ParcelPal Announces Share Consolidation

Rhea-AI Summary

ParcelPal Logistics Inc. announces a consolidation of common shares on a 10:1 basis, with trading to start on April 11, 2024, under the symbol 'PKG'. The Consolidation aims to streamline the share structure and is subject to CSE approval.

Vancouver, British Columbia--(Newsfile Corp. - April 5, 2024) - ParcelPal Logistics Inc. (OTCQB: PTNYF) (CSE: PKG) (FSE: PT0A) (the "Company" or "ParcelPal"), announces that it intends to consolidate the common shares of the Company (each, a "Share") on the basis of ten (10) pre-consolidation Shares for one (1) post-consolidation Share (the "Consolidation"). The Company's common shares are expected to commence trading at the opening of the market on April 11, 2024 under the Company's symbol "PKG". There is no name change or stock symbol change in connection with the Consolidation. The new CUSIP number is 69938P205.

The Consolidation is subject to the approval of the Canadian Securities Exchange (the "CSE"). Currently, a total of 278,040,454 Shares are issued and outstanding. Accordingly, upon the Consolidation becoming effective, a total of 27,804,046 Shares, subject to adjustments for rounding, will be issued and outstanding. There is no maximum number of authorized Shares. The exercise or conversion price and the number of Common Shares issuable under any of the Company's outstanding stock options or Common Share purchase warrants will be proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof.

Computershare will mail out a Letter of Transmittal to the shareholders of record on April 12, 2024 providing instructions on exchanging pre-Consolidation share certificates for post-Consolidation share certificates. Shareholders are encouraged to send their share certificates, together with their Letter of Transmittal, to Computershare in accordance with the instructions in the Letter of Transmittal.

Shareholders who hold their Common Shares through a broker, investment dealer, bank or trust company or other intermediary should contact that nominee or intermediary for assistance in depositing their Common Shares in connection with the Consolidation.

About ParcelPal Logistics Inc.

ParcelPal is a Vancouver, British Columbia based company that specializes in last-mile delivery service and logistics solutions. We are a customer-driven, courier and logistics company connecting people and businesses through our network of couriers. Some of our verticals include pharmacy & health, meal kit deliveries, retail, groceries and more.

ParcelPal Website: www.parcelpal.com

Neither the CSE, the Securities and Exchange Commission nor any other securities regulatory authority has reviewed and do not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management.

OTCQB - Symbol: PTNYF
CSE - Symbol: PKG
FSE - Symbol: PT0A

Contact Information

Investor Contact

investors@parcelpal.com
T: (587) 883-9811

Company Contact

investors@parcelpal.com
T: (587) 883-9811

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/204618

FAQ

What is ParcelPal Logistics Inc.'s ticker symbol?

ParcelPal Logistics Inc.'s ticker symbol is 'PTNYF'.

When will the trading of the consolidated shares begin?

The trading of the consolidated shares is set to start on April 11, 2024.

What is the basis of the share consolidation?

The share consolidation will be on the basis of ten pre-consolidation shares for one post-consolidation share.

What is the new CUSIP number after the consolidation?

The new CUSIP number is 69938P205.

How many shares are currently issued and outstanding?

Currently, there are 278,040,454 shares issued and outstanding.

What will be the total number of shares issued and outstanding after the consolidation?

After the consolidation, there will be a total of 27,804,046 shares issued and outstanding.

How can shareholders exchange their pre-consolidation share certificates for post-consolidation ones?

Shareholders can send their share certificates, along with a Letter of Transmittal, to Computershare.

What should shareholders who hold their common shares through a broker do in connection with the consolidation?

Shareholders who hold their common shares through a broker should contact their nominee or intermediary for assistance in depositing their common shares.

Is there a name change or stock symbol change associated with the consolidation?

There is no name change or stock symbol change in connection with the consolidation.

What will happen to the exercise or conversion price and the number of common shares issuable under the company's outstanding stock options or warrants after the consolidation?

The exercise or conversion price and the number of common shares issuable under the company's outstanding stock options or warrants will be adjusted proportionately to reflect the consolidation.

When will Computershare mail out the Letter of Transmittal to shareholders of record?

Computershare will mail out the Letter of Transmittal to shareholders of record on April 12, 2024.

What is the purpose of the share consolidation?

The share consolidation aims to streamline the share structure of ParcelPal Logistics Inc.

What is the total number of authorized shares after the consolidation?

There is no maximum number of authorized shares after the consolidation.