Business
RDARS Inc. Announces Intention to Consolidate Its Share Capital
RDARS Inc. Announces Intention to Consolidate Its Share Capital.
About this update from Rdars Inc.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - May 31, 2023) - RDARS Inc. (CSE: RDRS) (\"RDARS\" or the \"Company\"), an autonomous robotics and drone technology company developing advanced systems for alarm system augmentation and surveillance, is pleased to announce that its board of directors have approved a consolidation (the \"Share Consolidation\") of the Company's share capital on a twenty-for-one basis. The Share Consolidation was approved at the Company's annual and special meeting of shareholders held on May 31, 2023.The Company will begin trading on a post-consolidation basis on June 6, 2023, at the commencement of trading on the Canadian Securities Exchange (\"CSE\"). The Share Consolidation will reduce the number of issued and outstanding common shares (\"Common Shares\") from 354,425,745 Common Shares to approximately 17,721,287 Common Shares. A letter of transmittal will be sent by mail to registered shareholders advising them that the Share Consolidation has taken effect. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates or Direct Registration System (\"DRS\") statements evidencing their pre-consolidation Common Shares for new share certificates or new DRS statements representing the number of post-consolidation Common Shares to which they are entitled.The exercise or conversion price and the number of Common Shares issuable under any of the Company's outstanding warrants and stock options will be proportionately adjusted to reflect the Share Consolidation in accordance with the respective terms thereof.The Company will provide further details regarding the Share Consolidation as soon as they become available. Completion of the Share Consolidation remains subject to the approval of the CSE. About RDARS Inc.RDARS possesses a disruptive technology that is advancing the security industry's approach to protecting commercial, industrial, and residential properties, by introducing protection with autonomous artificial intelligence systems that allows for real time response, situation awareness, verification, intervention, evidence recording, data capture, analysis, and immediate downstream transmissions to public safety agencies. RDARS has the ability, upon a property security breach, in real time to receive, analyze, and downstream the data and inform public ...