Nabis Holdings Inc (CSE:NAB) (OTCMKTS:NABIF) (FRA:A2PL) provided further clarification regarding the completion on January 26, 2021, of its previously-announced proposal, pursuant to which the company implemented a recapitalization of its previously outstanding C$35 million principal amount of 8% unsecured convertible debentures and all other prior debts of the company.
Upon implementation of the proposal, all existing equity claims in the company, including all of the 121,729,441 previously outstanding common shares of the company, were irrevocably and finally extinguished and cancelled for no consideration.
In full and final satisfaction of all claims of Nabis' creditors, the company issued a total of 3.7 million new common shares in the capital of the company and a total principal amount of C$23 million new 5.3% senior unsecured notes due 2023 to former creditors of the company.
READ: Nabis Holdings says creditors give the thumbs up to its proposal to recapitalize its outstanding debt
Nabis Holdings noted that it currently has 3.7 million issued and outstanding new common shares, all of which are held by former creditors of the company.
It added that the debentures previously posted for trading on the Canadian Securities Exchange (CSE) under the ticker symbol ‘NAB.DB’ and the company's warrants previously posted for trading on the CSE under the ticker symbol ‘NAB.WT’ were both cancelled pursuant to the proposal and were delisted from the CSE as of close of markets on January 26, 2021.
The company's old common shares were cancelled pursuant to the proposal and were delisted, and concurrently the new common shares were listed under a new CUSIP on the CSE, each effective as of close of markets on January 26, 2021.
The new unsecured notes began trading on the CSE on January 27, 2021 under the ticker symbol ‘NAB.NT’.
On November 23, the company issued a statement saying a proposal was submitted to the official receiver cancelling all of Nabis’s outstanding shares, warrants, stock options and equity claims on the company, which will be extinguished once the proposal is implemented.
Nabis told shareholders in the November statement that the proposal “is in the best interests of the company and its stakeholders.”
Nabis Holdings is a Canadian investment issuer that invests in high-quality cash flowing assets across multiple industries, including real property and all aspects of the US and international cannabis sector.
Contact Sean at sean@proactiveinvestors.com