Looking Glass Labs Ltd Looking Glass Labs Announces Share Consolidation
September 28 2023 - 2:00AM
UK Regulatory
TIDMNFXT
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N E W S R E L E A S E
Looking Glass Labs Announces Share Consolidation
Vancouver, British Columbia - 28 September 2023 / Globe Newswire / - Looking
Glass Labs Ltd. ("LGL" or the "Company") (NEO: NFTX) (AQSE: NFTX) (OTC: LGSLF)
(FRA: H1N) is pleased to announce that it will be consolidating all of the
issued and outstanding common shares ("Common Shares") of the Company on the
basis of one (1) post-consolidation Common Share for each seventy-five (75) pre
-consolidation Common Shares (the "Consolidation").
The effective date and trading of the Common Shares on a post-Consolidation
basis on NEO Exchange Inc., operating as Cboe Canada (the "Exchange") is
expected to be on or about October 6, 2023. The Company's name and trading
symbol will remain unchanged. The new CUSIP number will be 54342Q205 and the
ISIN number will be CA54342Q2053.
The Consolidation is expected to result in the number of issued and outstanding
Common Shares being reduced from 148,937,668 pre-consolidation Common Shares to
approximately 1,985,835 post-Consolidation Common Shares of no par value. The
exercise or conversion price of warrants and stock options, and the number of
Common Shares issuable thereunder will also be proportionately adjusted upon the
completion of the Consolidation.
No fractional shares will be issued as a result of the Consolidation. All
fractions of Common Shares will be rounded down to the next lowest whole number.
No cash consideration will be paid in respect of fractional shares. The
Consolidation is subject to the receipt of all required regulatory approvals,
including the approval of the Exchange.
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in
accordance with the Company's obligations under Article 17 of MAR.
The Directors of Looking Glass Labs take responsibility for this announcement.
ABOUT LOOKING GLASS LABS
Headquartered in Vancouver, British Columbia, Looking Glass Labs ("LGL")
specialises in consumer engagement applications to leverage immersive metaverse
environments, gamification and Web 3.0 / blockchain monetisation strategies.
On behalf of LOOKING GLASS LABS LTD.
"Dorian Banks"
Dorian Banks, Chief Executive Officer
For further information, please contact:
Dorian Banks
Toll-Free: +1 833 LGL-NFTX (833-545-6389)
Email: info@lgl.io
Novum Securities Limited, AQSE Corporate Adviser
David Coffman/ George Duxberry
Tel: +44 (0)207 399 9400
Forward-Looking Information
This news release contains "forward-looking statements." Statements in this news
release that are not purely historical are forward-looking statements and
include any statements regarding beliefs, plans, expectations, or intentions
regarding the future. Such forward-looking statements include, among other
things: the development of Pocket Dimension, the Company's goal to become the
leading digital studio specializing in NFT architecture, immersive metaverse
design and virtual asset display monetization streams; intention to build out a
portfolio of perpetual NFT royalty streams through collaborations, accretive
acquisitions and other arrangements, to potentially result in consistent, de
-risked and passive revenue; and the near-term projects and future projects.
The material assumptions supporting these forward-looking statements include,
among others, that: the Company could mitigate the risks associated with the
blockchain and NFT industry; the ability to compete with other businesses in the
NFT market; the availability of sufficient funding to carry out the Company's
business development plans; favourable market conditions; the ability of HoK to
sell all or substantially all of its product offerings; the market acceptance
for its products; and the ability to complete the development of Pocket
Dimension in a timely manner.
Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. These
forward-looking statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including: the continued growth and
adoption of NFT and metaverse offerings by the consumer market; the cost of
developing and designing NFTs and metaverses is economically viable; the Company
being able to attract and retain a sufficient workforce with desired skillsets
to develop the Company's NFT and metaverse offerings; the availability of
offerings provided by third-parties in the NFT, metaverse development and online
gaming market to identify potential transactions; the increasing adoption of
NFTs as a solution for various online gaming, entertainment and collectible
uses; the Company having the ability to mitigate the risks associated with the
blockchain and NFT industry; and the ability to compete with other businesses in
the NFT, metaverse development, content creation and collectibles market.
Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. These
forward-looking statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including: the risk that the Company's
offerings are not accepted by the consumer, the risk that other competitors may
offer similar digital offerings; the risk that there may be negative changes in
general economic and business conditions; the risk that the Company may have
negative operating cash flow and not enough capital to complete the development
of any of its technologies; the risk that the Company may not be able to obtain
additional financing as necessary; the risk that there may be increases in
capital and operating costs; the risk that the NFT technology may be subject to
fraud and other failures; the risk that there may be technological changes and
developments in the blockchain that make the NFT solutions obsolete; risks
relating to regulatory changes or actions which may impede the development or
operation of the blockchain solutions; the risk that other competitors may
release similar blockchain offerings; the potential future unviability of the
NFT market in general; the volatile cost of the amount of computational effort
required to execute specific operations on the blockchain, and other general
risks involved in the blockchain solutions.
Risks and uncertainties about the Company's business are more fully discussed in
the Company's disclosure materials, including its reports filed with the
Canadian securities regulators and which can be obtained from www.sedarplus.com.
Any of these risks may cause the Company's actual results, levels of activity,
performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by these
forward-looking statements. Further, although the Company has attempted to
identify factors that could cause actual results, levels of activity,
performance or achievements to differ materially from those described in forward
-looking statements, there may be other factors that cause results, levels of
activity, performance or achievements not to be as anticipated, estimated or
intended. These forward-looking statements are made as of the date of this news
release, and the Company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those
projected in the forward-looking statements, except as required by applicable
law, including the securities laws of the United States and Canada. Although the
Company believes that any beliefs, plans, expectations and intentions contained
in this news release are reasonable, there can be no assurance that any such
beliefs, plans, expectations or intentions will prove to be accurate. The
Company does not assume any liability for disclosure relating to any other
company mentioned herein.
SOURCE: LOOKING GLASS LABS LTD.
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(END) Dow Jones Newswires
September 28, 2023 02:00 ET (06:00 GMT)