LAVAL,
QC, Aug. 22, 2023 /CNW/ - Neptune Wellness
Solutions Inc. ("Neptune" or the "Company") (NASDAQ:
NEPT), a consumer-packaged goods company focused on plant-based,
sustainable and purpose-driven lifestyle brands, announced today
that it will conduct a share consolidation of its outstanding
common shares ("Common Shares") on the basis of one (1)
post-consolidation Common Share for every forty (40)
pre-consolidation Common Shares (the "Consolidation"). The
Consolidation was previously approved by the board of directors of
the Company on August 7, 2023. Each
fractional Common Share remaining after completion of the
Consolidation that is less than one (1) whole of a Common Share
will be increased to one (1) whole Common Share. The
Consolidation will reduce the number of Common Shares issued and
outstanding from approximately 24.1 million Common Shares to
approximately 0.6 million Common Shares.
The precise effective date of the Consolidation and the date
upon which the Common Shares will begin trading on the NASDAQ on a
post-Consolidation basis will be announced at a later date.
The Company's transfer agent, Computershare Investor Services
Inc. ("Computershare"), will act as the exchange agent for
the Consolidation. In connection with the Consolidation,
Computershare will send to registered holders of Common Shares (the
"Registered Holders") a letter of transmittal (the
"Letter of Transmittal") that may be used by such Registered
Holders to exchange their pre-Consolidation Common Share
certificates for certificates in the capital of the Company
representing the consolidated number of Common Shares. Until
surrendered, each certificate representing pre-Consolidation Common
Shares will represent the number of whole post-Consolidation Common
Shares to which the holder is entitled as a result of the
Consolidation. The post-Consolidated Common Shares issued will be
done via a push-out to shareholders holding book shares positions
and pre-Consolidated Common Shares will become null and void.
Shareholders holding Common Shares by way of a physical certificate
are required to deposit a completed Letter of Transmittal and the
physical certificates for cancellation to receive the applicable
post-Consolidated Common Shares.
Non-registered or beneficial holders holding their Common Shares
through a bank, broker or other nominee will not need to complete a
Letter of Transmittal and should note that such banks, brokers or
other nominees may have specific procedures for processing the
Consolidation. Shareholders holding their Common Shares with such a
bank, broker or nominee and who have any questions in this regard
are encouraged to contact their nominee.
A copy of the Letter of Transmittal will be posted on the
Company's issuer profile on SEDAR at www.sedar.com.
The Company's name and trading symbol will remain unchanged on
the Nasdaq as a consequence of the Consolidation.
Forward-Looking
Statements
Statements in this news release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of applicable securities laws. Such
forward-looking statements involve known and unknown risks,
uncertainties, and other unknown factors that could cause the
actual results of Neptune to be materially different from
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements labeled with the terms "believes", "belief",
"expects", "intends", "projects", "anticipates", "will", "should"
or "plans" to be uncertain and forward-looking. Forward-looking
statements relate to future events or future performance and
reflect management's expectations or beliefs regarding future
events including, but not limited to, statements with respect to
the completion of the Consolidation, including the timing thereof.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
news release. The forward-looking statements contained in this news
release are expressly qualified in their entirety by this
cautionary statement and the "Cautionary Note Regarding
Forward-Looking Information" section contained in Neptune's latest
Annual Report on Form 10-K and it subsequent filings, which are
available on EDGAR at www.sec.gov/edgar.shtml. All forward-looking
statements in this news release are made as of the date of this
news release. Neptune does not undertake to update any such
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
About Neptune Wellness Solutions
Inc.
Neptune is a consumer-packaged goods company that aims to
innovate health and wellness products. Founded in 1998 and
headquartered in Laval, Quebec
with a United States headquarters
in Jupiter, Florida, the company
focuses on developing a portfolio of high-quality, affordable
consumer products that align with the latest market trends for
natural, sustainable, plant-based and purpose-driven lifestyle
brands. The company's products are available in more than 29,000
retail locations and include well-known organic food and beverage
brands such as Sprout Organics, Nosh, and Nurturme, as well as
nutraceuticals brands like Biodroga and Forest Remedies. With its efficient and
adaptable manufacturing and supply chain infrastructure, the
company can quickly respond to consumer demand, and introduce new
products through retail partners and e-commerce channels. Please
visit neptunewellness.com for more details.
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SOURCE Neptune Wellness Solutions Inc.