phm Announces Share Consolidation and new symbol CINCINNATI, Dec. 27, 2018 (GLOBE NEWSWIRE) -- Protech Home Medical Corp. (“PHM” or the “Company”) (TSXV: PHM) announces that effective December 31, 2018 (the “Effective Date”) at market open, the Company will effect the consolidation (the "Consolidation") of its common shares (the "Common Shares") on the basis of one (1) new post-Consolidation Common Share for every five (5) pre-Consolidation Common Shares. Concurrent with the Consolidation, the Company’s stock ticker symbol will be changed from “PHM” to “PTQ”. The Company’s Common Shares will begin trading on a post-Consolidation basis on the TSXV on December 31, 2018 under the ticker “PTQ”.
The directors of the Company believe that establishing a higher market price for the Common Shares will increase investment interest by the equity capital markets in the Common Shares by broadening the pool of investors that may consider investing in the Company, including investors whose internal investment policies prohibit or discourage them from purchasing stocks trading below a certain minimum price. Except as set out below in connection with the Consolidation, the root symbol change does not require any action on the part of the Company’s securityholders. The consolidation and symbol change has been accepted by the TSXV.
As a result of the Consolidation, the 417,648,518 Common Shares currently issued and outstanding will be reduced to approximately 83,529,704 Common Shares on a post-Consolidation basis. No fractional Common Shares will be issued pursuant to the Consolidation. In the event that a shareholder would otherwise be entitled to a fractional Common Share in connection with the Consolidation, the number of Common Shares issued to such shareholder shall be rounded down to the next greater whole number of Common Shares, if the fractional entitlement is equal to or greater than 0.5 and shall, without any additional compensation, be rounded down to the next lesser whole number of Common Shares if the fractional entitlement is less than 0.5.
The Consolidation will affect shareholders uniformly, including holders of outstanding incentive stock options, warrants and other securities convertible into or exercisable for Common Shares (collectively, "Convertible Securities") on the Effective Date. The exercise price, number and exchange basis of the Convertible Securities on the Effective Date will be adjusted proportionally to reflect the Consolidation.
Registered shareholders will be required to exchange their share certificates representing pre-Consolidation Common Shares for new share certificates representing post-Consolidation Common Shares. The registered holders of Common Shares will be sent a transmittal letter by the Company's transfer agent, Computershare Investor Services Inc. The letter of transmittal will contain instructions on how to surrender Common Share certificate(s) representing pre-Consolidation Common Shares to the transfer agent. The transfer agent will forward to each registered shareholder who has sent the required documents a new Direct Registration Advice (DRS Advice) representing the number of post-Consolidation Common Shares to which the shareholder is entitled. Until surrendered, each share certificate representing pre-Consolidation Common Shares of the Company will be deemed for all purposes to represent the number of whole post-Consolidation Common Shares to which the holder is entitled as a result of the Consolidation. Non-registered shareholders holding Common Shares through an intermediary (such as a securities broker, dealer, bank or financial institution) should be aware that the intermediary may have different procedures for processing the Consolidation. If shareholders hold their Common Shares through an intermediary and they have questions in this regard, they are encouraged to contact their intermediaries.