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KWESST Micro Systems Inc. (NASDAQ: KWE) develops and commercializes advanced tactical systems designed primarily for military and security forces. The company's innovative offerings span lethal and non-lethal technologies, providing modern solutions in areas such as tactical digitization, situational awareness, countermeasures against electronic threats, and personal defense.
Headquartered in Ottawa, Canada, KWESST's core products include real-time digitization tools for tactical forces, facilitating seamless communication and data sharing. Their advanced systems can be integrated with existing OEM products and battlefield management systems, ensuring comprehensive and cohesive operational capabilities. The company’s portfolio also features countermeasure technologies aimed at neutralizing threats like drones, lasers, and electronic detection.
KWESST has recently developed and introduced the PARA OPS™ line, a non-lethal defense product range catering to law enforcement and personal security markets. This new line underscores the company’s commitment to evolving with market demands and technological advancements.
The company's global outreach is supported by operational hubs in Guelph, Ontario, and Youngsville, North Carolina, with representative offices in London, UK, and Abu Dhabi, UAE. This international presence ensures KWESST’s capacity to serve a diverse clientele across different regions.
Recent achievements include significant contracts with defense and security agencies. Notably, KWESST is engaged in a six-year sub-contract valued at up to CAD $48 million with Thales Canada, focusing on modernizing the Canadian Army’s C4ISR capabilities. Moreover, the company has secured a ramp-up contract with the Canadian Department of National Defence (DND) for the DSEF program, with potential revenues of up to $27 million over the next five years.
Financially, KWESST's latest fiscal report reveals a substantial 200% increase in quarterly revenue compared to the previous year, driven by the ARWEN product line and digitization contracts. The company has also effectively managed operational expenses, reflecting a strategic pivot from development to revenue generation.
The company is actively pursuing further market penetration with their KWESST Lightning™ SaaS app, designed to enhance situational awareness for public safety agencies. This initiative is part of KWESST’s broader strategy to extend its tactical technology expertise into civilian applications.
KWESST is publicly traded on several exchanges, including NASDAQ (KWE), TSXV (KWE), and FSE (62UA), providing ample opportunities for investors to engage with the company’s growth trajectory.
For more information, please visit KWESST Micro Systems Inc.
KWESST Micro Systems has closed a private placement offering, raising CAD$3.4 million (US$2.5 million) from an institutional accredited investor. The company issued 4,145,200 pre-funded warrants at CAD$0.824 per warrant, each bundled with a common share purchase warrant exercisable at CAD$1.03 for 60 months. The proceeds will be used for general working capital. ThinkEquity acted as placement agent, receiving an 8% cash fee and 5% warrant compensation. Additionally, KWESST addressed its Nasdaq compliance status regarding the minimum US$1.00 bid price requirement, with a deadline of November 12, 2024, and potential eligibility for a 180-day extension.
KWESST Micro Systems announces plans to issue 119,047 common shares at $0.84 per share, representing a 20% discount from the TSXV closing price, to settle $100,000 in business expenses. The debt settlement primarily involves Executive Chairman David Luxton's company, which will receive 95,238 shares. This transaction qualifies as a 'related party transaction' under MI 61-101, though KWESST is utilizing exemptions from formal valuation and minority shareholder approval requirements. The board unanimously approved the settlement, excluding Luxton, viewing it as beneficial for preserving cash position. The issued shares will be subject to a four-month hold period.
KWESST Micro Systems announced the closing of its public offering of 3,889,000 common shares at US$0.90 per share, raising gross proceeds of approximately US$3.5 million. The offering included pre-funded warrants and placement agent fees of US$262,508. The company issued 194,450 common share purchase warrants to the placement agent with an exercise price of US$1.125 per share. Half of the net proceeds will fund product development for BLDS, KWESST Lightning™, ARWEN, and PARA OPS™, while the remaining half will support working capital and general corporate purposes.
KWESST Micro Systems has announced the pricing of a public offering of 3,889,000 common shares at US$0.90 per share, aiming to raise approximately US$3.5 million in gross proceeds. The offering includes pre-funded warrants as an alternative to common shares. Half of the net proceeds will fund product development for BLDS, KWESST Lightning™, ARWEN and PARA OPS™, while the remaining half will support working capital and general corporate purposes. ThinkEquity is serving as the sole placement agent, with the offering expected to close on November 1, 2024.
KWESST Micro Systems has completed its volume production ramp-up for ARWEN cartridges through outsourcing to a Canadian ammunition manufacturer. The company has successfully completed characterization testing of its new 40mm baton round, expanding beyond its historical 37mm cartridge offering. The company is currently shipping evaluation quantities to agencies in the U.S. and Canada.
Additionally, KWESST's subsidiary has secured a receivables facility agreement with a US-based global financing company, providing up to $250,000 CAD in funding. The facility advances 80% upfront with a 2.5% rate for the first thirty days and 1% for each subsequent ten days, to 20% of the funded receivable value.
KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) has announced a 10-to-1 share consolidation effective October 23, 2024. The consolidation, approved by the TSX Venture Exchange, will reduce the company's outstanding shares from 15,791,742 to approximately 1,579,174. No fractional shares will be issued, with fractions rounded up or down as appropriate. The company's name and trading symbol remain unchanged, but new CUSIP and ISIN numbers have been assigned.
The consolidation will not affect the number of outstanding share purchase warrants, but their exercise terms will be adjusted proportionally. After consolidation, ten warrants will be required to purchase one post-consolidation share at an exercise price of US$50.00. The company believes this move will ensure continued compliance with Nasdaq's minimum bid price requirements.
KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) has announced a proposed share consolidation plan. The company's board of directors has authorized a 10-to-1 share consolidation, subject to TSX Venture Exchange approval. This move aims to ensure continued compliance with NASDAQ Stock Market minimum bid price requirements.
As a result of this decision, KWESST has opted not to hold its previously planned special meeting of shareholders, which was intended to seek approval for a consolidation on a greater basis. Currently, there are 15,791,742 shares issued and outstanding. If the consolidation is implemented, the total number of shares would be reduced to approximately 1,579,174, subject to adjustments for rounding.
KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) has provided an update on its sub-contract with Thales Canada for the Canadian Department of National Defence's Land C4ISR program. The company has deployed five full-time engineers and is staffing an additional 11 positions, with a current demand for 16 full-time technical positions. KWESST expects further staffing increases as future tasks are received.
The sub-contract has a maximum workshare of approximately CAD $48 million over the initial six-year term. Sean Homuth, KWESST's President and CEO, highlighted the urgency of the work and the trust developed with Thales. He also noted that this project drives skills development for delivering defence-grade solutions to law enforcement and first responders through KWESST Lightning™.
KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) has postponed its special meeting of shareholders regarding the proposed consolidation of the company's share capital. The meeting will now reconvene on October 7, 2024, at 3:00 p.m. (Eastern time).
The postponement aims to provide additional time for shareholders to vote, as nearly 75% of votes remain outstanding. KWESST continues to recommend shareholders vote FOR the resolution approving the Consolidation to ensure compliance with NASDAQ minimum bid price requirements.
The record date for eligible voters remains August 22, 2024. The deadline for returning completed proxies or voting instruction forms has been extended to October 4, 2024, at 3:00 p.m. (Eastern time). Shareholders who have already voted in support do not need to take further action.
KWESST Micro Systems Inc. (NASDAQ: KWE) (TSXV: KWE) held its 2024 Annual and Special Meeting of shareholders on August 26, 2024. Shareholders approved all resolutions outlined in the July 16, 2024 management information circular, including:
- Setting the number of Directors at seven
- Electing all nominated Board of Directors members
- Appointing MNP LLP as the company's auditor
- Approving the amended long-term incentive plan
The company welcomed new directors Sean Homuth (President and CEO) and Jennifer Walsh (CPA), while thanking outgoing director John McCoach for his service since the company's inception.
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