Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a leading vertically-integrated cannabis multi-state operator, is providing a reminder that the right to convert the Company’s share purchase warrants (the “Warrants”) into shares of Ayr will expire on September 30, 2021 (the “Expiry Date”). The Company is providing a further reminder the Warrants must be withdrawn from Clearing and Depository Services Inc. (“CDS”) to permit cashless or cash incentive exercises by the Expiry Date.
Full details of the process for converting the Warrants were provided by the Company on August 31, 2021 and reiterated on September 21, 2021.
Warrants not converted by September 30, 2021 will expire with no value to the holder of the Warrant.
The process of withdrawing Warrants from CDS and converting to Ayr shares can take several business days. As a result, on September 23, 2021, the Canadian Securities Exchange has issued a bulletin advising the following:
- All trades September 24, 2021 through September 29, 2021 will be for same day cash settlement.
- For trades dated September 24, 2021 through September 29, 2021, there may not be sufficient time to allow for Warrants to be removed from CDS to permit cashless or cash incentive exercises by the Expiry Date.
- Warrants purchased from September 24, 2021 through September 29, 2021 will remain eligible for regular exercise at the C$11.50 exercise price, however exercise instructions and payment must be submitted no later than September 29th, 2021.
- Trading will be halted at noon on September 29th and remain halted until delisting at market close on September 30, 2021.
The Company advises investors that there will likely not be sufficient time to allow for warrants purchased on or after September 24, 2021 to be removed from CDS so as to enable either cashless or cash incentive exercises by the Expiry Date. Thus, warrants purchased on such dates will likely only be able to be exercised for cash at the C$11.50 strike price by eligible holders. Due to the September 30, 2021 Canadian banking holiday, cash exercises must occur by no later than September 29, 2021. If not exercised prior to the Expiry Date, the warrants will expire worthless.
