All of Lightspeed's outstanding shares are now
from a single class
MONTREAL, Dec. 1, 2020 /CNW Telbec/ - Lightspeed POS
Inc. ("Lightspeed" or the "Company") (NYSE:
LSPD) (TSX: LSPD) today announced that as a result of the
issuance by the Company from treasury of subordinate voting shares
in the capital of Lightspeed ("Subordinate Voting Shares") as
partial consideration for the acquisition of Upserve, Inc.
("Upserve") announced by Lightspeed today, all of the outstanding
multiple voting shares in the capital of Lightspeed ("Multiple
Voting Shares") have been automatically converted into Subordinate
Voting Shares, on a one-for-one basis as a result of the automatic
conversion ownership threshold attached to the Multiple Voting
Shares having been crossed, all in accordance with their terms. As
a result of the automatic conversion, Lightspeed now has one class
of shares issued and outstanding, namely the Subordinate Voting
Shares. The Subordinate Voting Shares shall continue to carry one
vote per share. Pursuant to the provisions of the Toronto Stock
Exchange Company Manual, no further Multiple Voting Shares may
be issued by the Company.
All of the converted Multiple Voting Shares were previously held
by a company controlled by Lightspeed's founder and Chief Executive
Officer, Dax Dasilva. Immediately
prior to giving effect to the issuance of 5,895,365 Subordinate
Voting Shares in connection with the Upserve acquisition and the
resulting automatic conversion of the Multiple Voting Shares to
Subordinate Voting Shares, Mr. Dasilva owned or controlled,
directly or indirectly, no Subordinate Voting Shares and 14,429,466
Multiple Voting Shares (representing approximately 12.88% of all of
the Company's issued and outstanding shares and approximately
37.16% of the voting power attached to all of the Company's issued
and outstanding shares). Immediately after giving effect to the
issuance of Subordinate Voting Shares in connection with the
Upserve acquisition and the resulting automatic conversion of the
Multiple Voting Shares, Mr. Dasilva owns or controls, directly or
indirectly, 14,429,466 Subordinate Voting Shares and no Multiple
Voting Shares (representing approximately 12.24% of all of the
Company's issued and outstanding shares and approximately 12.24% of
the voting power attached to all of the Company's issued and
outstanding shares). No consideration was paid or received by the
holder of the Multiple Voting Shares in connection with the
automatic conversion described in this news release.
Mr. Dasilva will continue to own or control a significant equity
interest in the Company. Today's conversion of all Mr. Dasilva's
Multiple Voting Shares into Subordinate Voting Shares occurred
automatically in accordance with their terms as a result of the
dilutive effect of the treasury share issuance made by Lightspeed
today in connection with its acquisition of Upserve. The automatic
conversion is not the result of any investment decision on the part
of Mr. Dasilva in respect of his ownership interest in the
Company.
About Lightspeed
Lightspeed (NYSE and TSX: LSPD) powers complex small and
medium-sized businesses with its cloud-based, omnichannel commerce
platforms in over 100 countries. With smart, scalable and
dependable point of sale systems, Lightspeed provides all-in-one
solutions that drive innovation and digital transformation within
the retail, hospitality and golf industries. Its product suite
enables SMBs to sell across channels, manage operations, engage
with consumers, accept payments and ultimately grow their
business.
Headquartered in Montreal,
Canada, Lightspeed is trusted by favorite local businesses
worldwide, where communities go to shop and dine. Lightspeed has
staff located in Canada,
USA, Europe, and Australia.
Forward-Looking Statements
This press release may include forward-looking information and
forward-looking statements within the meaning of applicable
securities laws ("forward-looking statements").
Forward-looking statements are statements that are predictive in
nature, depend upon or refer to future events or conditions and are
identified by words such as "will", "expects", "anticipates",
"intends", "plans", "believes", "estimates" or similar expressions
concerning matters that are not historical facts. Such statements
are based on current expectations of the Company's management and
inherently involve numerous risks and uncertainties, known and
unknown, including economic factors. A number of risks,
uncertainties and other factors may cause actual results to differ
materially from the forward-looking statements contained in this
news release. Readers are cautioned to consider these and other
factors carefully when making decisions with respect to
Lightspeed's Subordinate Voting Shares and not to place undue
reliance on forward-looking statements. Forward-looking statements
contained in this press release are not guarantees of future
performance and, while forward-looking statements are based on
certain assumptions that the Company considers reasonable, actual
events and results could differ materially from those expressed or
implied by forward-looking statements made by the Company. Except
as may be expressly required by applicable law, Lightspeed does not
undertake any obligation to update publicly or revise any such
forward-looking statements, whether as a result of new information,
future events or otherwise.
For more information, please
visit: www.lightspeedhq.com
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SOURCE Lightspeed POS Inc.