High Tide Commences Trading on Consolidated Basis

High Tide Commences Trading on Consolidated Basis

by ahnationtalk on May 14, 202119 Views

CALGARY, May 13, 2021  – High Tide Inc. (“High Tide” or the “Company”) (TSXV: HITI) (OTCQB: HITID) (FRA:2LY), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, is pleased to announce that further to its press releases dated May 12, 2021, all of its issued and outstanding common shares (“Common Shares”) began trading on a post- consolidation basis on May 13, 2021.

On May 12, 2021, the Company announced that the Common Shares would be consolidated on the basis of one (1) post-consolidation Common Share for each fifteen (15) pre-consolidation Common Shares (the “Share Consolidation”). The Share Consolidation represents another step towards the listing of the Common Shares on The Nasdaq Stock Market LLC (“Nasdaq”) by meeting the minimum share price requirement set by Nasdaq.

The Share Consolidation has reduced the number of existing Common Shares from 690,834,719 Common Shares to approximately 46,055,653 Common Shares. A letter of transmittal was sent by mail to registered shareholders advising that the Share Consolidation has taken effect. The letter of transmittal contains instructions on how registered shareholders can exchange their share certificates or Direct Registration System (“DRS”) statements evidencing their pre-consolidation Common Shares for new share certificates or new DRS statements representing the number of post-consolidation Common Shares to which they are entitled.

As disclosed on the press release dated May 12, 2021, there are currently 35,193,728 Common Shares purchase warrants originally issued by Meta Growth (“Meta Warrants”) listed for trading on the TSX Venture Exchange (“TSXV”) (TSXV: HITI.WT). As a result of the Share Consolidation, the number of listed Common Warrants outstanding was not altered; however, the exercise terms were adjusted in accordance with the terms of the warrant indenture dated February 26, 2020, as supplemented on November 16, 2020, such that 15 Meta Warrants are now exercisable for 0.824 post-Share Consolidation Common Share following the payment of an adjusted price of $4.35, meaning that effectively holders of Meta Warrants will be entitled to receive one post-Share Consolidation Common Share upon exercising 18.2 Meta Warrants and paying $5.28.

Furthermore, there are currently 23,958,332 Common Shares purchase warrants originally issued as a part of a bought deal (“HITI Warrants”) listed for trading on the TSXV (TSXV: HITI.WR). As a result of the Share Consolidation, the number of HITI Warrants outstanding was not altered; however, the exercise terms were adjusted in accordance with the terms of the warrant indenture dated February 22, 2021, such that fifteen HITI Warrants are now exercisable for one post-Share Consolidation Common Share following the payment of an adjusted price of $8.70.

In addition, there are currently $900,000 principal amount of convertible debentures originally issued by Meta Growth (“Convertible Debentures”) listed for trading on the TSXV (TSXV: HITI.DB). As a result of the Share Consolidation, the number of listed Convertible Debentures outstanding was not altered; however, the conversion terms were adjusted in accordance with the terms of the debenture indenture dated November 23, 2018, as supplemented on November 16, 2020, such that Conversion Price is now adjusted to $3.30 per one post-Share Consolidation Common Shares.

About High Tide

High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company is the most profitable Canadian retailer of recreational cannabis as measured by Adjusted EBIDTA,[1] with 85 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide’s retail segment features the Canna Cabana, KushBar, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its numerous consumption accessory businesses including e-commerce platforms Grasscity.com, Smokecartel.com and CBDcity.com, and its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide’s strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Aphria Inc. (TSX:APHA) (NYSE:APHA) and Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB).

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

NT4

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