Drone Guarder Inc. (OTCMKTS:DRNG) fell 8% after announcing a special one-off dividend of around 439.1 million shares of the company’s stock payable to preferred and common stockholders. In addition, common stockholders will be eligible with one additional DRNG share for every ten shares owned.
As a result, preferred stockholders are expected to receive around 177.92 million shares, while the common stockholders will receive 261.18 million shares. The company is rewarding preferred and common stockholders for their diligence as Drone Guarder executed a restructuring program seeking to unburden itself from past management decisions.
Recently Video River Networks (OTCMKTS:NIHK) acquired the company, which is currently being OTC current. New CEO Frank Igwelaor stated that they believe that it is good to reward loyal and faithful stockholders with more DRNG shares at the moment. Video River Networks approved the dividends redistribution it will receive from DRNG to stockholders. As the DRNG moves through the process of being OTC current, it is worth watching.
Market Reaction:
On Wednesday, DRNG stock fell 8.22% at $0.0067 with more than 417.63 million shares, compared to its average volume of 183.79 million shares. The stock has moved within a range of $0.0063 – 0.0085 after opening the trade at $0.0075.
