On June 20, 2017, The Greater Cannabis Company, Inc. filed its initialwith the Securities and Exchange Commission.
On March 7, 2017, Sylios Corp received notification from the Financial Industry Regulatory Authority (“FINRA”) that they had received the necessary documentation to process the corporate action requested by Sylios Corp and its transfer agent, Pacific Stock Transfer. The Company’s Payment Date was set at March 10, 2017 and the distribution(s) were made consistent with such approval.
On January 18, 2017, Sylios Corp filed a corporate action with the FINRA to effect a partial spin-off of its wholly owned subsidiary, The Greater Cannabis Company, Inc., through a stock dividend.
On January 6, 2017, Sylios Corp announced the Record date for The Greater Cannabis Company, Inc. spin-off of February 3, 2017.
On December 28, 2016, Sylios Corp announced that its wholly owned subsidiary, The Greater Cannabis Company, Inc. (“GCC”) (f/k/a The Greater Cannabis Company, LLC), would be spun off to shareholders of its common stock. To help guide you through this process and answer questions that you may have, please review the following information.
Record Date-February 3, 2017
Payment Date- March 10, 2017
Who gets shares of GCC?
Holders of Sylios Corp common stock, (OTC Pink: UNGS), as of the close of business January 31, 2017.
If I buy shares of Sylios Corp on February 1, 2017 or after will I receive shares of GCC?
How many shares will I receive?
You will receive 1 share of common stock of GCC for every 500 shares of common stock you own of UNGS.
What happens if I do not own 500 shares exactly?
In lieu of issuing fractional shares in connection with the stock dividend, the company will round fractional shares up to the next whole share.
Do I need to contact my broker about the stock dividend?
No. On the Payment Date, GCC’s transfer agent will send out the newly issued shares of GCC common stock to those Broker-Dealers and individuals holding certificates (“certificated shares”). Pacific Stock Transfer will act as GCC’s transfer agent.
Once I receive my shares, can I sell them immediately?
No. GCC is filing an initial Registration Statement (“S-1”) with the Securities and Exchange Commission (“SEC”) to register the shares being issued as per the stock dividend. Once the S-1 is deemed effective by the SEC, shareholders of GCC may sell those shares which were registered.
Is there any cost to me to register my shares of GCC?
Is there a stock symbol for GCC?
During the registration process, the Company will file an application with the Financial Industry Regulatory Authority ("FINRA") for its trading symbol as well as an application with Cusip for its cusip number. Once both are received, the Company will update shareholders.
If I have any questions, who may I contact?
Please contact the Company at firstname.lastname@example.org.
Will there be additional updates on the spin-off process?
Yes. Please check The Greater Cannabis Company, Inc.'s FAQ page for updates.