09:00:24 EDT Fri 03 May 2024
Enter Symbol
or Name
USA
CA



Cubicfarm Systems Corp
Symbol CUB
Shares Issued 263,163,774
Close 2024-01-16 C$ 0.025
Market Cap C$ 6,579,094
Recent Sedar Documents

Cubicfarm arranges 1:10 share rollback

2024-01-17 13:47 ET - News Release

An anonymous director reports

CUBICFARM SYSTEMS CORP. ANNOUNCES SHARE CONSOLIDATION

The board of directors of Cubicfarm Systems Corp. has authorized the implementation of a consolidation of the company's issued and outstanding common shares on the basis of one postconsolidation common share for every 10 preconsolidation common shares. Currently, the Company has 263,163,774 common shares issued and outstanding, and upon consolidation, there will be approximately 26,316,377 common shares issued and outstanding. Pursuant to the Company's constating documents, the Consolidation does not require shareholder approval.

All issued and outstanding convertible securities of the Company will be adjusted in accordance with the Consolidation and the terms and conditions of such outstanding grants.

No fractional common share will be issued in connection with the Consolidation and, in the event that a shareholder would otherwise be entitled to receive a fractional share as a result of the Consolidation, the number of common shares to be received by such shareholder will be rounded up (if the fraction is half a share or more) or down (if the fraction is less than half a share) to the nearest whole common share, provided that no shareholder shall hold less than a single common share as a result of the Consolidation.

The Company's new CUSIP number will be 22968P504 and its new ISIN will be CA22968P5040. Shareholders who hold their common shares electronically either in direct registered book-entry form via a direct registration system advice/statement ("DRS") with Computershare Investor Services Inc. ("Computershare"), the Company's transfer agent, or in "street name" through an intermediary like a bank, broker or other nominee, will not need to take any action as the Consolidation will be automatically reflected in the transfer agent's records and on such shareholders' next account statement. Intermediaries may have specific procedures for processing the Consolidation, including the treatment of fractional shares.

Shareholders holding paper stock certificates will be sent a letter of transmittal by Computershare, which will enable them to exchange their old share certificates for a DRS representing the number of new post-Consolidation common shares they hold. Until surrendered, each stock certificate representing pre-Consolidation common shares will be deemed for all purposes to represent the number of whole post-Consolidation common shares to which the shareholder is entitled as a result of the Consolidation. Additional copies of the letter of transmittal can be obtained by contacting Computershare at 1-800-564-6253 (Canada and U.S.) or 1-514-982-755 (Outside North America) or by e-mail at corporateactions@computershare.com.

The Consolidation is subject to approval from the TSX Venture Exchange. The effective date and further details of the Consolidation will be disclosed in a subsequent news release following receipt of all requisite approvals.

About HydroGreen

HydroGreen's Automated Vertical Pastures(TM) technology utilizes a unique process to sprout grains, such as barley and wheat, in a controlled environment with minimal use of land, labour and water. HydroGreen's fully automated indoor growing technology performs all growing functions including seeding, watering, lighting, harvesting, and re-seeding-all with the push of a button-to deliver nutritious fresh forage for livestock without the typical investment in fertilizer, chemicals, fuel, field equipment, and transportation. Automated Vertical Pastures(TM) not only provide superior nutritious feed to benefit the animal but also enable significant environmental benefits to the farm.

About CubicFarms

CubicFarms is a leading local chain agricultural technology company developing and deploying technology to feed a changing world. Its proprietary ag-tech solutions enable growers to produce high quality, predictable produce and fresh livestock feed with HydroGreen Nutrition Technology, a division of CubicFarm Systems Corp. The CubicFarms(TM) system contains patented technology for growing leafy greens and other crops onsite, indoors, all year round. CubicFarms provides an efficient, localized food supply solution that benefits our people, planet, and economy.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.