On July 11, 2017, the Issuer affected a share consolidation, which is also known as a reverse stock split of the Issuer's issued and outstanding common stock. Every issued and outstanding 25 Common Shares were combined and reclassified into one share of common stock. If the share consolidation resulted in a fractional share, the number of new Common Shares issued were rounded to the nearest whole share, with one-half of a share being rounded upward.
Per the Issuer's Form F-3 (File No. 333-219383) filed on July 20, 2017, the Issuer has 4,372,462 Common Shares issued and outstanding as of July 12, 2017 and, after accounting for the exchange of all of the warrants (including the One-Year Warrants, the Five-Year Warrants, the March 2016 Warrants, and any other warrants held by other shareholders) into Common Shares, the Issuer has 5,823,660 Common Shares issued and outstanding (the "
Outstanding Shares
").
As of July 25, 2017, on a post-consolidation basis, each Reporting Person may be deemed to beneficially own in the aggregate 1,576,388 Common Shares, which consists of: (i) 561,185 Common Shares issued and outstanding to MF Ventures (the "
MF Shares
"), (ii) 833,385 Common Shares issued under the Warrant Exchange (the "
Exchanged Shares
"), and (iii) 181,818 Common Shares issuable under the March 2017 Warrant—assuming no 4.99% Blocker.
As of July 25, 2017, on a post-consolidation basis and assuming the 4.99% Blocker is effective, each Reporting Person may be deemed to beneficially own in the aggregate 1,394,570 Common Shares, which consists of: (i) the MF Shares, and (ii) the Exchanged Shares.
Further, as of July 25, 2017 on a post-consolidation basis, each Reporting Person may be deemed to beneficially own 26.2% of the class of Common Shares, assuming 6,005,478 Common Shares outstanding, which consists of (i) the Outstanding Shares, and (ii) 181,818 Common Shares issuable under the March 2017 Warrant—assuming no 4.99% Blocker.
In addition, as of July 25, 2017 assuming the 4.99% Blocker is effective and on a post-consolidation basis, each Reporting Person may be deemed to beneficially own 24.0% of the class of Common Shares, assuming 5,823,660 Common Shares outstanding.