Boston, MA 04/21/2014 (wallstreetpr) – mCig Inc. (OTCBB:MCIG) is surging in early market trading after announcing that its wholly owned Subsidiary VitaCig Inc. Is filling for an IPO. VitaCig is reported to have filed form S-1 (prospectus) with the Securities and Exchange Commission for the registration of its 250,000,000 shares. The date for the IPO has been set for the first business day after receiving approval from the SEC, with regards to the filling of the form S-1 filling.
IPO Terms
The IPO is intended to ensure VitaCig operates as an independent entity going forward, operating in the electronic cigarette space. Pro Forma Capital Structure will see VitaCig having 560,000,000 shares authorized with 500,135,000 shares outstanding. mCig Inc. (OTCBB:MCIG) will own 49% of the outstanding shares, totaling 246,786,424. MCig shareholders and management will own 51% of the remaining VitaCig shares.
Clear Trust LLC has been appointed as the clearing agent for the IPO with mCig management expecting to have delivered up to 250,000,000 shares within 30 days of the effective date of the prospectus. mCig will bear costs of distribution for the IPO with VitaCig incurring costs for the registration statement.
mCig Obtains CE Regulatory Clearance for mCig 2.0 in Europe
mCig Inc. (OTCBB:MCIG) has also announced it has obtained CE Mark for its mCig 2.0 device, this milestone essentially allows the company to engage in marketing and distribution activities across the European union. This approval also positions the company for future joint venture distribution deals with partners across the region.
The approval to operate in the European Union comes at the back of mCig registering record breaking sales per day for April 8, 2014 that came in at $45,800. This marked an increase of 60% over the previously held record and a 1200% increase in sale per day inventory for the previous quarter.
A contributing factor that led to the record breaking sales was a live segment that featured on CNBC that greatly influenced sales. Jane Wells the segment reporter discussed various emerging cannabis industries in the U.S highlighting how mCig operated within the industry. The segment also demonstrated mCig variety plant material while also discussing technical aspects of the device.
