Business
American Aires Inc. Announces Share Consolidation
Toronto, Ontario--(Newsfile Corp. - September 12, 2023) - American Aires Inc. (CSE: WIFI) (OTC Pi...
About this update from American Aires, Inc.
[{"type":"text","content":"American Aires Inc. Announces Share ConsolidationToronto, Ontario--(Newsfile Corp. - September 12, 2023) - American Aires Inc. (CSE: WIFI) (OTC Pink: AAIRF) (\"Aires\" or the \"Company\"), a leader in scientifically-proven EMF modulation technology, announced it is proceeding with a consolidation of its issued and outstanding share capital on the basis of one (1) new common share for every ten (10) outstanding common shares (the \"Consolidation\").The Company currently has 166,600,453 common shares (the \"Shares\") issued and outstanding. Following the Consolidation, the Company will have approximately ‎16,660,045 ‎issued and outstanding Shares. No fractional Shares will be issued under the Consolidation and any fraction will be rounded to the nearest whole number. The exercise or conversion price and/or the number of Shares issuable under any of the Company's outstanding convertible securities, stock options and warrants will be proportionally adjusted after giving effect to the Consolidation based on the Consolidation ratio (1:10).Subject to acceptance by the Canadian Securities Exchange (the \"CSE\"), the Shares are expected to begin trading on a post-Consolidation basis on the CSE when markets open on September 15, 2023 (the \"Effective Date\"). The record date for the Consolidation will be one trading day later on September 18, 2023. The Company's name and trading symbol will not change, and the post-Consolidation Shares will have a new CUSIP Number (02377G204).The Consolidation was approved by the Company's shareholders at its recent annual meeting held on May 31, 2023. Additional details about the Consolidation can be found in the Company's Management Information Circular dated May 5, 2023 available at www.sedarplus.ca.A letter of transmittal will be mailed to registered shareholders providing instructions on how to exchange share certificates representing pre-Consolidation Shares for new share certificates or Direct Registration Advice (DRS) representing post-Consolidation Shares to which they are entitled as a result of the Consolidation. No action is required by non-registered shareholders (shareholders who hold their common shares through an intermediary) to effect the Consolidation.About American Aires Inc. American Aires Inc. is a Canadian-based nanotechnology company committed to enhancing well-being ...