AI Group Inc (OTCMKTS:AWON) Stock On Watchlist After Cancellation of Common Stock

Last week AI Group Inc (OTCMKTS:AWON) was in focus among investors after it had come up with a major new announcement. The company revealed that it had managed to identify two major blocks of common stock that it was processing for potentially sending back to the treasury.

It was a significant announcement since these moves would reduce the number of issued and outstanding shares in the company and may even come as a boost for the stock. The first cancellation that the company started working on involved a block of 166,568,157 shares of its common stock that had been held by a controlling shareholder. The control shares had been issued by AI Group back in July 2017 as part of a licensing agreement that had however not been consummated with the company.

If the move is successful then the number of issued and outstanding shares would drop to 2,015,187,881 from 371756038. That would reflect a reduction of as much as 44.81% and that would be a significant reduction. Additionally, AI Group noted that it had identified another block of 56,962,757 shares of its common stock that had been held by five shareholders. The company believes that those shares could be cancelled and sent to the treasury as well.