Aqua Bounty Technologies, Inc. Special Meeting (1555P)
15 11월 2016 - 4:01PM
UK Regulatory
TIDMABTU
RNS Number : 1555P
Aqua Bounty Technologies, Inc.
15 November 2016
15 November 2016
AquaBounty Technologies, Inc.
("AquaBounty" or the "Company")
Special Meeting
AquaBounty Technologies, Inc. (AIM: ABTU; OTC: AQBT), a
biotechnology company focused on enhancing productivity in the
aquaculture market, announces a Special Meeting of Shareholders
("SM") to be held on 28 November 2016 at 8:30 a.m. Eastern Time at
its office at 2 Mill & Main Place, Suite 395, Maynard,
Massachusetts, for the purpose of approving a reverse stock split
("Reverse Stock Split") to be implemented in conjunction with the
Company's contemplated listing on NASDAQ.
Further to the announcement of 7 November 2016, the Company has
secured a conditional equity subscription for $25 million (the
"Subscription") and is seeking to list its common stock on NASDAQ.
The Board believes that the Reverse Stock Split would allow the
Company to meet certain initial listing standards for listing the
common stock on NASDAQ.
A circular was posted yesterday (the "Circular") in order to set
out the Board's proposals, and the Circular will shortly be
available on the Company's website. The Board of Directors has
fixed the close of business on 8 November 2016 as the record date
for the determination of shareholders entitled to notice of, and to
vote at, the SM.
The Circular sets out details of four separate alternative
proposals for which the Board is seeking approval from
shareholders. These represent different options in terms of
specific stock split ratios that could be implemented by the Board.
The proposals contemplate Reverse Stock Split ratios of 1-for-10,
1-for-20, 1-for-30, and 1-for-40, respectively (the "Split
Amendments").
Assuming each proposal is approved, the Company would select the
Split Amendment that it determines is most desirable, while the
other Split Amendments not selected would be disregarded and would
not become effective. In making its selection, the Board will take
into consideration the Company's ability to meet the initial
listing standards for NASDAQ. The Board believes that these
proposals would provide the Company with the flexibility to
implement the most appropriate Reverse Stock Split to meet those
initial listing standards. Securing a listing on NASDAQ would
satisfy one of the conditions to the Subscription, and therefore
the Board recommends shareholders to vote in favour of the
proposals.
Assuming the proposals are approved, the final details of the
Reverse Stock Split, including the final ratio selected, the
relevant record date, new ISIN details, and the effective date will
all be announced in due course. The exact timing will depend on the
progress of the Company's application for a listing on NASDAQ, and
therefore the Board would expect to be in a position to provide an
update to shareholders in December 2016.
For further information, please contact:
AquaBounty Technologies,
Inc.
David Frank, Chief Financial
Officer +1 978 648 6048
Stifel Nicolaus Europe Ltd
Stewart Wallace, Ben Maddison +44 (0)20 7710 7600
Luther Pendragon Ltd
Harry Chathli, Claire Norbury +44 (0)20 7618 9100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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November 15, 2016 02:01 ET (07:01 GMT)
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