CALGARY, May 14, 2019 /CNW/ - Willow Biosciences Inc. ("Willow" or the "Company") (CSE: WLLW) announces that it will be consolidating all of the issued and outstanding common shares of the Company ("Common Shares") on the basis of one (1) post‐consolidation Common Share for each twenty-five (25) pre‐consolidation Common Shares (the "Consolidation").
The Corporation's board of directors set May 17, 2019 as the effective date of the Consolidation. Trading of the Common Shares on a post-Consolidation basis on the Canadian Securities Exchange (the "CSE") will commence on or about May 21, 2019. The Company's name and trading symbol will remain unchanged.
The 1,733,769,074 Common Shares currently issued and outstanding will be reduced to approximately 69,350,763 Common Shares on a post-Consolidation basis. No fractional shares will be issued. Any fractional interest in Common Shares that is less than 0.5 of a Common Share resulting from the Consolidation will be rounded down to the nearest whole Common Share and any fractional interest in Common Shares that is 0.5 or greater of a Common Share will be rounded up to the nearest whole Common Share.
Letter of transmittals will be mailed to registered Shareholders and registered Shareholders will be required to deposit their share certificate(s), together with the duly completed letter of transmittal, with Alliance Trust Company, the Company's registrar and transfer agent. Non-registered Shareholders holding Common Shares through an intermediary (a securities broker, dealer, bank or financial institution) should be aware that the intermediary may have different procedures for processing the Consolidation than those that will be put in place by the Company for registered Shareholders. If Shareholders hold their Common Shares through intermediaries and have questions in this regard, they are encouraged to contact their intermediaries.
Outstanding stock options and share purchase warrants will also be adjusted by the Consolidation ratio and the respective exercise prices of outstanding options and share purchase warrants will be adjusted accordingly.
About Willow Biosciences Inc.
Based in Calgary, Alberta, Willow is a synthetic biology company focused on revolutionizing industrial manufacturing of active pharmaceutical ingredients and other high value products that have been traditionally plant-derived.
This news release may include forward-looking statements including opinions, assumptions, estimates, the Company's assessment of future plans and operations, and, more particularly, statements concerning the expected date that the Common Shares will trade on a post-Consolidation basis on the CSE and the Company's intention to mail letter of transmittals to registered Shareholders. When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by the Company which include, but are not limited to, the timing of the receipt of the required regulatory and third party approvals and the future operations the Company. Forward-looking statements are subject to a wide range of risks and uncertainties, including that trading on a post-Consolidation basis will not take effect when expected, and although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Willow cautions that its intention to proceed with the Consolidation and other forward-looking statements relating to Willow are subject to all of the risks and uncertainties normally incident to such endeavors. Except as required by applicable laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Willow Biosciences Inc.
For further information: Trevor Peters, President and Chief Executive Officer, T: (403) 669-4848, E: [email protected]; Troy Talkkari, CFA, Vice President, Corporate Development, T: (403) 618-1117, E: [email protected], 202, 1201 - 5th Street SW, Calgary, AB T2R 0Y6