VANCOUVER, BC, Nov. 7, 2022
/CNW/ - LQwD Fintech Corp. (TSXV: LQWD) (OTC: LQWDF) announces that
it intends to complete a share consolidation of the outstanding
share capital of LQwD (the "Consolidation"). On October 18, 2022, LQwD's Board of Directors
approved the Consolidation on the basis of ten (10)
pre-Consolidation common shares for one (1) post-Consolidation
common share. The reasons for the Consolidation are to increase
LQwD's flexibility and competitiveness in the market, and to make
LQwD's securities more attractive to a wider audience of potential
investors. The Consolidation is subject to final acceptance by the
TSX Venture Exchange.
As a result of the Consolidation, LQwD's currently issued and
outstanding 97,777,807 common shares will be reduced to
approximately 9,777,780 common shares. No fractional common shares
will be issued as a result of the Consolidation. Instead, any
fractional common shares will be rounded down to the nearest whole
number of common shares. The Company's name and trading symbol will
remain unchanged, and the Company anticipates the effective date of
the Consolidation to be November 14,
2022.
Registered shareholders will receive a letter of transmittal
from LQwD's transfer agent, Computershare Investor Services Inc.
("Computershare"), with information on how to exchange their old
share certificates representing pre-Consolidation common shares
with the new share certificates representing post-Consolidation
common shares. Computershare will forward to each registered
shareholder who has provided the required documents a new share
certificate representing the number of post-Consolidation common
shares to which the shareholder is entitled. Until surrendered,
each share certificate representing pre-Consolidation common shares
of LQwD will be deemed for all purposes to represent the number of
whole post-Consolidation common shares to which the holder is
entitled as a result of the Consolidation.
About LQwD
LQwD is a Lightning Network Service Provider (LSP) focused on
developing payment infrastructure and solutions accelerating the
global mega trend of Bitcoin adoption through the
Lightning Network. The Company's mission is to develop
institutional grade services that support the Lightning Network and
drive improved functionality, transaction capability, user adoption
and utility and scaling Bitcoin. LQwD also holds
Bitcoin that is used as an operating asset
establishing nodes and payment channels on the Lightning
Network.
Website: www.lqwdfintech.com
Forward-Looking Statements
This news release contains "forward-looking information"
within the meaning of applicable securities laws relating to the
Company's business plans and the outlook of the Company's industry.
Although the Company believes, considering the experience of its
officers and directors, current conditions and expected future
developments and other factors that have been considered
appropriate, that the expectations reflected in this
forward-looking information are reasonable, undue reliance should
not be placed on them because the Company can give no assurance
that they will prove to be correct. Actual results and developments
may differ materially from those contemplated by these statements.
The statements in this press release are made as of the date of
this release and the Company assumes no responsibility to update
them or revise them to reflect new events or circumstances other
than as required by applicable securities laws.
Neither the 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.
SOURCE LQwD FinTech Corp.