November 22, 2019
Oil and gas service provider Banner Midstream Corp. will change its name, now that it has completed a merger with a subsidiary of Mount Tam Biotechnologies Inc.
Frisco-based Banner will now become a subsidiary of Mount Tam to be called Banner Energy Services Corp.
California-based Mount Tam has also received permission from the Financial Industry Regulatory Authority to change its name to MTB Corp., effective immediately, and has engineered a reverse split of its common stock at a ratio of one new share for each 95 existing shares, the company said, and will trade under the temporary ticker symbol “MNTMD.”
Under the terms of the merger, “Mount Tam and its secured debt holders have agreed that the debt holders will take possession of the biotechnology assets and other Mount Tam obligations in lieu of the amounts due in the secured debt instruments,” MTB said in a statement.
“Following the closing of the merger, the existing Mount Tam shareholders will have a combined ownership position of approximately 10% and the former Banner shareholders will collectively own approximately 90% of the outstanding stock”