Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) (FRANKFURT: HOB) (the “Company“, “Hollister Cannabis Co.” or “Hollister“) is pleased to announce that in connection with its upcoming annual general and special meeting of shareholders (the “AGM“), the Company has received an order from the Ontario Securities Commission granting Hollister an exemption from certain provisions governing disclosure and other matters applicable to issuers with outstanding “restricted securities”.
As further described in the Company’s management information circular dated October 18, 2021, if the shareholders of the Company approve the creation of a new class of shares designated as proportionate voting shares, the common shares of the Company will become “restricted securities” upon filing a notice of alteration to Hollister’s articles in accordance with the provisions of the Business Corporations Act (British Columbia). While the proportionate voting shares will have more voting rights, on a per share basis, than the common shares, the voting rights will be proportionate with the economic rights of such class.
If approved at the AGM, holders of proportionate voting shares will be entitled to 1,000 votes in respect of each proportionate voting share held. No dividend will be declared or paid on the proportionate voting shares unless the Company simultaneously declares or pays, as applicable, equivalent dividends (on an as converted to common share basis) on the common shares. In addition, each proportionate voting share will be convertible into 1,000 common shares.