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Liquid Media Group Ltd. (the "Company") (NASDAQ:YVR) today announced that it intends to effect a reverse stock split of its common shares at a ratio of 1 post-split share for every 4 pre-split shares (the "Share Consolidation"). The reverse stock split will become effective at 4:05 p.m., New York time, on August 4, 2023 (the "Effective Time"). The Company's common shares will continue to be traded on the Nasdaq Capital Market under the symbol "YVR" and will begin trading on a post-split adjusted basis when the market opens on Monday, August 7, 2023. The CUSIP number for the Company's common shares following the reverse stock split will be 53634Q402.
At the Annual General and Special Meeting of Shareholders held on May 24, 2022 (the "Meeting"), the Company's shareholders approved the consolidation of all of the issued and outstanding common shares of the Company on the basis of one post-consolidation common share for up to four pre-consolidation common shares. Upon shareholder approval, the Company's Board of Directors determined a ratio of 1-for-4 for the reverse stock split.
The Share Consolidation is primarily intended to increase the Company's per share trading price. As a result of the Share Consolidation, at the Effective Time, every 4 shares of the Company's issued and outstanding common shares will be converted automatically into one issued and outstanding share of common stock without any change in the par value per share. Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the Share Consolidation.
The Share Consolidation will affect all shareholders uniformly and will not alter any shareholder's percentage interest in the Company's equity, except to the extent that the Share Consolidation would result in a shareholder owning a fractional share. Any fractional share of a shareholder resulting from the Share Consolidation will be rounded down to the nearest whole number of shares. The Share Consolidation will reduce the number of shares of the Company's common shares outstanding from 19,313,340 shares to approximately 4,828,208 shares. Proportional adjustments will be made to the number of shares of the Company's common stock issuable upon exercise or conversion of the Company's equity awards and warrants, as well as the applicable exercise price.
Shareholders whose shares are held in brokerage accounts should direct any questions concerning the Share Consolidation to their broker. All shareholders of record may direct questions to the Company's transfer agent, Odyssey Trust Company at corp.actions@odysseytrust.com.
Posted In: YVR
