Novus Acquisition & Development Corp. (OTC: NDEV), a provider of health insurance and related insurance solutions to the medical marijuana industry where legal programs exist, recently announced that CEO Frank Labrozzi has retired 90 million of his personal shares. The move reduced the number of outstanding shares by about 50% from 178,503,624 to 88,503,624 and highlights management’s commitment to shareholders and confidence in the future direction of the company.
“By returning 90 million of my own shares back to treasury benefits existing shareholders position with an increase by around 50% in total,” said Novus Acquisition & Development Corp. CEO Frank Labrozzi in a press release announcing the move. “We look forward to continuing to enhance value and transparency for both existing and future shareholders. And also shareholders should be aware that this is not any shape or form a reverse split; it’s me sending back a portion of my position in NDEV to treasury.”
Management also reiterated its intent to file Form 10 to become a fully reporting company on the OTCQB this month in order to increase transparency and further unlock shareholder value. At the same time, the team continues to expand its MedPlan program into new states and practitioners within the burgeoning medical marijuana and integrative medicine industries. Patients interested in signing up for its service can do so on its website for $19.95 per month and receive discounts of 25% to 50% on a variety of MMJ products and services.
Shares of Novus Acquisition & Development jumped over 13% on Friday’s session following the news release on significantly higher-than-average volume of 323,700 shares.
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