ZoomAway Announces Effective Date for Name Change and Share Consolidation
ZoomAway Travel Inc. (TSXV:ZMA) will change its name to ZoomAway Technologies Inc. and consolidate its common shares, effective April 16, 2021. The consolidation ratio is 1 post-consolidated share for every 9 pre-consolidated shares, reducing outstanding shares from 153,360,338 to approximately 17,040,038. The stock will continue to trade under the symbol 'ZMA.' Shareholders will receive instructions from the transfer agent for the share exchange. The company aims to enhance its technology solutions in the travel and hospitality industries.
- Name change to ZoomAway Technologies Inc. may enhance brand perception.
- Share consolidation could improve stock price metrics by reducing outstanding shares.
- Consolidation ratio of 1 for 9 may indicate underlying stock performance issues.
- Shareholder dilution risk if stock doesn't perform post-consolidation.
VANCOUVER, BC / ACCESSWIRE / April 15, 2021 / ZoomAway Travel Inc. (TSXV:ZMA) (US:ZMWYF) (the "Company" or "ZMA") www.zoomaway.com is pleased to announce that, further to its press release dated March 23, 2021, the change of its name to ZoomAway Technologies Inc. (the "Name Change") and the consolidation of all of its issued and outstanding common shares on the basis of one (1) post-consolidated common share for every nine (9) pre-consolidated common shares (the "Consolidation") will take effect as of Friday, April 16, 2021 (the "Effective Date").
The Company's consolidated common shares will begin trading under the new name on the TSX Venture Exchange at the opening of trading on the Effective Date. The Company will continue to trade under its current symbol of "ZMA". The new ISIN and CUSIP numbers for the Company's common shares following the Name Change and Consolidation are CA98980C1014 and 98980C101, respectively.
The Consolidation will result in the number of issued and outstanding common shares being reduced from the current outstanding 153,360,338 to approximately 17,040,038 common shares, and each shareholder will hold the same percentage of common shares outstanding immediately after the Consolidation as such shareholder held immediately prior to the Consolidation. The exercise price and number of common shares of the Company issuable upon the exercise of outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation in accordance with the terms of such securities.
No fractional shares will be issued as a result of the Consolidation. All fractions of common shares post-Consolidation will be rounded down to the next lowest whole number if the first decimal place is less than five and rounded up to the next highest whole number if the first decimal place is five or greater. No cash consideration will be paid in respect of fractional shares.
Registered shareholders of record as at the Effective Date will receive a letter of transmittal from the Company's transfer agent providing instructions for the exchange of their common shares as soon as practicable following the Effective Date.
Non-registered shareholders holding common shares through an intermediary (a securities broker, dealer, bank or financial institution) should be aware that the intermediary may have different procedures for processing the Consolidation than those that have been put in place by the Company for registered shareholders. If shareholders hold their common shares through intermediaries and have questions in this regard, they are encouraged to contact their intermediaries.
For additional information contact: Sean Schaeffer, President, ZoomAway Inc., at 775-691-8860 sean@zoomaway.com or stay up-to-date and sign up for our newsletter.
About Us
ZoomAway, Inc. (Nevada Co.) Zoomaway Travel Inc. is a technology company that is revolutionizing the Hospitality and Travel Industries. We have developed a variety of software solutions that enhance the planning and engagement of everyday tourists. Our flagship project, ZoomedOUT, is a complete modernization and re-imagination of mobile travel apps. In a full 3D environment, we are able to integrate planning, booking, social media, and camaraderie into a tangibly rewarding experience. We are combining Travel, Hospitality, Mobile Gaming and Augmented Reality to change the way users travel into 2020 and beyond. Additional information about ZoomAway Inc. can be found at www.zoomaway.com.
Forward-Looking Statements
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are 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. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: ZoomAway Travel Inc.
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FAQ
What is the effective date for ZoomAway's name change and share consolidation?
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