SMC Entertainment, Inc. (OTC Pink: SMCE) operates as a digital content and distribution company. Shares of the digital content streaming company jumped 45% during trading on Tuesday, August 14, 2018. Over the past month, SMC Entertainment, Inc. has seen average daily volume of 149,940 shares. However, volume of 3.01 million shares or dollar volume of $16,555, exchanged hands during trading on Tuesday.
Shares of SMC Entertainment, Inc. jumped on Tuesday, after the company announced that it has reduced its outstanding common share count by 110 million shares. The announcement comes after the company reached a deal with the company’s previous Chairman of the Board, Ralph Tashjian, to cancel a 110 million shares held by Mr. Tashjian. The cancellation is effective immediately. Here is the full press release detailing of the share count cancellation:
SMC Entertainment, Inc. Press Release:
SMC Entertainment, Inc. (OTC: SMCE) (“SMC” or the “Company”), a digital content and distribution provider, is pleased to announce it has reached an agreement with SMCs previous Chairman of the Board, Mr. Ralph Tashjian, to cancel a 110,000,000 block of shares owned by Mr. Tashjian. This cancellation is effective immediately.
The share cancellation agreement with Mr. Tashjian demonstrates SMCs management teams commitment to enhance SMCs attractiveness to investors, shareholders, partners and future mergers and acquisitions transactions, stated Rick Bjorklund, President and Chief Executive Officer of SMC. Were assembling an executive team that will broaden SMCs growth plans in wireless media and an attractive share capital structure is paramount to both investors and shareholders.
The share capital structure will be updated on OTC Markets company profile and will be verified by the Companys Transfer Agent.
About SMC Entertainment, Inc.
SMC Entertainment Inc., founded in 2005 with its head office in San Francisco, California, is a digital content and distribution company. For more information, please visit our website www.smcemedia.com.
Safe Harbor Statement
This press release contains statements, which may constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of SMC Entertainment, Inc., members of its management, and assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.