Cherubim Interests, Inc. (CHIT) Makes Move to Protect Long-t Cherubim Interests, Inc. (CHIT) Makes Move to Protect Long-term Shareholders
Cherubim Interests, Inc. (OTC: CHIT) an expansion-stage alternative construction and real estate development company, today announced an initiative to protect its long-term shareholders by offering Convertible Preferred Shares.
“Over the past few weeks, we have experienced a lot of progression in our business model, due in part to our Stimulus Package and the issuance of Anti-Dilutive, Convertible Preferred Shares,” stated Patrick J. Johnson, CEO of Cherubim Interests, Inc.
“Some weeks ago, the company amended its Articles of Incorporation and Corporate Bylaws to create a series of Convertible Preferred Shares in order to protect its shareholders who have securities that are ‘underwater’ after purchase in the open market,” added Johnson.
“We devised a playbook to handle exactly this type of scenario and it has served its purpose as a road-map for charting a course through these transitionary stages,” continued Johnson.
“This route has enabled the company to remove any future compounding derivative liabilities on the balance sheet,” said Johnson. “We are now pleased to announce that the company has retired the majority of this ‘toxic’ type of debt.”
Shareholders who have been holding a minimum of 100,000 shares of Common Stock dating back to May 1, 2015, and were affected by this dilution, are asked to contact the Company at golong@cherubiminterests.com. Representatives will then arrange the verification and the issuance of convertible preferred shares.
“Obviously the Company seeks to protect the integrity of the investments made by our stockholders,” stated Johnson, “as we realize that this process has impacted some of them greatly and this is a way for the company to shore up these investors.”
The company to date has converted over a half-million dollars of its principal affiliate debt and will be filed in form 8k in the coming days. The company also expects to remove additional Principle Affiliate Debt in the very near future.
Concerning the previously announced convertible preferred stock dividend, Johnson said the company is currently waiting on approval from FINRA and anticipates to have it finalized shortly.
Learn more about Cherubim Interests by visiting www.cherubiminterests.com
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