is currently in negotiations with a shareholder of the company to formalize the cancelation.
"Today's announcement is a critical continuation of our commitment to manage our debt and share structure. We have now canceled our REG A offering, canceled a convertible note, and canceled common shares in a few short months. In the meantime, we continue to work with our subsidiaries while we seek new IP and assets to build the business," said Black.
"I am excited about the future and 2022 will be a positive and pivotal year for our company and our shareholders."
