Novori announced today that its Board of Directors decided to convert 19MM shares of insider common stock to preferred convertible stock. This action will substantially reduce the number of outstanding common shares.
Novori management believes that retiring the shares will increase shareholder value. The retirement of common stock will come solely from insiders of Novori and not its shareholders.
Harold Schaffrick, CEO of Novori, stated, “In the best interests of our organization and its shareholders we have elected to provide this enthusiastic endorsement to reduce the number of outstanding shares available for trading. We are unswervingly devoted to the longevity of this company and look upon the retirement of our common stock as a sign of our confidence to the general public representing our long-term commitment to the growth and success of this organization.”
Let us hear your thoughts below: