Kaival Brands (OTCQB: KAVL), a company focused on growing innovative and profitable products into dominant brands, recently announced that 300,000,000 shares of its common stock have been returned and cancelled by its largest stockholder, Kaival Holdings, LLC (the “Stockholder”). The Company’s management and directors are the owners of the Stockholder. In exchange for return of the shares of common stock, the Company issued to the Stockholder 3,000,000 shares of its newly designated Series A Preferred Stock (the “Series A Preferred Stock”). “We believe that the cancellation of the 300,000,000 shares of the Company’s common stock in exchange for 3,000,000 shares of Series A Preferred Stock is a strategic move for the benefit of all stockholders. Further, the Series A Preferred Stock cannot be converted prior to November 2023, barring any triggering event, which we believe will help maintain stability in the market price of our common stock,” said Kaival Brands CEO Niraj Patel in the news release. “We are always evaluating stockholder-friendly options available that we believe will assist us in achieving our goal of increasing value for our long-term investors.”
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About Kaival Brands Innovations Group Inc.
Kaival Brands is focused on growing and incubating innovative and profitable products into mature and dominant brands in their respective markets. Kaival’s vision is to develop internally, acquire, own or exclusively distribute these innovative products and grow each into dominant market-share brands with superior quality and recognizable innovation. For more information, visit the company’s website at www.KaivalBrands.com.
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