Draganfly Unveils Important Share Consolidation Details
Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) is an award-winning, industry-leading drone solutions and systems developer. The board of directors of the Company has recently approved a strategic consolidation of its issued and outstanding common shares. This consolidation involves a conversion ratio where one post-consolidated Common Share will represent 25 pre-consolidated Common Shares. This significant move is aimed at ensuring compliance with the listing requirements of Nasdaq.
Effective Date and Trading Adjustments
The effective date of the share consolidation has been set, and Draganfly anticipates its common shares will begin trading on a post-consolidated basis. The anticipated effective date is yet under final confirmation from the Canadian Securities Exchange (CSE) and Nasdaq. As a part of this adjustment, the CUSIP and ISIN of the common shares will change. The new identifiers will be 26142Q304 and CA26142Q3044 respectively, which reflect a new structure post-consolidation.
Impact on Common Shares
Draganfly expects a significant reduction in the number of its common shares, decreasing from 87,166,435 to approximately 3,486,658 shares. This consolidation comes with provisions where fractional shares will not be issued and any fraction resulting from the consolidation will be rounded up to the nearest whole number. Furthermore, the Company will proportionately adjust the exercise price and conversion price associated with its outstanding convertible securities.
Shareholder Communication Process
For shareholders of record on the effective date, Draganfly will send a letter of transmittal. This letter will provide crucial instructions on how to exchange their common shares promptly following the effective date announcement. For any queries regarding the consolidation process, beneficial holders are encouraged to communicate with their intermediaries, such as brokers or financial institutions.
About Draganfly
Draganfly Inc. has been at the forefront of technological innovation for over 24 years, recognized as an industry leader in providing drone solutions, software, and artificial intelligence systems. The company's advanced offerings have transformed the operations of entities across various sectors, including public safety, health, mining, agriculture, and security, providing them with efficient and cutting-edge solutions.
The Company's Vision and Mission
Driven by passion and ingenuity, Draganfly aims to deliver exceptional services and solutions to enhance business operations while saving time, money, and ultimately, lives. Its commitment to using technology to create impactful changes in organizational processes underscores its mission of improving service delivery and stakeholder engagement.
Media and Contact Information
Draganfly offers a dedicated point of contact for media and investor relations. Media inquiries can be directed to Erika Racicot via email at media@draganfly.com. For other inquiries, stakeholders can contact the company at info@draganfly.com. The company remains open for business and is eager to engage with investors and clients alike.
Frequently Asked Questions
What is the purpose of Draganfly's share consolidation?
The share consolidation aims to meet Nasdaq’s listing requirements by adjusting the number of outstanding common shares.
When is the effective date of the share consolidation?
The effective date of the consolidation will be confirmed by CSE and Nasdaq, with trading expected to commence on a post-consolidated basis thereafter.
How will shareholders be informed about the consolidation?
Shareholders of record will receive a letter of transmittal providing instructions for exchanging their common shares soon after the effective date.
Will investors receive fractional shares after the consolidation?
No fractional shares will be issued. Any fractions will be rounded up to the nearest whole number after consolidation.
How can shareholders contact Draganfly for more information?
Shareholders can reach out via email to info@draganfly.com for any inquiries related to the share consolidation.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.