Eve & Co (TSX-V: EVE) form of proxy shows proposal of common share consolidation by the management. The management proposed “Post-consolidation” common share for a minimum of two (2) and a maximum of ten (10) existing or “pre-consolidation” common shares. Eve & co management recommends shareholders to vote “For” proposed share consolidation.
According to the circular, management believes that the current relatively large number of outstanding common shares is inconsistent with the size, assets and structure of the corporation at the current time. Management also suggested the share consolidation would increase the corporation’s flexibility with respect to potential business transactions such as equity financings. Also to ensure that Eve & Co remains in compliance with applicable shareholder distribution requirements of its stock exchange listing.
Current number of common shares issued and outstanding: 287,867,172
Factors for Consolidation Ratio
- the historical prices and trading volume of the Common Shares;
- the then-prevailing trading price and trading volume of the Common Shares and the anticipated impact of the Consolidation on the trading market for the Common Shares;
- the outlook for the trading price of the Common Shares;
- threshold prices of brokerage houses or institutional investors that could impact their ability to invest or recommend investments in the Common Shares;
- the Corporation’s ability to maintain compliance with ongoing listing requirements of the TSXV; and
- prevailing general market and economic conditions
Shareholders must pass the vote to consider share consolidation.
Annual and special meeting: June 25, 2020
About Eve & Co Incorporated
Eve & Co, through its wholly owned subsidiary Natural MedCo Ltd., holds cultivation and processing licenses under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and cannabis oil. Natural MedCo Ltd. was Canada’s first female founded licensed producer of medicinal marijuana, and received its cultivation license from Health Canada in 2016.
Eve & Co is led by a team of agricultural experts and has a licensed 220,000 sq. ft. scalable greenhouse production facility located in Middlesex County, Ontario. Eve & Co is constructing an additional 780,000 sq. ft. expansion, bringing Eve & Co’s total anticipated greenhouse capacity to 1,000,000 sq. ft.