KELOWNA, BC / ACCESSWIRE / August 27, 2024 / Avant Brands Inc.(TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) ("Avant" or the "Company"), a leading producer of innovative and award-winning cannabis products, announces that it will consolidate its outstanding common shares on the basis of thirty (30) existing common shares for one (1) new common share of the Company (the "Consolidation"). In accordance with the articles of the Company, the Consolidation has been approved by the board of directors (the "Board") of the Company, and shareholder approval is not required. The effective date for the Consolidation is Friday, August 30, 2024 (the "Effective Date").
As of the date of this news release, the Company has 316,342,373 common shares issued and outstanding. Following completion of the Consolidation, the Company is expected to have approximately 10,544,745 common shares issued and outstanding, subject to rounding.
No fractional post-Consolidation common shares will be issued as a result of the Consolidation. The holdings of any shareholder who would otherwise be entitled to receive a fractional share as a result of the Consolidation shall be rounded up to the next higher whole number if the fraction is 0.5 or greater, and rounded down to the next lower whole number if the fraction is less than 0.5.
Registered shareholders of the Company holding their shares in certificate form will receive a letter of transmittal from the Company's transfer agent with instructions for exchanging their pre-Consolidation shares for post-Consolidation shares. Registered shareholders of the Company holding their shares in DRS advice form will receive their post-Consolidation shares automatically within three (3) business days after the Effective Date with no requirement to complete the letter of transmittal. Shareholders who hold their common shares through a broker or other intermediary will not need to complete a letter of transmittal.
The Company's outstanding warrants, options and other convertible securities will be adjusted on the same basis as the Consolidation with respect to the underlying common shares exercisable pursuant to the warrants, options and other convertible securities, with proportionate adjustments being made to applicable exercise or conversion prices, as applicable.
The Consolidation is subject to obtaining all necessary regulatory approvals, including the approval of the Toronto Stock Exchange (the "TSX"). It is expected the common shares will commence trading on the TSX on a consolidated basis at the opening of trading on the Effective Date under the new ISIN CA05353D2023 and new CUSIP 05353D202.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
About Avant Brands Inc.
Avant is an innovative, market-leading premium cannabis company. Avant has multiple operational production facilities across Canada, which produce high-quality, handcrafted cannabis products based on unique and exceptional cultivars.
Avant offers a comprehensive product portfolio catering to recreational, medical, and export markets. Our renowned consumer brands, including BLK MKT™, Tenzo™, Cognōscente™, flowr™ and Treehugger™, are available in key recreational markets across Canada. Avant's products are distributed globally to Australia, Israel and Germany, with its flagship brand BLK MKT™ currently being sold in Israel. Additionally, Avant's medical cannabis brand, GreenTec™, serves qualified patients nationwide through its GreenTec Medical portal and trusted medical cannabis partners.
Avant is a publicly traded corporation listed on the Toronto Stock Exchange (TSX: AVNT) and accessible to international investors through the OTCQX Best Market (OTCQX:AVTBF) and Frankfurt Stock Exchange (FRA: 1BU0). Headquartered in Kelowna, British Columbia, Avant operates in strategic locations including British Columbia, Alberta, and Ontario.
For more information about Avant, including access to investor presentations and details about its consumer brands, please visit www.avantbrands.ca.
For further inquiries, please contact: Investor Relations at Avant Brands Inc. 1-800-351-6358 ir@avantbrands.ca
This press release contains forward-looking statements that are subject to inherent risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, market conditions, regulatory approvals, the Company's ability to raise capital, and the overall performance of the cannabis industry. Readers are cautioned not to place undue reliance on forward-looking statements, as actual results may vary materially from those expressed or implied by such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Investors are urged to carefully consider the risks and uncertainties disclosed in the Company's filings with securities regulatory authorities, available on SEDAR+ at www.sedarplus.ca.
