In last trading session, the stock price of ML Capital Group Inc (OTCMKTS:MLCG) posted gains of more than 9% and closed at $0.00120. The gains came at a share volume of 13.92 million compared to average share volume of 78.82 million.
ML Capital informed its shareholders that it has approved, negated and repaid to treasury over 1 billion restricted common shares. The recently issued and outstanding common shares will reflect in its profile page on the OTC Markets platform within this month. It confirmed that the current float numbers are correct.
The negated shares were held by former Officers, Insiders and the Directors of the Company. ML Capital acknowledged these shareholders for their continuing dedication to the prosperity and health of the company and its shareholders. The CEO said that by taking this road, the former stakeholders have contributed to a potentially considerable increase in shareholder value. They have not allowed the shares to come in the market and dilute the value.
The company had made a commitment to its shareholders pertaining to unnecessary dilution and the latest development marks the first success in achieving that goal. Additionally, ML Capital informed that it had recognized the first acquisition target and plans to initiate binding negotiation deals in the month. It will update stakeholders as and when new developments come in the imminent weeks.
The management change
ML Capital informed that it has accepted Lisa Nelson’s resignation as Chief Executive Officer and Chairman of the Board. Mr. Kevin Bobryk will serve as the new CEO and, Chairman of ML Capital Board. Bobryk plans to usher the firm into a new phase of development and growth through targeted acquisitions. For now, the company is in the process of adjusting its capital share structure to warrant that excessive share dilution will not be an obstacle moving forward.