Avant Brands Announces 30:1 Share Consolidation

About this update from Avant Brands Inc

[{"type":"text","content":"Avant Brands Announces 30:1 Share ConsolidationKELOWNA, BC / ACCESSWIRE / August 27, 2024 / Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) (\"Avant\" or the \"Company\"), a leading producer of innovative and award-winning cannabis products, announces that it will consolidate its outstanding common shares on the basis of thirty (30) existing common shares for one (1) new common share of the Company (the \"Consolidation\"). In accordance with the articles of the Company, the Consolidation has been approved by the board of directors (the \"Board\") of the Company, and shareholder approval is not required. The effective date for the Consolidation is Friday, August 30, 2024 (the \"Effective Date\").As of the date of this news release, the Company has 316,342,373 common shares issued and outstanding. Following completion of the Consolidation, the Company is expected to have approximately 10,544,745 common shares issued and outstanding, subject to rounding.No fractional post-Consolidation common shares will be issued as a result of the Consolidation. The holdings of any shareholder who would otherwise be entitled to receive a fractional share as a result of the Consolidation shall be rounded up to the next higher whole number if the fraction is 0.5 or greater, and rounded down to the next lower whole number if the fraction is less than 0.5.Registered shareholders of the Company holding their shares in certificate form will receive a letter of transmittal from the Company's transfer agent with instructions for exchanging their pre-Consolidation shares for post-Consolidation shares. Registered shareholders of the Company holding their shares in DRS advice form will receive their post-Consolidation shares automatically within three (3) business days after the Effective Date with no requirement to complete the letter of transmittal. Shareholders who hold their common shares through a broker or other intermediary will not need to complete a letter of transmittal.The Company's outstanding warrants, options and other convertible securities will be adjusted on the same basis as the Consolidation with respect to the underlying common shares exercisable pursuant to the warrants, options and other convertible securities, with proportionate adjustments being made to applicable exercise or conversion prices, as applicable.The Consolidation is ...

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