On November 4, 2020 IMMUNOPRECISE ANTIBODIES LTD. (the "Company" or "IPA") (TSXV: IPA) (OTCQB: IPATF) (FSE: TQB2), a leader in full-service, therapeutic antibody discovery and development, reported that it intends to complete a consolidation of its issued and outstanding common shares ("Common Shares") on the basis of one (1) new Common Share for every five (5) Common Shares presently issued and outstanding (the "Consolidation"). Completion of the Consolidation remains subject to the approval of the TSX Venture Exchange (the "TSXV") (Press release, ImmunoPrecise Antibodies, NOV 4, 2020, View Source [SID1234569865]).
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Pursuant to the articles of the Company, the Board of Directors ("Board") of the Company has approved the Consolidation by way of Board resolutions. The Consolidation is being conducted to meet one of the listing rules of the Nasdaq Capital Market ("Nasdaq"), which require the Company to maintain a minimum bid price per Common Share, in connection with a potential listing of the Company’s Common Shares on Nasdaq. The Board believes the Consolidation and a Nasdaq listing will enable the Company to gain increased liquidity and trading volume and broaden the Company’s investor base.
Upon receipt of TSXV approval of the Consolidation, IPA will provide additional details regarding a new CUSIP number for its Common Shares to distinguish between the pre- and post-consolidated Common Shares. IPA’s name and trading symbol will remain unchanged. Following the completion of the Consolidation, the Company will have approximately 16,700,000 Common Shares issued and outstanding.
Upon completion of the Consolidation, letters of transmittal describing the details of the Consolidation and the process by which shareholders obtain actual share certificates representing the consolidated Common Shares will be mailed to IPA’s registered shareholders. Registered shareholders will also be able to obtain copies of the letter of transmittal by contacting their brokers or other intermediary, or IPA’s transfer agent, Computershare Trust Company of Canada.
Shareholders who hold their shares through their broker or other intermediary and do not have actual share certificates registered in their name will not be required to complete and return a letter of transmittal. Any pre-consolidation Common Shares owned by such shareholders will automatically be adjusted as a result of the Consolidation to reflect the applicable number of post-consolidation Common Shares owned by them and no further action is required to be taken by such shareholders. If, as a result of the Consolidation, a shareholder becomes entitled to a fractional share, such fractions will be rounded to the nearest whole Common Share.