- SMC Entertainment Inc (OTC: SMCE) is divesting its FiberSKY Networks subsidiary.
- SMC will return all assets concerning the FiberSKY acquisition to FiberSKY's original stakeholders for 20 million SMC's shares under the arrangement.
- SMC will issue 2 million new restricted shares of SMC to FiberSKY stakeholders.
- Recently, the company inked an agreement to acquire Michigan-based Spectrum Entertainment LLC for equity of SMC Entertainment.
- Price action: SMCE stock closed lower by 3.85% at $0.005 on Friday.
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