Ottawa, Ontario--(Newsfile Corp. - April 1, 2025) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) (TSXV: KWE.WT.U) ("KWESST" or the "Company") today announced the results of its special meeting of shareholders (the "Meeting") held virtually via a Zoom video conference on March 31, 2025 at 4:00 PM (Eastern time). The Meeting was called as part of the Company's efforts to regain compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2).
At the Meeting, the shareholders of the Company were asked to approve a resolution (the "Consolidation Resolution"), authorizing, if deemed advisable by the board of directors, the consolidation of the issued and outstanding common shares of the Company on the basis of one share for a maximum of every twenty-five (25) Common Shares issued and outstanding (the "Consolidation"). The Consolidation Resolution was approved by a majority of the votes cast by the holders of common shares of the Company, either present in person or represented by proxy.
As a result of this approval, the board of directors of the Company will now consider the proper timing to implement the Consolidation, and expects to announce shortly the final share ratio of the Consolidation.
The Company believes that the Consolidation is in the best interests of shareholders as it will allow the Company to ensure continued compliance with the Nasdaq's Minimum Bid Price Requirements. The implementation of the Consolidation remains subject to regulatory approval.
About KWESST
KWESST (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) develops and commercializes breakthrough next-generation tactical systems for military and security forces. The company's current portfolio of offerings includes digitization of tactical forces for real-time shared situational awareness and targeting information from any source (including drones) streamed directly to users' smart devices and weapons. Other KWESST products include countermeasures against threats such as electronic detection, lasers and drones. These systems can operate stand-alone or integrate seamlessly with OEM products and battlefield management systems, and all come integrated with TAK. The company also has a new proprietary non-lethal product line branded PARA OPSTM with application across all segments of the non-lethal market, including law enforcement. The Company is headquartered in Ottawa, Canada with representative offices in London, UK and Abu Dhabi, UAE.
Neither the TSX Venture Exchange nor its respective 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.
This press release includes certain statements that may be deemed "forward-looking statements"within the meaning of Canadian and United States securities laws (collectively, "forward-looking statements"), which may be identified by the use of words such as "plans", "intends", "believes", "proposed", or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", or "will" be taken, occur or be achieved. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include: the anticipated positive effects of shareholder approval to the Consolidation Resolution and the ability of KWESST to maintain compliance with regulatory requirements following the Consolidation, notably the Mininum Bid Price Requirement; risks and uncertainties detailed from time to time in KWESST's filings with the Canadian Security Administrators and the United States Securities and Exchange Commission, and many other factors beyond the control of KWESST. Although KWESST has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and KWESST undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
