Draganfly Announces Key Details on Share Consolidation
Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) is a renowned leader in drone solutions and systems development. Recently, the Company’s board of directors approved a strategic consolidation of its issued and outstanding common shares. Under this consolidation, one post-consolidated Common Share will equal 25 pre-consolidated Common Shares. This important decision is designed to ensure compliance with Nasdaq's listing requirements.
Effective Date and Trading Changes
The effective date for the share consolidation has been established, and Draganfly expects that its common shares will start trading on a post-consolidated basis. The anticipated effective date is still pending final confirmation from the Canadian Securities Exchange (CSE) and Nasdaq. Along with this adjustment, there will be changes to the CUSIP and ISIN for the common shares. The new identifiers will be 26142Q304 and CA26142Q3044, respectively, reflecting the new structure following the consolidation.
Effects on Common Shares
Draganfly anticipates a substantial reduction in the number of its common shares, decreasing from 87,166,435 to roughly 3,486,658 shares. As part of this consolidation, fractional shares will not be issued; any fractions resulting from the consolidation will be rounded up to the nearest whole number. Additionally, the Company will proportionately adjust the exercise price and conversion price related to its outstanding convertible securities.
Shareholder Communication Process
For shareholders on record as of the effective date, Draganfly will send a letter of transmittal. This letter will include essential instructions on how to exchange their common shares promptly after the effective date announcement. Shareholders with questions about the consolidation process are encouraged to reach out to their intermediaries, such as brokers or financial institutions.
About Draganfly
For over 24 years, Draganfly Inc. has been at the forefront of technological innovation, recognized as a leader in providing drone solutions, software, and artificial intelligence systems. The company's advanced offerings have revolutionized operations across various sectors, including public safety, health, mining, agriculture, and security, equipping them with efficient and state-of-the-art solutions.
The Company's Vision and Mission
Guided by passion and creativity, Draganfly strives to deliver outstanding services and solutions that enhance business operations while saving time, money, and ultimately, lives. The Company is committed to leveraging technology to create meaningful changes in organizational processes, emphasizing its mission to improve service delivery and stakeholder engagement.
Media and Contact Information
Draganfly provides a dedicated contact point for media and investor relations. Media inquiries can be directed to Erika Racicot at media@draganfly.com. For other questions, stakeholders can reach the company at info@draganfly.com. The company is eager to engage with investors and clients and remains open for business.
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.
