HEXO Corp Announces Share Consolidation
December 18 2020 - 04:30PM
HEXO Corp (“HEXO”, or the “Company”) (TSX: HEXO; NYSE:HEXO)
announces that, following shareholder approval of the previously
announced consolidation of its issued and outstanding common shares
(the “
Shares”) on the basis of four (4) old Shares
for one (1) new Share (the “
Consolidation”) at its
annual and special meeting of shareholders held on December 11,
2020, it has filed articles of amendment implementing the
Consolidation.
Notice of the Consolidation has been provided to
the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange
(“NYSE”). The Shares will continue to be listed on the TSX and the
NYSE under the symbol “HEXO”, and the Shares are expected to begin
trading on a post-Consolidation basis on the TSX and NYSE on or
about December 23, 2020. Following the Consolidation, the new CUSIP
number for the Shares is 428304307 and the new ISIN for the Shares
is CA4283043079.
As a result of the Consolidation, the
488,650,748 Shares issued and outstanding prior to the
Consolidation have been reduced to approximately 122,162,687 Shares
(disregarding the treatment of any resulting fractional shares).
Each shareholder’s percentage ownership in the Company and
proportional voting power remains unchanged after the
Consolidation, except for minor changes and adjustments resulting
from the treatment of any resulting fractional Shares. The Company
will not be issuing fractional post-Consolidation Shares. Where the
Consolidation would otherwise result in a shareholder being
entitled to a fractional Share, the number of post-Consolidation
Shares issued to such shareholder shall be rounded up or down to
the nearest whole number of Shares. Fractional interests of 0.5 or
greater will be rounded up to the nearest whole number of Shares
and fractional interests of less than 0.5 will be rounded down to
the nearest whole number of Shares.
The Company’s transfer agent, TSX Trust Company
(“TSX Trust”), will act as the exchange agent for the
Consolidation. In connection with the Consolidation, TSX Trust has
sent a letter of transmittal to registered shareholders which will
enable them to exchange their old share certificates for new share
certificates, or alternatively, a Direct Registration System
(“DRS”) Advice/Statement, representing the number of new
post-Consolidation Shares they hold, in accordance with the
instructions provided in the letter of transmittal. Registered
shareholders will be able to obtain additional copies of the letter
of transmittal through TSX Trust. Until surrendered, each share
certificate representing pre-Consolidation Shares will represent
the number of whole post-Consolidation Shares to which the holder
is entitled as a result of the Consolidation.
Non-registered beneficial holders holding their
Shares through intermediaries (securities brokers, dealers, banks,
financial institutions, etc.) will not need to complete a letter of
transmittal and should note that such intermediaries may have
specific procedures for processing the Consolidation. Shareholders
holding their Shares through such an intermediary and who have any
questions in this regard are encouraged to contact their
intermediary.
The exercise or conversion price and the number
of Shares issuable under any of the Company's outstanding warrants,
convertible debentures, stock options and other securities
exercisable for or convertible into Shares will be proportionately
adjusted to reflect the Consolidation in accordance with the
respective terms thereof.
About HEXO
HEXO Corp is an award-winning consumer packaged
goods cannabis company that creates and distributes innovative
products to serve the global cannabis market. The Company serves
the Canadian adult-use markets under its HEXO Cannabis, Up Cannabis
and Original Stash brands, and the medical market under HEXO
medical cannabis. For more information please visit
hexocorp.com.
Forward Looking Statements
This press release contains forward-looking
information and forward-looking statements within the meaning of
applicable securities laws (“forward-looking statements”).
Forward-looking statements are based on certain expectations and
assumptions and are subject to known and unknown risks and
uncertainties and other factors that could cause actual events,
results, performance and achievements to differ materially from
those anticipated in these forward-looking statements.
Forward-looking statements should not be read as guarantees of
future performance or results. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company disclaims
any intention or obligation, except to the extent required by law,
to update or revise any forward-looking statements as a result of
new information or future events, or for any other reason.
Investor Relations:
invest@HEXO.com www.hexocorp.com
Media Relations: (819) 317-0526
media@hexo.com
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