LAVAL,
QC, June 8, 2022 /PRNewswire/ - Neptune
Wellness Solutions Inc. ("Neptune" or the "Company")
(NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated
health and wellness company focused on plant-based, sustainable and
purpose-driven lifestyle brands, announced today that it has
received conditional approval of the Toronto Stock Exchange
("TSX") with respect to the Company's proposed consolidation
of its common shares (the "Common Shares") on the basis of
one (1) post-consolidation Common Share for every thirty-five (35)
pre-consolidation Common Shares (the "Consolidation"). The
Consolidation was previously approved by the board of directors of
the Company on June 3, 2022. Each
fractional Common Share remaining after completion of the
Consolidation that is less than one (1) whole of a Common Share
will be increased to one (1) whole Common Share. The
Consolidation will reduce the number of Common Shares issued and
outstanding from approximately 198 million Common Shares to
approximately 5.7 million Common Shares.
![Neptune Wellness Solutions Inc. Logo (CNW Group/Neptune Wellness Solutions Inc.) Neptune Wellness Solutions Inc. Logo (CNW Group/Neptune Wellness Solutions Inc.)](https://mma.prnewswire.com/media/1835082/Neptune_Wellness_Solutions_Inc__Neptune_Wellness_Solutions_Inc_.jpg)
The Consolidation is subject to the final approval of the TSX,
along with other customary conditions relating to the
Consolidation. The precise effective date of the Consolidation and
the date upon which the Common Shares will begin trading on the
NASDAQ and the TSX on a post-Consolidation basis will be announced
at a later date.
The Company's transfer agent, Computershare Investor Services
Inc. ("Computershare"), will act as the exchange agent for
the Consolidation. In connection with the Consolidation,
Computershare will send to registered holders of Common Shares (the
"Registered Holders") a letter of transmittal (the
"Letter of Transmittal") that may be used by such Registered
Holders to exchange their pre-Consolidation Common Share
certificates for certificates in the capital of the Company
representing the consolidated number of Common Shares. Until
surrendered, each certificate representing pre-Consolidation Common
Shares will represent the number of whole post-Consolidation Common
Shares to which the holder is entitled as a result of the
Consolidation. The post-Consolidated Common Shares issued will be
done via a push-out to shareholders holding book shares / DRS
Advice positions and pre-Consolidated Common Shares will become
null and void. Shareholders holding Common Shares by way of a
physical share certificate are required to deposit a completed
Letter of Transmittal and the physical share certificates for
cancellation to receive the applicable post-Consolidated Common
Shares.
Non-registered or beneficial holders holding their Common Shares
through a bank, broker or other nominee will not need to complete a
Letter of Transmittal and should note that such banks, brokers or
other nominees may have specific procedures for processing the
Consolidation. Shareholders holding their Common Shares with such a
bank, broker or nominee and who have any questions in this regard
are encouraged to contact their nominee.
A copy of the Letter of Transmittal will be posted on the
Company's issuer profile on SEDAR at www.sedar.com.
The Company's name and trading symbol will remain unchanged on
the Nasdaq and the TSX as a consequence of the Consolidation.
Forward-Looking Statements
Statements in this news release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of applicable securities laws. Such
forward-looking statements involve known and unknown risks,
uncertainties, and other unknown factors that could cause the
actual results of Neptune to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements labeled with the terms "believes", "belief",
"expects", "intends", "projects", "anticipates", "will", "should"
or "plans" to be uncertain and forward-looking. Forward-looking
statements relate to future events or future performance and
reflect management's expectations or beliefs regarding future
events including, but not limited to, statements with respect to
the completion of the Consolidation, including the timing thereof.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
news release. The forward-looking statements contained in this news
release are expressly qualified in their entirety by this
cautionary statement and the "Cautionary Note Regarding
Forward-Looking Information" section contained in Neptune's latest
Annual Information Form, which also forms part of Neptune's latest
annual report on Form 40-F, and which is available on SEDAR at
www.sedar.com, on EDGAR at www.sec.gov/edgar.shtml. All
forward-looking statements in this news release are made as of the
date of this news release. Neptune does not undertake to update any
such forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
law.
Neither NASDAQ nor the Toronto Stock Exchange accepts
responsibility for the adequacy or accuracy of this
release.
About Neptune Wellness Solutions Inc.
Headquartered in Laval, Quebec,
Neptune is a diversified health and wellness company with a mission
to redefine health and wellness. Neptune is focused on building a
portfolio of high quality, affordable consumer products in response
to long-term secular trends and market demand for natural,
plant-based, sustainable and purpose-driven lifestyle brands. The
Company utilizes a highly flexible, cost-efficient manufacturing
and supply chain infrastructure that can be scaled to quickly adapt
to consumer demand and bring new products to market through its
mass retail partners and e-commerce channels. For additional
information, please visit: https://neptunewellness.com/.
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SOURCE Neptune Wellness Solutions Inc.