ANDOVER, fair., April 23, 2021 / PRNewswire / – Byrna Technologies Inc. (OTCQB: BYRN) (CSE: BYRN) (“Byrna” or “the Company”) today announced that the Company’s Board of Directors has decided to reverse stock split (also known as a consolidation) of the Company’s issued common stock on the basis of one (1) common share after Consolidate for every ten (10) common shares prior to consolidation (“Consolidation” or “Stock Split”).
The Board of Directors decided that the reverse stock split was necessary in order for the Company to meet certain requirements to be listed on a national stock exchange.
“This reverse split is an important step in our growth,” said the CEO Bryan Ganz. “Listing our shares on a national stock exchange will give Byrna greater exposure and visibility to the market and provide investors with more liquidity and ultimately, we believe, greater shareholder value.”
Effective April 27, 2021with a recording date April 28, 2021The company anticipates that the shares will begin trading on the Canadian Stock Exchange and the OTCQB under the existing name and ticker symbol after consolidation. The new CUSIP and ISIN for the shares are 12448X 201 and US12448X2018, respectively.
The Company currently has 205,629,938 common shares issued and common shares outstanding. Upon completion of the reverse stock split, an estimated 20,562,993 issued and outstanding common shares will be issued (provided no stock securities will be issued upon exercise of the convertible bond). The company pays shareholders who are entitled to the fair value of partial shares a cash value instead of issuing partial shares. The company will not change its name or ticker symbol in connection with the stock split.
The approval of the shareholders for the reverse stock split was obtained at the annual and special meeting of the company 19th November 2020.
A letter will be sent to the registered shareholders with instructions on how to return the certificates, stating that the pre-consolidation shares will be held in exchange for replacement certificates, or a direct registration notice will be given indicating the number of post-consolidation shares to which they will be granted as a result of the stock split turning back. Until it is returned, it is assumed that each certificate representing shares prior to consolidation represents, for all purposes, the number of total shares after consolidation to which the holder is entitled as a result of the share split. Shareholders who hold their pre-consolidation shares in broker accounts or under “street names” do not need to take any action to return or exchange the pre-consolidation shares held in this way.
About Byrna Technologies Inc.
Byrna is a technology company specializing in the design, manufacture and sale of innovative non-lethal solutions. More information about the company can be found on the company website Here or the company’s investor relations website Here. The company is the manufacturer of the Byrna® HD personal security device, a state-of-the-art handheld CO2 Propelled launch vehicle that provides a non-lethal alternative to a firearm for the consumer, home security, and law enforcement markets. Buy Byrna® Products visit the company’s E-commerce shop.
This press release contains “forward-looking statements” within the meaning of US and Canadian securities laws. All statements in this press release, other than current and historical facts, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “projects,” “intends,” “anticipates,” and “believes” and statements that certain acts, events, or Results “may”, “could”, “would”, “should”, “could”, “occur” or “be achieved” or “are taken”. Forward-looking statements include descriptions of matters currently occurring that may be continued in the future. Forward-looking statements in this press release include, but are not limited to, the reverse stock split terms, the date the shares will be traded on the Canadian Stock Exchange and OTCQB after consolidation, the reverse stock split date, and regulatory approvals related to the reverse stock split , the listing of the shares on a national stock exchange and the effects of such listing of the securities, the liquidity, the future shareholder value of the company and the mechanisms of the replacement of shareholder certificates on the market. Forward-looking statements are based, among other things, on opinions, assumptions, estimates and analyzes that the company believes to be reasonable at the time the forward-looking information is provided, but are inherently subject to significant risks, uncertainties, contingent liabilities and other factors that may lead to them that actual results and events differ materially from those expressed or implied.
Any number of risk factors could affect anticipated events and results and cause them to differ materially from those expressed or implied in the forward-looking statements in this press release, including, but not limited to, the completion of administrative or regulatory actions and approvals in the Anticipated or undetermined timeframes, some of which are beyond the control of the company, future financial results or business matters, or civil, political or market events that could affect the timing or completion of a listing, other events that adversely affect the company The company’s business, financial results, or market in its securities or the stock market in general could therefore affect the market for the company’s stock or future liquidity and value of the shareholders. The order in which these factors appear should not be construed to indicate their relative importance or priority. Please note that not all risks can be anticipated and that a list of risks may not be exhaustive. Accordingly, the forward-looking statements contained herein should not be relied upon as predictions of actual results. Investors should carefully review these and other relevant factors, including the risk factors in Part I, Item 1A on our most recent Form 10-K and subsequent filings with the Securities and Exchange Commission (“SEC”), and not place undue reliance on any forward-looking information. The company assumes no obligation to update or revise any forward-looking information unless required by law.
SOURCE Byrna Technologies Inc.