LQwD Fintech Corp. (TSXV: LQWD, OTC: LQWDF) announces that it intends to complete a share consolidation of the outstanding share capital of LQwD (the “Consolidation”). On October 18, 2022, LQwD’s Board of Directors approved the Consolidation on the basis of ten (10) pre-Consolidation common shares for one (1) post-Consolidation common share. The reasons for the Consolidation are to increase LQwD’s flexibility and competitiveness in the market, and to make LQwD’s securities more attractive to a wider audience of potential investors. The Consolidation is subject to final acceptance by the TSX Venture Exchange.
As a result of the Consolidation, LQwD’s currently issued and outstanding 97,777,807 common shares will be reduced to approximately 9,777,780 common shares. No fractional common shares will be issued as a result of the Consolidation. Instead, any fractional common shares will be rounded down to the nearest whole number of common shares. The Company’s name and trading symbol will remain unchanged, and the Company anticipates the effective date of the Consolidation to be November 14, 2022.
Registered shareholders will receive a letter of transmittal from LQwD’s transfer agent, Computershare Investor Services Inc. (“Computershare”), with information on how to exchange their old share certificates representing pre-Consolidation common shares with the new share certificates representing post-Consolidation common shares. Computershare will forward to each registered shareholder who has provided the required documents a new share certificate representing the number of post-Consolidation common shares to which the shareholder is entitled. Until surrendered, each share certificate representing pre-Consolidation common shares of LQwD will be deemed for all purposes to represent the number of whole post-Consolidation common shares to which the holder is entitled as a result of the Consolidation.
LQwD is a Lightning Network Service Provider (LSP) focused on developing payment infrastructure and solutions accelerating the global mega trend of Bitcoin adoption through the Lightning Network. The Company’s mission is to develop institutional grade services that support the Lightning Network and drive improved functionality, transaction capability, user adoption and utility and scaling Bitcoin. LQwD also holds Bitcoin that is used as an operating asset establishing nodes and payment channels on the Lightning Network.
For further information:
Ashley Garnot, Corporate Development
Email: [email protected]
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the Company’s business plans and the outlook of the Company’s industry. Although the Company believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.