consolidation of the common shares TORONTO, June 08, 2020 (GLOBE NEWSWIRE) -- Flow Capital Corp. (TSXV: FW) (“Flow Capital” or the "Company") confirms today that it has received all necessary approvals for its previously announced consolidation of the common shares (the "Common Shares") of the Company on a 25,000 to 1 basis (the "Consolidation") and subsequent immediate subdivision of the Common Shares on a 1:12,500 basis (the “Subdivision”).
At the effective time of the Consolidation, the Common Shares will be consolidated at a ratio of 25,000 pre-Consolidation Common Shares for every 1 post-Consolidation Common Share, and thereupon any holder of less than 1 post-Consolidation Common Share will cease to hold Common Shares and will be entitled to be paid cash consideration equal to that number of pre-Consolidation Common Shares held by the holder multiplied by an amount equal to the volume weighted average trading price of the Common Shares for the ten trading days immediately preceding the date of the Consolidation, rounded down to the nearest whole cent. Immediately following the completion of the Consolidation, the post-Consolidation Common Shares will be subdivided on the basis of 12,500 post-Subdivision Common Shares for each 1 pre-Subdivision (post-Consolidation) Common Share.
The Common Shares are expected to begin trading on a post-Consolidation/Subdivision basis on the TSX Venture Exchange as of the opening of trading on or about June 9, 2020. The trading symbol for the Common Shares, FW, will not change. A new CUSIP number of 343449203 will be assigned to the Common Shares when the Consolidation and Subdivision become effective.