(TheNewswire)
Vancouver, British Columbia – TheNewswire – November 4, 2024 - Plantify Foods, Inc. (TSXV: PTFY) ("Plantify" or the "Company"), a clean label food company dedicated to providing consumers with nutritious and delicious food options, reports that it intends to proceed with a 1-for-200 consolidation of its outstanding common shares. The share consolidation was approved by the shareholders of the Company at the annual general meeting held on September 10, 2024. It remains subject to final acceptance of the TSX Venture Exchange (the “TSXV”).
The Company’s common shares are expected to begin trading on a share consolidation adjusted basis at the opening of the market on November 8, 2024. Following the share consolidation, the Company’s common shares will continue to trade on the TSXV under the symbol “PTFY” with new CUSIP number CA72749H2063. The share consolidation is part of the Company’s plan to list its common shares on the Nasdaq Stock Market (“Nasdaq”) which is subject to certain conditions including that Plantify meet Nasdaq listing requirements as to the market price of the securities to be listed.
At the effective time of the share consolidation, every 200 of the Company’s common shares will automatically be combined into one issued and outstanding common share. Fractional shares will not be issued in connection with the share consolidation. Fractional shares being less than one-half of a post consolidation share shall be rounded down to the next whole post consolidation share and fractional shares being at least one-half of a post consolidation share shall be rounded up to the next whole post consolidation share. The share consolidation will affect all shareholders uniformly and will not alter any shareholder’s relative interest in the Company’s equity securities, except for any adjustments for fractional shares. In addition, proportionate adjustments will be made to the number of shares underlying, and the exercise or conversion prices of, the Company’s outstanding stock options and warrants, and to the number of common shares issuable under the Company’s equity incentive plans.
The share consolidation will reduce the number of issued and outstanding common shares of the Company from approximately 385,986,746 to approximately 1,929,934.
About Plantify Foods
Plantify is committed to providing consumers with nutritious, clean label food options while pioneering innovation in the food and beverage industry. The Company has a simple mission: to ensure that everyone has access to high quality food alternatives that are clean and healthy, are nutritious and tasty, use whole natural ingredients, and are easy to prepare.
Plantify, through its wholly owned Israeli subsidiary, currently sells its diverse range of products in Israel, and is actively expanding its footprint across Europe and North America.
If you have any questions or need more information, feel free to contact the Company directly.
Contacts:
Gabriel Kabazo
Chief Financial Officer and Corporate Secretary
Phone: (778) 601-8420
Investor Relations
Email: ir@plantifyfoods.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements:
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding but not limited to completion of the planned share consolidation, and the Company’s ability to meet Nasdaq listing requirements. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Plantify’s current beliefs and is based on information currently available to Plantify and on assumptions it believes are reasonable. These assumptions include but are not limited to the effect of the consolidation upon the market price of the common shares. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Plantify to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Plantify; the timing and availability of external financing on acceptable terms; and loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Plantify’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. The forward-looking information contained in this news release represents the expectations of Plantify as of the date of this news release and, accordingly, is subject to change after such date. Plantify expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
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