Base Carbon Closes Reverse Takeover Deal, Looks At NEO Listing
Base Carbon Corp. announced on Friday the completion of the reverse takeover deal with 1287411 B.C. Ltd. The latter, becoming the resulting issuer, changed its name to Base Carbon Inc.
The mostly share-based transaction will see Base Carbon’s outstanding common shares be exchanged for the resulting company’s common shares on a 1-1 basis. This resulted in the resulting company having 125,339,304 outstanding common shares and 8,940,000 options.
Prior to the takeover, Base Carbon consolidated its shares 5.394736842 shares to one post-consolidated share. Further, one of the firm’s shareholders, Abaxx Technologies, also exchanged its current Base Carbon shares in the same ratio, ending with 24,431,457 common shares of the resulting company or effectively 19.49% equity).
The resulting issuer already received conditional approval from Neo Exchange Inc. to list its shares on the exchange. The shares are expected to trade on March 3, 2022, under the symbol “BCBN”.
Base Carbon founder Michael Costa is also expected to continue to lead the resulting company as CEO and chairman of the board.
Information for this briefing was found via Sedar and the companies mentioned. 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.
