Emaji, Inc. (OTCMKTS:EMJI) reported that the firm has raised around a quarter million dollars in equity. The intent is to close its projected corporate acquisition planned in the entertainment market. All of the capital was generated by means of private placement of restricted stock rated at or more than market price. Restricted stock of the firm is disqualified for public resale for one year from investment date.
Christopher Petzel, the CEO and Chairman, said that the capital gives the way for their new acquisition to be closed. They intend to able to report it shortly. The company is proud to have recorded this equity increase at or above market in the favor of existing stockholders. Emaji had initially reported that it is currently looking for Finra approval to close its intended name and ticker change. The firm projects completing this procedure in the coming weeks prior to release of its first major acquisition.
The highlights
In unrelated news, Emaji posted that it has closed the cash buy-back of over 411 million shares of the firm’s common stock from a private shareholder who withdrew his stock from the float in the trading segment.
This shows an additional measure that the firm has undertaken to surge its stockholder value. Recently, it reported that, pending regulatory nod, it is altering its name to “Broadside Enterprises Inc.”, to better show its business path and goals.
Christopher Petzel, the CEO of Emaji, said that the shares bought by the firm were withdrawn from the float, refunded to the firm’s transfer agent and negated. The shares retirement from the float highlights an act of conservatism to get back confidence to its shareholders and to represent that they are dedicated to the long-term future of their firm. Emaji projects reporting its new corporate name update and its first corporate acquisition in the imminent weeks.
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In last trading session, the stock price of Emaji closed flat at $0.00020. However, the traded share volume was 144.83 million, much higher compared to average share volume of 6.09 million.
