M Pharmaceutical (CSE:MQ) has clarified the timing of its previously announced ten to one share consolidation. Shares of the company will begin trading on a post-consolidation basis on the CSE on Friday, April 17 2015.
As quoted in the press release:
The proposed Consolidation was approved by shareholders at a special meeting of the Company held on October 10, 2014 and is subject to the approval of the Canadian Securities Exchange (“CSE”). Following the Consolidation, the Company will have approximately 14,273,343 Common Shares outstanding. The Consolidation is intended to better position the Company for institutional investors seeking growth opportunities in the life sciences industry which the Company believes will be the main driver of shareholder value over the next two to three years.
The Company’s Common Shares will begin trading on a post-consolidation basis on the CSE at market open on April 17, 2015. The Company’s shares will continue to trade under the stock symbol “MQ”. The Company has revised the record date for the Consolidation to April 21, 2015.
The Company does not intend to change its corporate name at this time, but will issue new share certificates under a new CUSIP number. Registered shareholders will receive a letter of transmittal from TMX Equity Transfer Services, the Company’s transfer agent, with information on how to replace their old share certificates with the new share certificates. Brokerage firms will handle the replacement of share certificates on behalf of their shareholders’ accounts.