- Eight pre-consolidation will be exchanged for one post-consolidation share
- The company currently has 114,600,611 common shares issued and outstanding
- Cool One Labs is pursuing a Nasdaq listing to enhance its investor profile and increase value for its shareholders
- Cool One Labs recently acquired Ketamine Infusion Centers of Texas and believes a Nasdaq listing would facilitate greater exposure to the growing US psychedelic market
- Subject to approval for listing, the common shares will continue to trade on the Canadian Securities Exchange and on the OTC-Pink Sheets
- Core One is a biotechnology research and technology life sciences enterprise
- Core One Labs Inc. (COOL) opened trading at C$0.67 per share
In preparation for a potential listing of its common shares on Nasdaq, Core One Labs (COOL) is planning a share consolidation.
Under the terms of the consolidation, eight pre-consolidation will be exchanged for one post-consolidation share. As of the date of this news release, the company has 114,600,611 common shares issued and outstanding.
The exercise price and quantity of common shares would also be proportionally adjusted upon completion of the consolidation.
Cool One Labs is pursuing a Nasdaq listing to enhance its investor profile and increase value for its shareholders. The company currently has a presence in the United States through its recent acquisition of Ketamine Infusions Centers of Texas Inc. The company believes a Nasdaq listing would facilitate further US business development, both in terms of attracting institutional and retail investors, as well as through possible M & A opportunities, with a focus on advancing the medical use of psychedelics for the treatment of mental health and neurological disorders.
The listing of Core One on Nasdaq will be subject to a number of regulatory requirements, including having a minimum share price of US$3.00, registration of its common shares with the SEC and a determination by the Nasdaq that Core One has satisfied all applicable listing requirements.
Subject to approval for listing, the common shares will continue to trade on the Canadian Securities Exchange (CSE) under the ticker symbol COOL and in the United States on the OTC-Pink Sheets under the ticker symbol CLABF.
Nasdaq is the second-largest exchange by market capitalization. To qualify for listing on the exchange, a company must be registered with the U.S. Securities and Exchange Commission, must have at least three market-makers, and must meet minimum requirements for assets, capital, public shares and shareholders.
“We are very excited about the prospect of listing on a major exchange in the US. Our recent acquisitions have provided the company with increased exposure to the growing US psychedelic market, and we feel that the strong interest in psychedelic stocks presents a real opportunity to capitalize on. We believe that listing on the Nasdaq will allow the company to expand its shareholder base, enhance shareholder value and accelerate M & A initiatives in the US,” stated Joel Shacker CEO of the Company.
The company expects that listing will ultimately require the consolidation of the outstanding share capital of the company to meet minimum market value requirements. There can be no assurance that a listing will be completed, and in the event a listing is completed it is contemplated that the common shares of the company would continue to trade in Canada on the Canadian Securities Exchange.
The company has not made a final decision to proceed with the consolidation and will issue a further news release once a decision has been made.
Core One is a biotechnology research and technology life sciences enterprise focused on bringing psychedelic medicines to market through novel delivery systems and psychedelic-assisted psychotherapy.
Core One Labs Inc. (COOL) opened trading at C$0.67 per share.
