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Sibannac CEO Exchanges Common Shares for Series D Preferred

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  • Sibannac CEO David Mersky exchanged 31,666,667 common shares for 263,889 shares of Series D Convertible Preferred Stock.
  • The exchange reduces Sibannac's common shares outstanding by approximately 21% from 148,161,552 to 116,494,885.
  • The exchanged common shares will be cancelled immediately.
  • Series D shares convert at a ratio of 1 preferred share to 120 common shares but are capped at 9.9% of total common stock.
  • Series D shares carry no voting rights.
  • The transaction is expected to be finalized within ten days.
  • Mersky stated the move aims to tighten the common share count while developing Apollo Wellness Centers.
  • Sibannac holds a 51% majority interest in Apollo Wellness Centers, a joint venture with Doc-Rx.com, LLC.