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Medivolve to roll back shares on 1:15 basis Dec. 8

2022-12-07 12:02 ET - News Release

An anonymous director reports

MEDIVOLVE TO IMPLEMENT SHARE CONSOLIDATION

Medivolve Inc. will consolidate its common shares on the basis of one new common share for every 15 common shares outstanding effective as of Dec. 8, 2022. Medivolve's common shares are expected to commence trading on the NEO Exchange on a postconsolidation basis when markets open on Dec. 8, 2022, under the new Cusip number 58503M408.

Medivolve currently has 405,288,865 common shares outstanding and, following the consolidation on a 1:15 basis, will have approximately 27,019,257 common shares outstanding. No fractional shares will be issued pursuant to the consolidation; fractional shares will be disregarded and cancelled without any payment of capital or other compensation. The exercise or conversion price and the number of shares issuable under any of Medivolve's outstanding convertible securities will be proportionately adjusted upon completion of the consolidation. Other than as described above, the change in the number of issued and outstanding common shares that will result from the consolidation will not materially affect any shareholder's percentage ownership in Medivolve, although such ownership would be represented by a smaller number of common shares.

A letter of transmittal will be sent by mail to shareholders advising that the consolidation has taken effect and instructing shareholders to surrender the certificates evidencing their common shares for replacement certificates representing the number of common shares to which they are entitled as a result of the consolidation. Until surrendered, each certificate will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the consolidation.

The consolidation was approved by the shareholders of Medivolve at the annual general and special meeting held on June 15, 2022. Further details regarding the consolidation are contained in the company's information circular dated May 16, 2022, which has been filed under the company's profile on SEDAR.

About Medivolve Inc.

Medivolve is a health care technology company that seeks to reinvent the United States health care system by leveraging a bespoke telehealth platform, a clinical diagnostic network and a data-driven AI (artificial intelligence) framework to improve patient care.

We seek Safe Harbor.

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