PlantX Life Inc. (CSE:VEGA) has announced that the common shares of the company will commence trading on the Canadian Securities Exchange on a consolidated basis from September 26, 2022.
The consolidation, on the basis of one post-consolidated common share outstanding for 20 pre-consolidated common shares, will result in approximately 10,048,329 common shares issued and outstanding, subject to adjustments for rounding, with about 4,671,220 common shares reserved for issuance.
According to Vancouver-based PlantX, no fractional common shares will be issued, and any post-consolidated fraction of a common share will be rounded to the nearest whole number of common shares.
The name of the company has not been changed, and the trading symbol remains VEGA but a new CUSIP number of 72750P303 has been issued post-consolidation.
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The exercise or conversion price and the number of common shares issuable under any of the company's outstanding convertible instruments will be proportionately adjusted upon consolidation, PlantX noted.
Shareholders on record as of the effective date who hold common shares represented by a physical certificate or DRS statement will receive a letter of transmittal from the company's transfer agent Odyssey Trust Company, with instructions on how to exchange their existing certificates or DRS statements for certificates or DRS statements representing common shares on a post-consolidation basis.
Separately, the company said the management cease trade order (MCTO) issued by the British Columbia Securities Commission on August 2, 2022, due to its failure to file its audited annual financial statements, management's discussion and analysis and related officer certifications for the fiscal year ended March 31, 2022 before the prescribed deadline of July 29, 2022, remains in effect.
The MCTO does not affect the ability of shareholders who are not insiders of the company to trade the common shares. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the company affecting all of the common shares.
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Contact the author at susie@proactiveinvestors.com