Innocan Pharma's Share Consolidation Announcement
Innocan Pharma Corporation (CSE: INNO, OTCQB: INNPF) has announced an important step regarding its shares, aiming for enhanced market presence and stability. The company is set to consolidate its issued and outstanding common shares at a ratio of 1 post-consolidation Common Share for every 65 pre-consolidation shares. This decision follows its recent press release and is aimed at improving the perceived value of the company’s equity and to facilitate its upcoming public offering in the U.S.
Details of the Consolidation
The Share Consolidation will play a significant role in Innocan's strategic plan leading towards its proposed public offering. This offering includes the sale of 'Units', each comprising one common share and a common share purchase warrant. Shareholders approved this consolidation at a recent meeting, and the company's board is now working on the liquidation ratio.
The Upcoming Public Offering
Innocan plans to list its Common Shares and Warrants on the NASDAQ Capital Market under the ticker symbols 'INNP' and 'INNPW'. With ThinkEquity LLC serving as the representative underwriter for this offering, the company is focusing on enhancing its reach in the U.S. market. This strategic move aims to attract more investment and provide additional capital for ongoing projects.
Investor Benefits and Potential Outcomes
Upon completion of the Share Consolidation, Innocan expects to reduce its existing shares from approximately 292 million to about 4.5 million, subject to rounding. This consolidation is vital as it prepares the company for the anticipated increase in share value, setting a foundation for future offerings. The consolidation aims to attract higher-profile investors who look for stability in investment opportunities.
Further Insights from the CEO
Iris Bincovich, the CEO of Innocan, expressed positivity regarding the consolidation, stating that it marks a critical phase in their journey towards a successful U.S. public offering and NASDAQ listing. The initiative not only aims at administrative restructuring but also indicates the management’s confidence in increasing investor value through strategic consolidation.
What Happens Next?
As the Share Consolidation process moves forward, registered shareholders will receive a letter of transmittal which will detail how to exchange their old shares for the new post-consolidation shares. There are specific procedures for shareholders holding stocks through intermediaries, prompting them to reach out to their brokers for guidance.
About Innocan Pharma
Innocan Pharma is an innovator in the pharmaceutical and wellness sphere, focusing on developing cutting-edge products that utilize CBD for a variety of therapeutic applications. The company operates through a specialized CBD-loaded liposome drug delivery platform designed for precise dosing and sustained, controlled release of active ingredients, bolstering its standing in non-opioid pain management.
Contact Information
For additional information, interested parties can reach out to Iris Bincovich, CEO, via phone at +15162104025 or +972-54-3012842, or by email at info@innocanpharma.com.
Frequently Asked Questions
What is the purpose of the share consolidation?
The share consolidation is intended to streamline the company's equity and enhance its market presence as it prepares for a public offering.
When will the consolidation take effect?
The consolidation is expected to take effect following board approval and regulatory compliance, with trading on a post-consolidation basis to commence shortly thereafter.
How many shares will be available post-consolidation?
Following the consolidation, the total number of shares will be approximately 4.5 million, a significant reduction from the current amount.
What does this mean for current shareholders?
Current shareholders will exchange their pre-consolidation shares for a reduced number of post-consolidation shares, which is expected to increase in value.
Who can I contact for more information?
Shareholders can contact Iris Bincovich, CEO, for more information or clarification about the consolidation and upcoming offering.
