LQwD FinTech Corp said it intends to consolidate its shares to increase the company’s flexibility and competitiveness in the market and to make its securities more attractive to a wider audience of potential investors.
The company said on October 18, 2022, its board of directors approved the consolidation on the basis of 10 pre-consolidation shares for one post-consolidation share.
LQwD’s currently issued and outstanding 97,777,807 shares will be reduced to approximately 9,777,780 shares. No fractional shares will be issued.
READ: LQwD FinTech launches 17 international routing nodes of Lightning Network
LQwD said that its name and trading symbol will remain unchanged.
Registered shareholders will receive a letter of transmittal from LQwD’s transfer agent Computershare Investor Services Inc with information on how to exchange their old share certificates representing pre-consolidation shares with new ones representing post-consolidation shares.
The company said it anticipates the effective date of the consolidation to be November 14, 2022, subject to final acceptance by the TSX Venture Exchange.
LQwD is a Lightning Network service provider focused on developing payment infrastructure and solutions accelerating the global megatrend of Bitcoin adoption through the Lightning Network.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie