NeuralBase AI board approves cancellation of 24 million shares

NeuralBase AI Ltd. (OTC: NBBI) announced that its board of directors approved the cancellation of 20 million restricted common shares and 4 million Series A preferred shares held by Chief Executive Officer Vighnesh Dobale.

The Las Vegas-based company, which operates under the enterprise brand BMP AI, said the cancellation process is underway and expected to be completed shortly. The shares being cancelled are personally held by the CEO.

"This action reflects my unwavering commitment to the future of NeuralBase AI and to the investors who believe in our mission," Dobale stated. "By voluntarily cancelling these shares, I am not only reinforcing my confidence in our business model and the value of what we are building, but also taking a concrete step to align my own interests with those of our shareholders."

The company said the move is intended to reduce shareholder dilution and enhance its capital structure. Once completed, the updated share structure will be reflected in the company's next EDGAR filing and on OTC Markets.

NeuralBase AI describes itself as focused on secure, scalable, and context-aware conversational systems and workflow automation. The company's BMP AI platform is currently in beta testing, according to the announcement.

The information is based on a company press release statement.

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