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HLS Therapeutics Announces Final Redemption of Preferred Shares
HLS Therapeutics Announces Final Redemption of Preferred Shares Canada NewsWire...
About this update from Hls Therapeutics, Inc.
[{"type":"text","content":"\n \n \n \n HLS Therapeutics Announces Final Redemption of Preferred Shares\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n -\n \n \n Redemption completes last step resulting from the 2018 Plan of Arrangement\n \n \n \n \n \n TORONTO\n \n ,\n \n Jan. 4, 2021\n \n /CNW/ - HLS Therapeutics Inc. (\"HLS\" or the \"Company\") (TSX: HLS), a specialty pharmaceutical company focusing on central nervous system and cardiovascular markets, announces that it intends to redeem the remaining 3,655,036 of the Company's outstanding Class A preferred shares (\"Preferred Shares\") on\n \n January 11, 2021\n \n (\"Final Redemption\"). The remaining balance in the escrow account created for this purpose will be used to redeem the preferred shares at a price of CDN\n \n $0.70\n \n per share (the \"\n \n Redemption Price\n \n \"), for a total redemption payment of approximately CDN\n \n $2.6 million\n \n (the \"Aggregate Redemption Payment\").\n \n \n A notice of Final Redemption will be provided to registered holders of Preferred Shares in accordance with the rights, privileges and conditions attached to the Preferred Shares (the \"Share Terms\"). HLS expects that the notice will be mailed on or before\n \n January 4, 2021\n \n . Non-registered shareholders (i.e. shareholders that hold their Preferred Shares through a broker or other intermediary) should contact their broker or other intermediary for information regarding the redemption process for Preferred Shares in which they hold a beneficial interest.\n \n \n Under the plan of arrangement (the \"Arrangement\") involving former HLS Therapeutics Inc. and Automodular Corporation (\"AMD\") completed on\n \n March 12, 2018\n \n , former shareholders of AMD received common shares of HLS and Preferred Shares in exchange for their common shares of AMD. The purpose of the Preferred Shares was to facilitate the distribution to such shareholders, through one or more redemptions of Preferred Shares, of the net settlement proceeds from AMD's litigation with General Motor...