Victoria, British Columbia--(Newsfile Corp. - February 19, 2025) - ALUULA Composites Inc. (TSXV: AUUA) ("ALUULA" or the "Company") announces its intention to consolidate its issued and outstanding common shares (the "Shares") on the basis of one post- consolidation share for every 20 pre-consolidation shares of the Company (the "Consolidation").
Based on the current number of issued and outstanding Shares, the Consolidation is expected to reduce the number of issued and outstanding Shares from 501,231,240 Shares, to approximately 25,061,562 Shares, subject to rounding. The exact number of outstanding Shares after the Consolidation will vary based on the elimination of fractional Shares.
The Consolidation is subject to approval by the TSX Venture Exchange (the "Exchange"). The Company has acquired shareholder approval by way of a written consent of a simple majority of the shareholders holding greater than 50% of the issued and outstanding Shares and will not be calling a meeting of shareholders. The primary reason for the Consolidation is that the Company believes a higher share price may broaden ALUULA's appeal to a larger range of investors. The Company's name and trading symbols will remain unchanged.
If the Consolidation is approved, the Company's Shares will commence trading on a post-consolidated basis on a date to be determined in consultation with the Exchange, which date will be announced in a subsequent news release. Upon completion of the Consolidation, a letter of transmittal will be sent by mail to registered shareholders advising that the Consolidation has taken effect and instructing registered shareholders to take action to exchange their share certificates. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates. Beneficial shareholders who hold their shares through a broker or other intermediary and do not have shares registered in their own names will not be required to take any action to exchange their share certificates.
About ALUULA Composites Inc.
ALUULA is an ultra-light, high performance and recycle-ready composite materials brand that enhances the performance of outdoor gear. Proudly owned and manufactured on the Canadian west coast, ALUULA's innovation is driven by a deep understanding that equipment does not need to sacrifice performance for sustainability. ALUULA's materials are known for their unique construction capabilities and their ability to make products lighter, stronger, and more sustainable.
aluula.com | (TSXV: AUUA)
On behalf of the Board of Directors,
Sage Berryman
Chief Executive Officer
1-888-724-2470
For ALUULA investor inquiries, please contact:
1-888-724-2470, ext. 4
IR@aluula.com
For ALUULA media relations, please contact:
media@aluula.com
ALUULA's Brand Partners
The term "brand partners" does not refer to formal partnerships with our customers. The term refers to marketing relationships with our customers who use ALUULA's technology as a brand ingredient in their products.
TSX Venture Exchange
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain information in this news release includes statements about management's view of future events, expectations, plans, and prospects that constitute forward-looking statements, including, but not limited to: the completion of the Consolidation. These statements are based on assumptions subject to significant risks and uncertainties. Because of these risks and uncertainties, and as a result of a variety of factors, including the timing and receipt TSX Venture Exchange approval of the Consolidation. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241556
SOURCE: ALUULA Composites Inc.
