Mr. Karl Kottmeier reports
HYDAWAY DIGITAL ANNOUNCES PROPOSED SHARE CONSOLIDATION AND NAME CHANGE
Hydaway Digital Corp. intends to consolidate its issued and outstanding common shares at a ratio of seven preconsolidated common shares to one postconsolidated common share and to change its name to Quantex Digital Corp.
The purpose of the consolidation is to improve the capital structure and generate greater investor interest. The company currently has 37,482,261 common shares issued and outstanding. Upon completion of the consolidation, the company will have 5,354,609 common shares issued and outstanding. Fractional shares will be rounded to the nearest whole number.
In accordance with the articles of the company, the name change and consolidation do not require the approval of the shareholders. Upon completion of the name change and consolidation, a letter of transmittal will be sent by mail to registered shareholders advising that the consolidation has taken effect. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates and/or DRS statements evidencing their preconsolidation common shares for new share certificates and/or new DRS statements representing the number of postconsolidation common shares to which they are entitled. No action is required by non-registered shareholders (shareholders who hold their common shares through an intermediary) to effect the consolidation. Until surrendered, each certificate representing the preconsolidation common shares will be deemed for all purpose to represent the number of common shares to which the holder is entitled as a result of the consolidation.
The consolidation and the name change are subject to the acceptance of the TSX Venture Exchange. Upon acceptance of the TSX Venture Exchange, the company will issue a further news release announcing the effective date of the name change and consolidation as well as the new stock symbol of the company.
About Hydaway Digital Corp.
The company is a North Vancouver-based artificial intelligence infrastructure and compute service company. The company operates a GPU rental platform providing bare metal compute capacity for AI training, inference and high performance workloads. Through its wholly owned subsidiary, 100098940 Ontario Inc. (RealityChek), Hydaway also offers a multimodal AI detection and content verification platform. Hydaway is focused on expanding access to scalable, cost-effective compute power and building the infrastructure to support the next generation of AI applications.
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