Pardeep Nijhawan Provides Update to Beneficial Ownership of Securities of Edesa Biotech, Inc.
September 13 2024 - 7:38PM
Dr. Pardeep Nijhawan (“
Dr. Nijhawan”) announces
that as a result of grants of restricted share units
(“
RSUs”) of Edesa Biotech, Inc.
(“
Edesa”), when combined with a series of
transactions (the “
Transactions”) that have
occurred since the date of the most recent early warning report
filed by Dr. Nijhawan on November 18, 2022 (the “
Previous
Report”), Dr. Nijhawan has acquired “beneficial ownership”
of common shares in the capital of Edesa (“
Common
Shares”) in an amount equal to more than 2% of the issued
and outstanding Common Shares since the date of the Previous
Report.
The requirement to file this press release and
corresponding early warning report (the “Report”)
was triggered on September 3, 2024 as a result of a grant of 3,055
RSUs to Dr. Nijhawan pursuant to a restricted share unit agreement
between Dr. Nijhawan and Edesa whereby Dr. Nijhawan may earn RSUs
in lieu of cash compensation for his services to Edesa in the
capacity of Chief Executive Officer.
Prior to the Transactions, the terms of which
are detailed and available under Dr. Nijhawan’s profile at
www.sedi.ca and in the Report, and a consolidation (the
“Consolidation”) of the Common Shares at a ratio
of seven old Common Shares to one new Common Share, Dr. Nijhawan
held 3,775,809 Common Shares, 278,110 Options and 463,466 warrants
of Edesa (“Warrants”) exercisable for Common
Shares on a pre-Consolidation basis, representing approximately
19.51% of the issued and outstanding Common Shares on a non-diluted
basis and approximately 22.48% of the issued and outstanding Common
Shares of Edesa on a partially-diluted basis.
After the Consolidation and the Transactions,
including the grant of RSUs described above, Dr. Nijhawan now holds
544,401 Common Shares, 56,875 Options, 44,345 RSUs and 32,610
Warrants representing approximately 16.76% of the issued and
outstanding Common Shares on a non-diluted basis and approximately
20.06% of the issued and outstanding Common Shares of Edesa on a
partially-diluted basis, representing a decrease in the percentage
of Common Shares over which Dr. Nijhawan has beneficial ownership
and control from the Previous Report of approximately 2.75% on a
non-diluted basis and approximately 2.42% on a partially-diluted
basis.
Dr. Nijhawan’s beneficial ownership percentages
described above are based on there being 3,247,389 Common Shares
outstanding as of the date of this news release, as disclosed to
Dr. Nijhawan by Edesa, and are disclosed without regard to the
vesting of 56,875 unvested options held by Dr. Nijhawan, which are
not exercisable within 60 days of this news release. The options
vest in portions on a monthly basis and are nonetheless included
for the purposes of reporting Dr. Nijhawan’s “beneficial ownership”
above.
Dr. Nijhawan acquired the Common Shares for
investment purposes in lieu of cash compensation from the Issuer
for services consisting in the capacity of Chief Executive Officer,
and expects to monitor the business, prospects, financial condition
and potential capital requirements of Edesa, and depending on
evaluation of these and other factors, Dr. Nijhawan may from time
to time in the future increase or decrease his direct or indirect
ownership, control or direction over Common Shares or other
securities of Edesa through market transactions, private
agreements, subscriptions from treasury or otherwise.
Edesa’s head office address is 100 Spy Court,
Markham, Ontario, Canada, L3R 5H6.
For further information, including a copy of the
corresponding report filed with Canadian securities regulators,
please visit www.sedar.com or contact:
Pardeep Nijhawan100 Spy CourtMarkham, ONL3R 5H6