SAN JOSE, Calif., Aug. 13, 2021 /CNW/ -- (TSXV:SEV) (OTCQB:SPVNF)
Spectra7 Microsystems Inc. ("Spectra7" or the
"Company"), announces that it has filed articles of
amendment to consolidate the Company's issued and outstanding
common shares on the basis one new common share for every 50
existing common shares (the "Consolidation"). Effective at
the opening on Friday, Aug. 13, 2021,
the common shares of Spectra7 Microsystems Inc. will commence
trading on the TSX Venture Exchange and the OTCQB Venture Market on
a consolidated basis.
As a result of the Consolidation, the 1,056,538,784 common
shares issued and outstanding prior to the Consolidation have been
reduced to approximately 21,130,778 common shares. Each
shareholder's percentage ownership in the Company and proportional
voting power remains unchanged after the Consolidation, except for
minor changes and adjustments resulting from the treatment of any
fractional common shares.
The exercise price of the Company's outstanding common share
purchase warrants and the conversion price of the Company's
outstanding convertible debentures have been adjusted in accordance
with the Consolidation. For further details on the Consolidation,
please see the Company's press release dated July 19, 2021.
ABOUT SPECTRA7 MICROSYSTEMS INC.
Spectra7 Microsystems Inc. is a high performance analog
semiconductor company delivering unprecedented bandwidth, speed and
resolution to enable disruptive industrial design for leading
electronics manufacturers in virtual reality, augmented reality,
mixed reality, data centers and other connectivity markets.
Spectra7 is based in San Jose,
California with a design center in Cork, Ireland and technical support location
in Dongguan, China. For more
information, please visit www.spectra7.com.
Neither the TSX Venture Exchange nor its regulation services
provided (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY NOTES
Certain statements contained in this press release constitute
"forward-looking statements". All statements other than statements
of historical fact contained in this press release, including,
without limitation, the Company's strategy, plans, objectives,
goals and targets, and any statements preceded by, followed by or
that include the words "believe", "expect", "aim", "intend",
"plan", "continue", "will", "may", "would", "anticipate",
"estimate", "forecast", "predict", "project", "seek", "should" or
similar expressions or the negative thereof, are forward-looking
statements. These statements are not historical facts but instead
represent only the Company's expectations, estimates and
projections regarding future events. These statements are not
guarantees of future performance and involve assumptions, risks and
uncertainties that are difficult to predict. Therefore, actual
results may differ materially from what is expressed, implied or
forecasted in such forward-looking statements. Additional factors
that could cause actual results, performance or achievements to
differ materially include, but are not limited to the risk factors
discussed in the Company's Management's Discussion and Analysis for
the year ended December 31, 2020.
Management provides forward-looking statements because it believes
they provide useful information to investors when considering their
investment objectives and cautions investors not to place undue
reliance on forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward-looking
statements are made as of the date of this press release and the
Company assumes no obligation to update or revise them to reflect
subsequent information, events or circumstances or otherwise,
except as required by law.
For more information, please contact:
Spectra7 Microsystems Inc.
John Mitchell
Investor Relations
650-269-3043
ir@spectra7.com
Spectra7 Microsystems Inc.
Bonnie Tomei
Chief Financial Officer
669-212-1089
pr@spectra7.com
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SOURCE Spectra7 Microsystems Inc.