Loopshare's 1:10 rollback takes effect Tuesday Loopshare's 1:10 rollback takes effect Tuesday
2019-10-04 15:18 MT - News Release
An anonymous director reports
LOOPSHARE CONFIRMS EFFECTIVE DATE FOR SHARE CONSOLIDATION
Loopshare Ltd., further to its press release on Oct. 1, 2019, will proceed with the consolidation of its Class A common shares on the basis on the basis of one postconsolidation share for every 10 preconsolidation shares will be effected at 12:01 a.m. on Tuesday, Oct. 8, 2019. The company's postconsolidation common shares will be posted for trading on the TSX Venture Exchange at the opening of trading on Tuesday Oct. 8, 2019, under the current symbol LOOP and new Cusip number, 543527204.
The consolidation will result in the number of issued and outstanding common shares without par value of the company being reduced from 113,075,628 common shares to approximately 11,307,562 common shares on a non-diluted basis, and each shareholder will hold the same percentage of common shares outstanding immediately after the consolidation as such shareholder held immediately prior to the consolidation. The exercise price and number of common shares of the company issuable upon the exercise of outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the consolidation in accordance with the terms of such securities.
Registered shareholders that hold physical share certificates will receive a letter of transmittal requesting that they forward preconsolidation common share certificates to the company's transfer agent, TSX Trust, for exchange for new share certificates representing common shares on a postconsolidation basis.
About Loopshare Ltd.
Loopshare is an emerging company in ridesharing, micromobility and sustainable transportation.
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