KWESST Micro Systems Implements Share Consolidation for Strategic Growth

2 min read | October 21, 2024 02:34 PM EDT | By Team Kalkine Media

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KWESST Announces Share Consolidation

Share Numbers Adjusted Without Affecting Warrants

New Terms for Post-Consolidation Trading

KWESST Micro Systems Inc. (NASDAQ:KWE) (TSXV:KWE) has announced that it will proceed with a 10-to-1 share consolidation, effective from October 23, 2024. This consolidation, which has received approval from the TSX Venture Exchange, will reduce the number of outstanding shares from 15,791,742 to approximately 1,579,174. Any fractional shares resulting from this adjustment will either be rounded up or down.

Importantly, the company’s name and trading symbol will remain the same, though new CUSIP and ISIN numbers have been assigned. This adjustment will not affect the number of outstanding share purchase warrants, but the terms for exercising them will be revised accordingly. After the consolidation, ten warrants will be required to purchase one post-consolidation share at an exercise price of US$50.00.

KWESST Micro Systems aims to maintain compliance with Nasdaq’s bid price requirements through this share consolidation. The company's decision is viewed as a strategic step to ensure it continues meeting exchange standards.

This development reinforces the company’s focus on aligning with regulatory expectations, while continuing its business operations. KWESST is set to move forward with these adjustments, which aim to support its future positioning in the market.

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