Neptune Wellness Solutions Inc. (NASDAQ: NEPT), recognized for its consumer-packaged goods centering around plant-based, sustainable, and purpose-driven lifestyle brands, has officially announced its forthcoming share consolidation plan. The consolidation will merge each outstanding pre-consolidation common share into a single post-consolidation common share for every forty held. This strategic move, approved by the company’s board of directors on August 7, 2023, aims to reduce the number of issued and outstanding common shares from approximately 24.1 million to around 0.6 million.
The precise effective date of the consolidation and the commencement date of trading on NASDAQ under the new consolidated basis will be disclosed at a later date.
To facilitate this process, Computershare Investor Services Inc., the company’s transfer agent, will act as the exchange agent. Registered holders of common shares will receive a “Letter of Transmittal” from Computershare. This letter will enable them to replace their pre-consolidation common share certificates with new certificates representing the consolidated number of common shares. Any fractional common shares less than one whole common share will be rounded up to one whole common share. Common shareholders with book share positions will have post-consolidation common shares issued through a push-out mechanism, rendering pre-consolidation shares void.
For non-registered or beneficial holders accessing their common shares through banks, brokers, or other intermediaries, specific consolidation procedures may apply. Such holders are encouraged to communicate with their respective intermediaries for guidance.
The Company’s name and trading symbol on NASDAQ will remain unchanged following the consolidation.
The news release includes forward-looking statements that reflect potential future developments. These statements entail uncertainties and risks that could lead to outcomes differing from actual results. Readers are advised to refer to Neptune’s latest Annual Report on Form 10-K and subsequent filings for a comprehensive understanding of these potential risks.
About Neptune Wellness Solutions Inc.:
Neptune is a pioneering consumer-packaged goods company founded in 1998. With headquarters in Laval, Quebec, and a United States base in Jupiter, Florida, the company focuses on creating a diverse array of health and wellness products aligned with current 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 encompass renowned organic food and beverage brands like Sprout Organics, Nosh, and Nurturme, as well as nutraceutical brands such as Biodroga and Forest Remedies. Leveraging its adaptable manufacturing and supply chain infrastructure, the company can promptly address consumer demand and introduce new products through various retail partnerships and e-commerce platforms.