The purpose of the Special Meeting is to seek authorization from the Company’s shareholders to enable the Board of Directors, within its sole discretion, to consolidate the Company's issued and outstanding common shares on the basis of a ratio to be determined from within a range of ratios that will be proposed at the Special Meeting. Additional information, including the time and instructions for virtually accessing and voting at the Special Meeting will be provided at a later date.
The decision to seek authorization from the Shareholders for a share consolidation was taken by the Board of Directors after careful consideration of a number of factors, including access to US institutional investors, prospective broadening of US-based investor interest in the Company, and if required, the structuring of potential future financings. In addition, the Board of Directors is of the opinion that the reduced number of Common Shares may better position the Company for a potential future listing on a senior stock exchange.
The ratio determined for any consolidation, if implemented, will be applied to all shareholdings equally. Securities convertible or exercisable for Common Shares that are outstanding on the effective date of the consolidation will be adjusted to give effect to the consolidation (as applicable) in accordance with their terms. No fractional Common Shares would be issued as a result of the consolidation. All fractions of post-consolidation Common Shares would be rounded down to the nearest whole number. The exact number of Common Shares outstanding after the consolidation will vary based on the elimination of fractional shares.
The authority of the Board to consolidate the shares in its sole discretion is conditional upon the prior approval of the Company's shareholders and the
The Company also reported that its Total Shares Outstanding increased in recent weeks to 303,875,813 as a result of convertible debenture conversions, warrant and stock option exercises which added approximately
About
Shareholder Contact: | Company Contact: |
tm@poet‐technologies.com | |
sheltonir@sheltongroup.com |
This news release contains "forward‐looking information" (within the meaning of applicable Canadian securities laws) and "forward‐looking statements" (within the meaning of the
Such forward‐looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations with respect to the consolidation. Actual results could differ materially due to a number of factors, including, without limitation, the ability of the Company to obtain necessary approvals to complete the consolidation or to satisfy the requirements of the TSXV with respect to the consolidation. Although the Company believes that the expectations reflected in the forward‐looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward‐looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward‐looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
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