MCig's Subsidiary VitaCig Files For IPO – Quick Facts – RTT News

mCig Inc. (MCIG.OB) announced that its wholly owned subsidiary VitaCig Inc. has filed a Form S-1 with the Securities and Exchange Commission or SEC for the registration of 250 million VitaCig shares that will be paid out to mCig shareholders as a dividend on the record date. The record date has now been declared. That date shall be defined as the first business day following an effective statement from the SEC in regards to the Form S-1 filing.

mCig stated that the purpose of the Spin-Off is to allow VitaCig to operate as an independent company operating within the electronic cigarette space by harnessing mobile vaporization for medical delivery.

According to the company, VitaCig will have 560 million shares Authorized, 500.14 million shares Outstanding, with mCig Inc. owning 246.79 million of that total representing 49% of the outstanding shares. The remaining 51% of VitaCig will be owned by current mCig shareholders as well as mCig management.

Every shareholder of mCig will receive a dividend of One share of VitaCig for every One share of mCig owned on the Record Date.

mCig anticipates that within thirty days of the date of the effective date of the prospectus, mCig will deliver 250 million shares of common stock to the distribution agent, Clear Trust LLC, to be distributed to the shareholders of mCig.

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by RTT Staff Writer

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