VICTORIA, BC, Nov. 4, 2020 /CNW/ - IMMUNOPRECISE ANTIBODIES
LTD. (the "Company" or "IPA") (TSXV: IPA) (OTCQB:
IPATF) (FSE: TQB2), a leader in full-service, therapeutic antibody
discovery and development, today announced that it intends to
complete a consolidation of its issued and outstanding common
shares ("Common Shares") on the basis of one (1) new Common
Share for every five (5) Common Shares presently issued and
outstanding (the "Consolidation"). Completion of the
Consolidation remains subject to the approval of the TSX Venture
Exchange (the "TSXV").
Pursuant to the articles of the Company, the Board of Directors
("Board") of the Company has approved the Consolidation by
way of Board resolutions. The Consolidation is being conducted to
meet one of the listing rules of the Nasdaq Capital Market
("Nasdaq"), which require the Company to maintain a minimum
bid price per Common Share, in connection with a potential listing
of the Company's Common Shares on Nasdaq. The Board believes the
Consolidation and a Nasdaq listing will enable the Company to gain
increased liquidity and trading volume and broaden the Company's
investor base.
Upon receipt of TSXV approval of the Consolidation, IPA will
provide additional details regarding a new CUSIP number for its
Common Shares to distinguish between the pre- and post-consolidated
Common Shares. IPA's name and trading symbol will remain unchanged.
Following the completion of the Consolidation, the Company will
have approximately 16,700,000 Common Shares issued and
outstanding.
Upon completion of the Consolidation, letters of transmittal
describing the details of the Consolidation and the process by
which shareholders obtain actual share certificates representing
the consolidated Common Shares will be mailed to IPA's registered
shareholders. Registered shareholders will also be able to obtain
copies of the letter of transmittal by contacting their brokers or
other intermediary, or IPA's transfer agent, Computershare Trust
Company of Canada.
Shareholders who hold their shares through their broker or other
intermediary and do not have actual share certificates registered
in their name will not be required to complete and return a letter
of transmittal. Any pre-consolidation Common Shares owned by such
shareholders will automatically be adjusted as a result of the
Consolidation to reflect the applicable number of
post-consolidation Common Shares owned by them and no further
action is required to be taken by such shareholders. If, as a
result of the Consolidation, a shareholder becomes entitled to a
fractional share, such fractions will be rounded to the nearest
whole Common Share.
About ImmunoPrecise Antibodies Ltd.
ImmunoPrecise is a global technology platform company with
end-to-end solutions empowering companies to discover and develop
therapies against any disease. The Company's experience and
cutting-edge technologies enable unparalleled support of its
partners in their quest to bring innovative treatments to the
clinic. ImmunoPrecise's full-service capabilities dramatically
reduce the time required for, and the inherent risk associated
with, conventional multi-vendor product development. For further
information, visit www.immunoprecise.com or contact
solutions@immunoprecise.com.
Forward-Looking Information and Statements
This press release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Such forward-looking information and forward-looking
statements are not representative of historical facts or
information or current condition but instead represent only the
Company's beliefs regarding future events, plans or objectives,
many of which, by their nature, are inherently uncertain and
outside of the Company's control. Generally, such forward-looking
information or forward-looking statements can be identified by the
use of forward-looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or may contain statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "will
continue", "will occur" or "will be achieved". Forward-looking
information contained in this press release includes information
relating to the proposed Consolidation and the listing of the
Common Shares on Nasdaq.
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
information and statements.
Any such forward-looking statements are based on assumptions and
analyses made by the Company in light of its experience and its
perception of historical trends, current conditions and expected
future developments. However, whether actual results and
developments will conform to the Company's expectations and
predictions is subject to any number of risks, assumptions and
uncertainties. Many factors could cause the Company's actual
results to differ materially from those expressed or implied by the
forward-looking statements contained in this news release. Such
factors include, among other things, obtaining the necessary
approvals from the TSXV to effect the Consolidation, the listing of
the Common Shares on Nasdaq, and those risks and uncertainties
described in the Company's annual management discussion and
analysis for the previous quarter ended July
31, 2020 which can be accessed at www.sedar.com. The
forward-looking information and forward looking statements
contained in this press release are made as of the date of this
press release, and the Company does not undertake to update any
forward-looking information and/or forward-looking statements that
are contained or referenced herein, except in accordance with
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
SOURCE ImmunoPrecise Antibodies Ltd.