Spectra7 Completes Share Consolidation
Spectra7 Microsystems Inc. has filed articles of amendment to consolidate its common shares, with one new share issued for every 50 existing shares, effective August 13, 2021. This will reduce the total shares from approximately 1.06 billion to around 21.13 million. Shareholders' percentage ownership remains largely unchanged post-consolidation. Additionally, the exercise price of the company's outstanding warrants and convertible debentures will be adjusted accordingly. Spectra7 is focused on high-performance analog semiconductors for markets such as virtual and augmented reality.
- Share consolidation may simplify the capital structure and enhance share price stability.
- The company continues to focus on high-demand markets like virtual reality and augmented reality.
- The substantial reduction in total shares may lead to increased volatility in share price.
- Shareholder dilution risk exists as the consolidation can inadvertently alter perceived value.
SAN JOSE, Calif., Aug. 13, 2021 /PRNewswire/ -- (TSXV:SEV) (OTCQB:SPVNF) Spectra7 Microsystems Inc. ("Spectra7" or the "Company"), announces that it has filed articles of amendment to consolidate the Company's issued and outstanding common shares on the basis one new common share for every 50 existing common shares (the "Consolidation"). Effective at the opening on Friday, Aug. 13, 2021, the common shares of Spectra7 Microsystems Inc. will commence trading on the TSX Venture Exchange and the OTCQB Venture Market on a consolidated basis.
As a result of the Consolidation, the 1,056,538,784 common shares issued and outstanding prior to the Consolidation have been reduced to approximately 21,130,778 common shares. Each shareholder's percentage ownership in the Company and proportional voting power remains unchanged after the Consolidation, except for minor changes and adjustments resulting from the treatment of any fractional common shares.
The exercise price of the Company's outstanding common share purchase warrants and the conversion price of the Company's outstanding convertible debentures have been adjusted in accordance with the Consolidation. For further details on the Consolidation, please see the Company's press release dated July 19, 2021.
ABOUT SPECTRA7 MICROSYSTEMS INC.
Spectra7 Microsystems Inc. is a high performance analog semiconductor company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading electronics manufacturers in virtual reality, augmented reality, mixed reality, data centers and other connectivity markets. Spectra7 is based in San Jose, California with a design center in Cork, Ireland and technical support location in Dongguan, China. For more information, please visit www.spectra7.com.
Neither the TSX Venture Exchange nor its regulation services provided (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTES
Certain statements contained in this press release constitute "forward-looking statements". All statements other than statements of historical fact contained in this press release, including, without limitation, the Company's strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's Management's Discussion and Analysis for the year ended December 31, 2020. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.
For more information, please contact:
Spectra7 Microsystems Inc.
John Mitchell
Investor Relations
650-269-3043
ir@spectra7.com
Spectra7 Microsystems Inc.
Bonnie Tomei
Chief Financial Officer
669-212-1089
pr@spectra7.com
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SOURCE Spectra7 Microsystems Inc.
FAQ
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