VANCOUVER, BC, Canada – PlantX Life Inc., the digital face of the plant-based community, operating a one-stop shop for plant-based products, announces that, further to its news release of September 19, 2022, effective at the opening of trading on September 26, 2022 (the “Effective Date”) the common shares of the Company (the “Common Shares”) will commence trading on the Canadian Securities Exchange on a consolidated basis, with one (1) post-consolidated Common Share outstanding for every twenty (20) pre-consolidated Common Shares (the “Consolidation”).
As a result of the Consolidation, on the Effective Date, a total of approximately 10,048,329 Common Shares will be issued and outstanding, subject to adjustments for rounding, with approximately 4,671,220 Common Shares reserved for issuance.
No fractional Common Shares will be issued, and any post-consolidated fraction of a Common Share will be rounded to the nearest whole number of Common Shares.
The name of the Company has not been changed, and the trading symbol remains as “VEGA”. A new CUSIP number has been issued for the post-consolidated Common Shares, being 72750P303.
The exercise or conversion price and the number of Common Shares issuable under any of the Company’s outstanding convertible instruments will be proportionately adjusted upon the effectiveness of the Consolidation.
Shareholders of record as of the Effective Date who hold Common Shares represented by a physical certificate or DRS statement will receive a letter of transmittal from the transfer agent for the Company, Odyssey Trust Company, with instructions on how to exchange their existing certificates or DRS statements for certificates or DRS statements representing Common Shares on a post-Consolidation basis.
The management cease trade order (the “MCTO”) issued by the British Columbia Securities Commission on August 2, 2022, due to the failure of the Company to file its audited annual financial statements, management’s discussion and analysis and related officer certifications for the fiscal year ended March 31, 2022 before the prescribed deadline of July 29, 2022, remains in effect.
The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade the Common Shares. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the Common Shares.
