Avant Brands Announces 30:1 Share Consolidation
Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) has announced a 30:1 share consolidation effective August 30, 2024. The consolidation, approved by the board of directors, will reduce the company's outstanding common shares from 316,342,373 to approximately 10,544,745. No shareholder approval is required. Fractional shares will be rounded up or down based on a 0.5 threshold. Registered shareholders will receive instructions for exchanging their shares, while those holding shares through brokers need not take action. The company's warrants, options, and convertible securities will be adjusted proportionately. Trading on the TSX under the new ISIN CA05353D2023 and CUSIP 05353D202 is expected to commence on the effective date, subject to regulatory approvals.
Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) ha annunciato una consolidazione azionaria di 30:1 che entrerà in vigore il 30 agosto 2024. La consolidazione, approvata dal consiglio di amministrazione, ridurrà il numero di azioni comuni emesse dall'azienda da 316.342.373 a circa 10.544.745. Non è necessario alcun consenso da parte degli azionisti. Le azioni frazionarie saranno arrotondate in base alla soglia di 0,5. Gli azionisti registrati riceveranno istruzioni per lo scambio delle loro azioni, mentre coloro che detengono azioni tramite broker non devono intraprendere alcuna azione. I warrant, le opzioni e i titoli convertibili dell'azienda saranno adeguati proporzionalmente. Le negoziazioni alla TSX con il nuovo ISIN CA05353D2023 e CUSIP 05353D202 dovrebbero iniziare alla data di efficacia, soggetta alle approvazioni regolamentari.
Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) ha anunciado una consolidación de acciones de 30:1 que entrará en vigor el 30 de agosto de 2024. La consolidación, aprobada por la junta directiva, reducirá el número de acciones comunes en circulación de la empresa de 316.342.373 a aproximadamente 10.544.745. No se requiere aprobación de los accionistas. Las acciones fraccionadas se redondearán hacia arriba o hacia abajo según un umbral de 0.5. Los accionistas registrados recibirán instrucciones para intercambiar sus acciones, mientras que aquellos que mantengan acciones a través de corredores no necesitan tomar ninguna acción. Las garantías, opciones y valores convertibles de la empresa se ajustarán proporcionalmente. Se espera que la cotización en la TSX con el nuevo ISIN CA05353D2023 y CUSIP 05353D202 comience en la fecha de efectividad, sujeta a aprobaciones regulatorias.
Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0)는 2024년 8월 30일에 30:1 주식 통합을 시행할 것이라고 발표했습니다. 이 통합은 이사회에서 승인되었으며, 회사의 발행된 보통주 수를 316,342,373주에서 약 10,544,745주로 줄일 것입니다. 주주 승인 필요 없음. 분할주식은 0.5의 기준에 따라 반올림 또는 내림 처리됩니다. 등록된 주주는 주식 교환을 위한 지침을 받게 되며, 중개인을 통해 주식을 보유한 주주는 별도의 조치를 취할 필요가 없습니다. 회사의 워런트, 옵션 및 전환 가능 증권은 비례적으로 조정됩니다. 새로운 ISIN CA05353D2023 및 CUSIP 05353D202로 TSX에서의 거래는 효력이 생기는 날 시작될 것으로 예상되며, 규제 승인이 필요합니다.
Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) a annoncé une consolidation d'actions de 30:1 qui entrera en vigueur le 30 août 2024. La consolidation, approuvée par le conseil d'administration, réduira le nombre d'actions ordinaires en circulation de l'entreprise de 316 342 373 à environ 10 544 745. Aucune approbation des actionnaires n'est requise. Les actions fractionnaires seront arrondies à la hausse ou à la baisse en fonction d'un seuil de 0,5. Les actionnaires enregistrés recevront des instructions pour échanger leurs actions, tandis que ceux détenant des actions par l'intermédiaire de courtiers n'ont pas besoin d'agir. Les bons de souscription, options et titres convertibles de l'entreprise seront ajustés proportionnellement. Les échanges sur la TSX avec le nouvel ISIN CA05353D2023 et CUSIP 05353D202 devraient commencer à la date d'effet, sous réserve des approbations réglementaires.
Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) hat eine 30:1 Aktienkonsolidierung bekannt gegeben, die am 30. August 2024 in Kraft tritt. Die Konsolidierung, die vom Vorstand genehmigt wurde, wird die ausstehenden Stammaktien des Unternehmens von 316.342.373 auf etwa 10.544.745 reduzieren. Keine Zustimmung der Aktionäre erforderlich. Bruchteile von Aktien werden basierend auf einem Schwellenwert von 0,5 auf- oder abgerundet. Eingetragene Aktionäre erhalten Anweisungen zum Austausch ihrer Aktien, während Aktionäre, die über Broker Aktien halten, keine Maßnahmen ergreifen müssen. Die Warrants, Optionen und wandelbaren Wertpapiere des Unternehmens werden proportional angepasst. Der Handel an der TSX unter der neuen ISIN CA05353D2023 und CUSIP 05353D202 wird voraussichtlich am Wirksamkeitsdatum beginnen, vorbehaltlich der behördlichen Genehmigungen.
- Board approval obtained for share consolidation, streamlining the process
- No shareholder approval required, potentially expediting the consolidation process
- Significant reduction in outstanding shares may impact liquidity
- Potential for increased share price volatility post-consolidation
KELOWNA, BC / ACCESSWIRE / August 27, 2024 / Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) ("Avant" or the "Company"), a leading producer of innovative and award-winning cannabis products, announces that it will consolidate its outstanding common shares on the basis of thirty (30) existing common shares for one (1) new common share of the Company (the "Consolidation"). In accordance with the articles of the Company, the Consolidation has been approved by the board of directors (the "Board") of the Company, and shareholder approval is not required. The effective date for the Consolidation is Friday, August 30, 2024 (the "Effective Date").
As of the date of this news release, the Company has 316,342,373 common shares issued and outstanding. Following completion of the Consolidation, the Company is expected to have approximately 10,544,745 common shares issued and outstanding, subject to rounding.
No fractional post-Consolidation common shares will be issued as a result of the Consolidation. The holdings of any shareholder who would otherwise be entitled to receive a fractional share as a result of the Consolidation shall be rounded up to the next higher whole number if the fraction is 0.5 or greater, and rounded down to the next lower whole number if the fraction is less than 0.5.
Registered shareholders of the Company holding their shares in certificate form will receive a letter of transmittal from the Company's transfer agent with instructions for exchanging their pre-Consolidation shares for post-Consolidation shares. Registered shareholders of the Company holding their shares in DRS advice form will receive their post-Consolidation shares automatically within three (3) business days after the Effective Date with no requirement to complete the letter of transmittal. Shareholders who hold their common shares through a broker or other intermediary will not need to complete a letter of transmittal.
The Company's outstanding warrants, options and other convertible securities will be adjusted on the same basis as the Consolidation with respect to the underlying common shares exercisable pursuant to the warrants, options and other convertible securities, with proportionate adjustments being made to applicable exercise or conversion prices, as applicable.
The Consolidation is subject to obtaining all necessary regulatory approvals, including the approval of the Toronto Stock Exchange (the "TSX"). It is expected the common shares will commence trading on the TSX on a consolidated basis at the opening of trading on the Effective Date under the new ISIN CA05353D2023 and new CUSIP 05353D202.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
About Avant Brands Inc.
Avant is an innovative, market-leading premium cannabis company. Avant has multiple operational production facilities across Canada, which produce high-quality, handcrafted cannabis products based on unique and exceptional cultivars.
Avant offers a comprehensive product portfolio catering to recreational, medical, and export markets. Our renowned consumer brands, including BLK MKT™, Tenzo™, Cognōscente™, flowr™ and Treehugger™, are available in key recreational markets across Canada. Avant's products are distributed globally to Australia, Israel and Germany, with its flagship brand BLK MKT™ currently being sold in Israel. Additionally, Avant's medical cannabis brand, GreenTec™, serves qualified patients nationwide through its GreenTec Medical portal and trusted medical cannabis partners.
Avant is a publicly traded corporation listed on the Toronto Stock Exchange (TSX: AVNT) and accessible to international investors through the OTCQX Best Market (OTCQX:AVTBF) and Frankfurt Stock Exchange (FRA: 1BU0). Headquartered in Kelowna, British Columbia, Avant operates in strategic locations including British Columbia, Alberta, and Ontario.
For more information about Avant, including access to investor presentations and details about its consumer brands, please visit www.avantbrands.ca.
For further inquiries, please contact:
Investor Relations at Avant Brands Inc.
1-800-351-6358
ir@avantbrands.ca
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This press release contains forward-looking statements that are subject to inherent risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, market conditions, regulatory approvals, the Company's ability to raise capital, and the overall performance of the cannabis industry. Readers are cautioned not to place undue reliance on forward-looking statements, as actual results may vary materially from those expressed or implied by such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Investors are urged to carefully consider the risks and uncertainties disclosed in the Company's filings with securities regulatory authorities, available on SEDAR+ at www.sedarplus.ca.
SOURCE: Avant Brands Inc.
View the original press release on accesswire.com
FAQ
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