SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) (“SLANG” or the “Company“), a leading global cannabis consumer packaged goods (“CPG“) company with a diversified portfolio of popular brands, announced today that, following approval by its shareholders at the Company’s special shareholder meeting held on February 18, 2022, the Company has implemented a consolidation (the “Consolidation“) of its outstanding common shares (“Common Shares“) and its outstanding restricted voting shares (“Restricted Shares“, and together with the Common Shares, the “Shares“) on the basis of one new Share for every six currently outstanding Shares. The effective date of the Consolidation is February 28, 2022.
Immediately prior to the Consolidation, a total of 422,457,742 Common Shares and 141,758,367 Restricted Shares were issued and outstanding. Immediately following the Consolidation, a total of approximately 70,409,448 Common Shares and 23,555,755 Restricted Shares are issued and outstanding. No fractional Shares were issued. Any fractional interest in Shares resulting from the Consolidation were rounded down to the nearest whole Share. SLANG expects trading of the Common Shares on a post-consolidation basis on the Canadian Securities Exchange and OTCQB will commence on or around market open on March 3, 2022. The new CUSIP number for the post-consolidated Common Shares is 831006309.
Letters of transmittal will be mailed to registered shareholders of the Company (“Shareholders“) and registered Shareholders will be required to deposit their share certificate(s) or DRS statement(s), together with a duly completed letter of transmittal, with Odyssey Trust Company, the Company’s registrar and transfer agent. Non-registered Shareholders holding Shares through an intermediary (a securities broker, dealer, bank or financial institution) should be aware that the intermediary may have different procedures for processing the Consolidation than those that will be put in place by the Company for registered Shareholders. If Shareholders hold their Shares through intermediaries and have questions in this regard, they are encouraged to contact their intermediaries.
Outstanding stock options and Share purchase warrants will also be adjusted by the Consolidation ratio and the respective exercise prices of outstanding options and share purchase warrants will be adjusted accordingly.
Drew McManigle, Interim CEO and Chairman of SLANG said, “The share consolidation is strategically aligned with our mission to improve shareholder value as we continue to build our product portfolio in key markets throughout the U.S. With our forward-thinking management team now in place, we are aggressively advancing our growth strategy that focuses on building our leadership position in our core markets to achieve profitable revenue growth. Our ability to scale our operations and efficiently meet consumer demand will serve to drive our success and deliver attractive returns for our shareholders going forward.”
