Willow Biosciences Inc. Announces Share Consolidation
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 ofthe Company (“Common Shares”) on the basis of one (1) postconsolidation Common Share foreach twenty-five (25) preconsolidation 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 willremain unchanged.
The 1,733,769,074 Common Shares currently issued and outstanding will be reduced toapproximately 69,350,763 Common Shares on a post-Consolidation basis. No fractional shares willbe issued. Any fractional interest in Common Shares that is less than 0.5 of a Common Shareresulting from the Consolidation will be rounded down to the nearest whole Common Share and anyfractional interest in Common Shares that is 0.5 or greater of a Common Share will be rounded up tothe nearest whole Common Share.
Willow Biosciences Inc. Announces ShareConsolidationCALGARY, 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 ofthe Company (“Common Shares”) on the basis of one (1) postconsolidation Common Share foreach twenty-five (25) preconsolidation 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 willremain unchanged.The 1,733,769,074 Common Shares currently issued and outstanding will be reduced toapproximately 69,350,763 Common Shares on a post-Consolidation basis. No fractional shares willbe issued. Any fractional interest in Common Shares that is less than 0.5 of a Common Shareresulting from the Consolidation will be rounded down to the nearest whole Common Share and anyfractional interest in Common Shares that is 0.5 or greater of a Common Share will be rounded up tothe nearest whole Common Share.Letter of transmittals will be mailed to registered Shareholders and registered Shareholders will berequired 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-registeredShareholders holding Common Shares through an intermediary (a securities broker, dealer, bank orfinancial institution) should be aware that the intermediary may have different procedures forprocessing the Consolidation than those that will be put in place by the Company for registeredShareholders. If Shareholders hold their Common Shares through intermediaries and have questionsin this regard, they are encouraged to contact their intermediaries.
Outstanding stock options and share purchase warrants will also be adjusted by the Consolidationratio and the respective exercise prices of outstanding options and share purchase warrants will beadjusted accordingly.
About Willow Biosciences Inc.
Based in Calgary, Alberta, Willow is a synthetic biology company focused on revolutionizing industrialmanufacturing of active pharmaceutical ingredients and other high value products that have beentraditionally plant-derived.
Forward-Looking Statements
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 toregistered Shareholders. When used in this document, the words “will,” “anticipate,” “believe,””estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to beamong the statements that identify forward-looking statements. The forward-looking statements arefounded on the basis of expectations and assumptions made by the Company which include, but arenot limited to, the timing of the receipt of the required regulatory and third party approvals and thefuture operations the Company. Forward-looking statements are subject to a wide range of risksand uncertainties, including that trading on a post-Consolidation basis will not take effect whenexpected, 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 berealized. 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 incidentto such endeavors. Except as required by applicable laws, the Company does not undertake anyobligation to publicly update or revise any forward-looking statements.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in thepolicies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracyof this release.
For further information, please contact:
Trevor Peters President and Chief Executive Officer T: (403) 669-4848 E: t.peters@willowbio.com
Troy Talkkari CFA Vice President, Corporate Development T: (403) 618-1117 E: t.talkkari@willowbio.com
Willow Biosciences Inc. 202, 1201 – 5th Street SW Calgary, AB T2R 0Y6
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