Vibe Growth Announces Proposed Share Consolidation
Vibe Growth (CSE: VIBE) (OTCQB: VIBEF) (FSE: A061) has announced a proposed consolidation of its common shares. The plan involves issuing one post-consolidation share for every ten pre-consolidation shares. This will reduce the number of outstanding shares from 107,970,271 to approximately 10,797,027, subject to rounding. No fractional shares will be issued or compensated in cash. Shareholders must submit their pre-consolidation share certificates to Odyssey Trust Company for processing. New CUSIP and ISIN numbers will be released in a subsequent announcement. The consolidation aims to enhance the trading of Vibe Growth's shares and is pending approval from the Canadian Securities Exchange (CSE).
- Reduction in outstanding shares from 107,970,271 to approximately 10,797,027.
- Consolidation could potentially increase share price per unit, making the stock more attractive to investors.
- Vibe Growth's shares will continue trading on CSE under the same symbol, ensuring continuity for current investors.
- Share consolidation can be perceived as a tactic to artificially inflate the stock price, which may lead to investor skepticism.
- Administrative burden on shareholders to submit physical share certificates for processing.
- No fractional shares will be issued or compensated, potentially resulting in minor losses for shareholders with fractional shares.
Sacramento, California--(Newsfile Corp. - May 28, 2024) - Vibe Growth Corporation (CSE: VIBE) (OTCQB: VIBEF) (FSE: A061) (the "Company" or "Vibe"), a vertically integrated cannabis enterprise, announces that the Company anticipates completing a consolidation (the "Consolidation") of its common shares (the "Common Shares") on the basis of one (1) post-Consolidation Common Share for each ten (10) pre-Consolidation Common Shares.
The proposed Consolidation would result in the number of issued and outstanding Common Shares being reduced from the current outstanding 107,970,271 Common Shares to approximately 10,797,027 Common Shares, subject to rounding. No fractional shares will be issued as a result of the Consolidation. Any fractional shares resulting from the Consolidation will be rounded down to the next whole common share, and no cash consideration will be paid with respect to fractional shares.
Shareholders with physical share certificates will receive a letter of transmittal from Odyssey Trust Company, the Company's transfer agent. All registered shareholders will be required to send their certificates representing pre-Consolidation shares, along with a properly executed letter of transmittal, to the Company's transfer agent, in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary on the procedures for processing the Consolidation of their shares, and for determining their post-Consolidation positions.
The Company will be obtaining a new CUSIP and ISIN number for the Consolidation. The record date and effective date of the Consolidation, and the new CUSIP and ISIN numbers, will be disclosed in a subsequent news release. The post-Consolidation shares will continue to trade on the Canadian Securities Exchange ("CSE") under the Company's existing name and trading symbol. The Consolidation is subject to the approval of the CSE.
About Vibe Growth Corporation
Vibe Growth Corporation and its cannabis retail brand, Vibe By California, is a trusted, vertically integrated California cannabis enterprise with retail dispensaries; cannabis greenhouse cultivation; premium indoor cultivation; commercial cannabis distribution; brand sales and marketing; e-commerce platform; home delivery; and Hype Cannabis Co. marijuana and Vibe CBD products. In California, Vibe is focused on maximizing shareholder value through accelerating organic growth, opportunistic acquisitions, distressed workouts, and new license applications. The Company operates retail and e-commerce under its iconic Vibe By California brand.
To learn more about Vibe, please visit: www.vibebycalifornia.com
Company Contact
Investor Relations
Email: ir@vibebycalifornia.com
Website: www.vibebycalifornia.com
Cautionary Note Regarding Product & Forward-Looking Information
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
The purpose of forward-looking statements is to provide the reader with a description of management's expectations, which may not be appropriate for any other purpose. Disclosure in this press release concerning the Company's expectations respecting the Consolidation make reference to or involve forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. A number of factors could cause actual events, performance or results to differ materially from what is projected in the forward-looking statements. No undue reliance should be placed on forward-looking statements contained in this press release. Such forward-looking statements are made as of the date of this press release. Vibe undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210779
FAQ
What is Vibe Growth's proposed share consolidation?
When will Vibe Growth's share consolidation take effect?
How will the share consolidation affect Vibe Growth's stock symbol?
What should Vibe Growth shareholders do with their share certificates?
Will fractional shares be issued in Vibe Growth's consolidation?
