Sixth Wave Announces Proposed Stock Consolidation
Halifax, Nova Scotia – (August 31, 2023) – Sixth Wave Innovations Inc. (CSE: SIXW) (OTCQB:SIXWF) (FSE: AHUH) (“Sixth Wave” or the “Company”) announces that its board of directors has resolved to effect a share consolidation (reverse stock split) (the “Consolidation“) of its issued and outstanding common shares (the “Common Shares“) on the proposed basis of one (1) post-Consolidation Common Share for every seven (7) pre-Consolidation Common Shares. Pursuant to the provisions of the Business Corporations Act (British Columbia) and the articles of the Company, shareholder approval for the Consolidation is not required.
The Company will obtain a new set of CUSIP and ISIN numbers for the Consolidation. The record date for the Consolidation will be September 8, 2023. The effective date of the Consolidation is anticipated to be September 14, 2023. The Company’s name and trading symbol will not be changed in connection with the Consolidation.
The Company currently has 137,077,472 issued and outstanding Common Shares. As a result of the intended Consolidation, it is anticipated that the issued and outstanding Common Shares of the Company will be reduced to approximately 19,582,496. No fractional Common Shares will be issued pursuant to the Consolidation and any fractional shares that would otherwise be issued will be rounded down to the nearest whole number. Shareholders who hold their Common Shares through a securities broker or other intermediary and do not have common shares registered in their name will not be required to take any measures with respect to the Consolidation. Shareholders who hold their Common Shares through a securities broker or other intermediary should be aware that the securities broker or intermediary may have different procedures for processing the Consolidation than those that will be put in place by the Company for registered Shareholders and if they have questions in this regard, they are encouraged to contact their securities broker or intermediary.
The exercise or conversion price and the number of Common Shares issuable under any of the Company’s outstanding warrants, senior notes, stock options and other securities exercisable for or convertible into Common Shares will be proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof.
The consolidation is subject to approval by the CSE. Additional documentation with respect to the Consolidation will be posted under the Company’s profile on the website of the Canadian Securities Exchange.
About Sixth Wave
Sixth Wave is a nanotechnology company with patented technologies that focus on the extraction and detection of target substances at the molecular level using highly specialized molecularly imprinted polymers (MIPs). The Company is in the process of commercializing its IXOS® – AuC polymer for the gold mining industry is focused on expanding the offerings as noted here in lithium. The Company’s patent portfolio covers extensions of the designs for extraction and purification of other critical metals including nickel, cobalt, rare earth elements, and platinum group metals.
Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company has successfully developed nanotechnology architectures that are highly relevant for the detection and separation of viruses, bacteria, biogenic amines, and other pathogens. The Company is finishing commercialization of its Affinity™ system for purification of cannabinoids. The Company is actively looking for licensing opportunities to monetize these assets as it focuses on the mining and critical metals industry.
For more information about Sixth Wave, please visit our web site at: www.sixthwave.com
ON BEHALF OF THE BOARD OF DIRECTORS
Jonathan Gluckman, Ph.D., President & CEO
For information, please contact the Company:
Phone: (801) 582-0559
This news release contains certain “forward-looking statements” or “forward-looking information” (collectively “forward looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements can frequently be identified by words such as “plans”, “continues”, “expects”, “projects”, “intends”, “believes”, “anticipates”, “estimates”, “may”, “will”, “potential”, “proposed” and other similar words, or information that certain events or conditions “may” or “will” occur. Forward-looking statements in this news release include statements regarding the expected effective and record dates of the Consolidation and the number of Shares expected to be outstanding following completion of the Consolidation. Such forward-looking statements are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including that the Consolidation may not be effective on the date expected, that the CSE may not approve the Consolidation and other factors beyond the Company’s control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.