Slang Worldwide Announces Share Consolidation Following Shareholder Vote
Toronto, Ontario--(Newsfile Corp. - February 28, 2022) - 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."
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About SLANG Worldwide Inc.
SLANG Worldwide Inc. is a global leader in the cannabis CPG sector with a diversified portfolio of popular brands distributed across the United States. SLANG specializes in acquiring and developing market-proven regional brands as well as launching innovative new brands to seize global market opportunities. For more information, please visit www.slangww.com.
This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management of SLANG at this time, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that could cause actual results to differ materially from those expressed or implied in such statements. Investors are cautioned not to put undue reliance on forward-looking statements. Applicable risks and uncertainties include, but are not limited to regulatory risks, risks related to the COVID-19 global pandemic, changes in laws, resolutions and guidelines, market risks, concentration risks, operating history, competition, the risks associated with international and foreign operations and the other risks identified under the headings "Risk Factors" in SLANG's annual information form dated April 29, 2021 and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com. SLANG is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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