Intention to Consolidate Its Share Capital Vaughan, Ontario--(Newsfile Corp. - August 26, 2021) - Spyder Cannabis Inc. (TSXV: SPDR) ("Spyder" or the "Company"), an established Canadian cannabis and vape retailer, is pleased to announce that its board of directors have approved a consolidation (the "Consolidation") of the Company's share capital on a one-for-five basis. The Consolidation was approved at the Company's annual and special meeting of shareholders held on July 12, 2021.
The Company currently has 74,048,157 common shares (each a "Common Share") outstanding and following completion of the Consolidation, the Company is expected to have approximately 14,809,631 Common Shares outstanding (subject to minor deviation as a result of the effects of rounding at the individual security holder level). No fractional Common Shares will be issued upon implementation of the Consolidation. In the event that the Consolidation would otherwise result in the issuance of a fractional share, such fraction will be rounded to the next lowest whole number of Common Shares.
The exercise or conversion price and the number of Common Shares issuable under any of the Company's outstanding warrants and stock options will be proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof.
The Company will provide further details regarding the Consolidation, including the effective date, as soon as they become available. Completion of the Consolidation remains subject to the approval of the TSX Venture Exchange (the "TSXV").
About Spyder Cannabis Inc.
Spyder is an established cannabis and vape retailer that owns and operates two licensed-dispensaries under the brand SPDR Cannabis in Ontario and 28 vape retail locations across Ontario under the retail brands 180 Smoke and Spyder Vapes. 180 Smoke is a leading omni-channel Canadian vape retailer with a strong e-commerce presence and over 230,000 registered customers across its B2C channel.