DENVER--(BUSINESS WIRE)--MassRoots, a social network for the cannabis community, is pleased to announce its Registration Statement on Form S-1 has been declared effective by the Securities and Exchange Commission on September 15, 2014, clearing the way for a listing on the OTCBB. This registration statement registered for resale 50,400,000 shares of the Company’s common stock for certain selling stockholders, as more fully described therein.
MassRoots was committed to going public through the S-1 process, rather than effecting a reverse merger, to provide a greater degree of transparency to its shareholders and the public.
"I could not be more proud of our team," stated MassRoots CEO Isaac Dietrich. "Over the past 17 months, we've launched iOS and Android versions of MassRoots, grown the network to 170,000 users and gone public through an S-1 Registration Statement. We're all incredibly excited to continue growing our network as a publicly traded company."
Over the next several months, MassRoots plans on introducing a self-service advertising portal for cannabis-related businesses operating legally under state-law and an API for developers looking to develop apps, games and systems for the cannabis industry.
An information statement, pursuant to Rule 15c2-11 under the Securities and Exchange Act of 1934, will be filed this week Financial Industry Regulatory Authority (FINRA) for active trading on the OTCBB. It is anticipated that FINRA approval will be obtained in the very near future.
MassRoots is scheduled to present at the ArcView Group meeting on September 17th in Chicago and is hosting the inaugural, "Marijuana Tech Startup Competition," in Denver September 26-28th.
There is currently no public market for MassRoots’ securities. The resale registration statement, while effective, allows selling stockholders to publicly resell their shares of MassRoots’ common stock, subject to the satisfaction by selling stockholders of the prospectus delivery requirement of the Securities Act of 1933, as amended, in connection with any such resale. The Company will not receive any proceeds from any sales by selling stockholders, and the Company is not aware of any plans by selling stockholders to effect such resales.
The offering of these securities may only be made by means of a prospectus. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. The registration statement may be accessed through the SEC's website at www.sec.gov. A copy of the prospectus related to the offering may be obtained from MassRoots at 2247 Federal Blvd., Denver, Colorado 80301, (702) 442-0052.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the company's securities, nor shall there be any sale of these securities in any state in which offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
MassRoots is a social network for the cannabis community. Since launching in the App Store in July 2013, it has grown into a network of 170,000 cannabis consumers who have interacted 42.8 million times. For more information, please visit Investors.MassRoots.com.
All information presented herein with respect to the existing business and the historical operating results of MassRoots and estimates and projections as to future operations are based on materials prepared by the management of MassRoots and involve significant elements of subjective judgment and analysis which may or may not be correct. While the information provided herein is believed to be accurate and reliable, MassRoots makes no representations or warranties, expressed or implied, as to the accuracy or completeness of such information. In furnishing this information, MassRoots reserves the right to amend or replace some or all of the information herein at any time and undertakes no obligation to provide the recipient with access to any additional information. Nothing contained herein is or should be relied upon as a promise or representation as to the future.
This information includes certain statements, estimates and projections provided by MassRoots with respect to its anticipated future performance. Such statements, estimates and projections constitute forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those contemplated by the forward-looking statements. MassRoots undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements. No representations or warranties are made as to the accuracy of such forward-looking statements or whether any of the projections included herein will be realized.