KWESST Announces Share Consolidation Effective Date

2 min read | October 21, 2024 02:40 PM EDT | By Team Kalkine Media

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KWESST Announces Share Consolidation Effective Date — Image source: Shutterstock

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KWESST Micro Systems' share consolidation to take effect with TSX-V approval.

Trading on a consolidated basis will begin on October 23, 2024.

No action required for shareholders with brokerage accounts for share exchange.

KWESST Micro Systems Inc. (NASDAQ:KWE) (NASDAQ:KWESW) (TSXV:KWE) (TSXV:KWE.WT.U) has announced the final date for its share consolidation. Following approval from the TSX Venture Exchange, the consolidation will be on a 10-for-1 basis. This means that for every 10 pre-consolidation shares, one post-consolidation share will be issued. The consolidation is set to begin on October 23, 2024, on both the TSX-V and Nasdaq Capital Market.

The company has outlined that fractional shares will be adjusted. If a fractional share is half or greater, it will be rounded up, and if less than half, it will be rounded down. The company’s name and trading symbols will remain unchanged. However, the post-consolidation shares will have a new CUSIP and ISIN number.

Registered shareholders will receive a letter from TSX Trust Company explaining how to exchange their pre-consolidation share certificates. For those holding shares through brokerage accounts, no action is necessary as the exchange will occur automatically.

With this step, KWESST Micro Systems is streamlining its issued shares without altering its company fundamentals.

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