Vapor Group Inc (OTCMKTS:VPOR) announced that Dror Svorai, its CEO and President and Yaniv Nahon, company’s COO, Co-founder, and Secretary, have agreed to defer their right to convert preferred stock amounting to 250,000 shares of Series B, issued after last year’s merger with AvWorks Aviation Corp., into common stock. They will not opt for conversion until January 1, 2016. As reflected in the Company’s 8-K, and submitted last September with the SEC, such a conversion is possible only after eighteen months after the Merger, that is July 22, 2015,
Svorai said that he and Yaniv feel that neither of them have any requirement to convert any of their held preferred stock in 2015, which would only result in the dilution of Vapor’s common stock. Yaniv and Svorai are committed to create long term shareholder value and are of view that holding their preferred stock this year and perhaps even longer, will result in enhanced investor confidence. It will also show that management is committed to create the value over the long term.
Vapor Group actively operates in the market of designing, manufacturing and selling high quality, vaporizers and electronic cigarettes brands. The products are made using state-of-the-art technology and specially prepared e-liquids. The company is committed to market e-cigarettes that are convenient, affordable, safer and healthier as compared to traditional smoking. The products offer a flavorful and pleasant smoking experience.
The company is taken care by a highly experienced and expert team committed to responsible business practices and policies, including the selling of products only to people eighteen years of age or older. In last trading session, the stock price of VPOR surged more than 20% to close the trading session at $0.00120. The gain came at a share volume of 269.89 million compared to average share volume of 91.42 million.