VANCOUVER, BC / ACCESSWIRE / December 16, 2019 / YDX Innovation Corp (TSXV:YDX)(OTC:YDRMF)(FSE:A2PB03) ("YDX" or the "Company"), announces its intention to consolidate its common shares ("Shares") on a 8-old-for-1-new share basis (the "Consolidation").
The 97,230,766 Shares currently issued and outstanding will be reduced to approximately 12,153,845 post-Consolidation Shares. Under the Consolidation, no fractional shares will be issued. After the Consolidation, each fractional share less than one-half of a share will be cancelled and each fractional share that is at least one-half of a share will be rounded up to the nearest whole share. The exercise or conversion price and the number of shares issuable under any of the Company's outstanding stock options and convertible instruments, as applicable, will be proportionately adjusted upon completion of the Consolidation. A letter of transmittal will be sent to registered shareholders providing instructions to surrender the certificates evidencing their Shares for replacement certificates representing the number of post-consolidation Shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate representing Shares prior to the Consolidation will be deemed for all purposes to represent the number of Shares to which the holder thereof is entitled as a result of the Consolidation.
The Board of Directors of the Company believes that the Consolidation is necessary to better position the Company for future corporate development opportunities and financing transactions. There will be no name change in conjunction with the Consolidation.
The Consolidation is subject to the acceptance of the TSX Venture Exchange (the "Exchange") and the pre-Consolidated Shares will continue to be traded on the Exchange under the current trading symbol "YDX". Upon acceptance by the exchange, the Company's trading symbol will remain the same but the CUSIP and ISIN numbers will change upon the completion of the Consolidation.
About YDX Innovation
YDX Innovation Corp. (TSXV- YDX: www.ydxinnovation.com) is a technology company that develops products and services and is an expert in immersive technologies like Augmented and Virtual Reality, eSports events and Interactive Exhibitions.
Currently three divisions are part of the YDX Family:
Arkave VR Arena - https://sales.arkavevr.com/ - a gaming platform that brings the most immersive Virtual Reality experience to Location Based venues with a highly scalable business model.
Arkave VR has five Arenas in the United States, two in the United Kingdom, two in Canada and a flagship store being built in Canada. The product is offered through a network of distributors that will focus on the thousands of Family Entertainment Centers throughout North America.
YDreams Global - www.ydreamsglobal.com - have developed over 1,300 interactive experiences for clients all over the world such as Disney, NBA, Adidas, Cisco, Nokia, Nike, Mercedes-Benz, Coca-Cola, Santander, AmBev, Qualcomm, Unilever, City of Rio and Fiat.
Game On Festival - www.gameonfestival.com - is a new event under development by the Company that combines eSports Tournaments with a large Interactive Exhibition about the videogame industry and its history.
More Information:
Daniel Japiassu
Director and CEO
[email protected]
(604) 704-6466
[email protected] | www.ydxinnovation.com | www.youtube.com/ydreamsglobal
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This communication contains "forward-looking statements" within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding our current and future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations as well as a list of risk factors that we deem relevant are disclosed in the documents we file from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on our current assumptions, estimates and opinions and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. We do not undertake any obligation to update forward-looking statements should our assumptions, estimates or opinions change, other than as required by law and readers are advised not to place undue reliance on forward-looking statements.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.
SOURCE: YDX Innovation Corp.