It appears that Antibe Therapeutics (TSXV: ATE) is still mulling a share consolidation that it had previously received shareholder approval for, yet never put into effect. The company filed its notice of annual and special meeting of shareholders this morning on Sedar, which contained within a resolution related to a potential share consolidation for the company.
The share consolidation outlined within the management information circular identifies a potential consolidation of anywhere between a one for five and one for ten ratio. As per the resolution, if approved, the board of directors would have until August 20, 2021 to put the consolidation into effect.
The circular filed by Antibe states that the consolidation is being considered as a means to make the company qualify for a potential listing on the Nasdaq or “other senior North American stock exchange,” which contains minimum listing requirements of $4.00 per common share when an equity is first listed on the exchange. After listing, the company must maintain a minimum price of $1.00 per share or risk being delisted from the exchange. It’s unclear at this time whether Antibe has actually applied for listing on the Nasdaq.
Based on the current figure of 385,462,301 common shares outstanding, the result of the share consolidation would place the total share count at a figure between 38,546,230 and 77,092,460, before any potential options or warrants are taken into consideration.
Antibe Therapeutics last traded at $0.395 on the TSX Venture.
Information for this briefing was found via Sedar and Antibe Therapeutics. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
