Cypher Metaverse Inc. Announces Share Consolidation
Cypher Metaverse Inc. (OTCQB: BKLLF) announced a consolidation of its common shares, with a ratio of ten pre-consolidation shares for one post-consolidation share. This was approved by the Board of Directors on December 8, 2022. Currently, there are 146,979,060 shares outstanding, which will be reduced to 14,697,906 shares post-consolidation. Additionally, options and warrants will also consolidate at a 10:1 ratio. The move aims to enhance financing flexibility and is subject to approval by the Canadian Securities Exchange.
- Share consolidation may increase the company's stock price appeal.
- Consolidation of options and warrants allows for a simpler capital structure.
- Share consolidation often signals a lack of investor confidence.
- Potential dilution of interests for existing shareholders.
VANCOUVER, BC / ACCESSWIRE / December 14, 2022 / Cypher Metaverse Inc., formerly Codebase Ventures Inc. ("Cypher" or the "Company") (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) ) announced it intends to proceed with a consolidation of its common shares (each, a "Share") on the basis of ten (10) pre-consolidation Shares for one (1) post-consolidation Share (the "Consolidation"). The Board of Directors approved the consolidation on December 8, 2022.
The Company currently has 146,979,060 Shares issued and outstanding. Accordingly, once the Consolidation is effective, the Company will have 14,697,906 Shares issued and outstanding, assuming there are no other changes in the issued capital of the Company.
The Company intends to also proceed with consolidating its outstanding options and warrants on a ratio of ten (10) to one (1), with the result that each consolidated option and warrant will entitle the holder to acquire one Share at an exercise price of ten (10) times its original exercise price.
The Consolidation is being proposed in order to provide the Company with increased flexibility to seek additional financing opportunities and is subject to the approval of the Canadian Securities Exchange. The Company will not change its name as part of the Consolidation.
About Cypher Metaverse Inc.
Cypher Metaverse Inc. seeks early-stage investments in emerging technology sectors, including the blockchain ecosystem, fintech and the metaverse. The Company identifies such opportunities and applies its relationships and capital to advance its interests. www.cypher-meta.com
For further information, please contact:
George Tsafalas - Ivy Lu
Corporate Communications
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: INFO@cypher-meta.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates", "may" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, lack of investor demand for Bitcoin and/or Bitcoin futures exchange traded funds, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Cypher Metaverse Inc.
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FAQ
What is the purpose of Cypher Metaverse's share consolidation?
What is the share consolidation ratio for Cypher Metaverse?
How many shares will be outstanding after the consolidation?
When was the share consolidation approved?
What will happen to options and warrants during the consolidation?
